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Smart Contracts Ready to LaIs Cardano Price Massive Rally On Horizon?

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Since the beginning of the month, Cardano Price has more than doubled. The asset appeared to be on its way to $3 after gaining nearly 15% over the course of the week.

Cardanos ADA has been on a tear in the last month, heading for $3. Despite failing to achieve this level, ADA has established new highs, including an all-time high of roughly $2.95. 

Investors have been speculating on whether the cryptocurrency will be able to overtake Ethereum and Bitcoin.

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Market support has been robust in the last 24 hours, and despite minor pullbacks during intraday sessions, ADA has achieved big gains, retesting $2.90.

ADA’s buyer support is still strong, therefore with market support, the stock might retest $2.95 once again. At this moment, purchasers must stockpile more ADA in order to drive the price above $3. 

Cardano Smart Contracts On Final Stage

Cardano hosted an edition of Cardano360 on August 26, during which the network’s head of delivery, Nigel Hemsley, indicated that the blockchain would launch the final testnet before the Alonzo hard fork upgrade in mid-September.

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The final public testnet before the update is set to go live on September 1, and the launch was approved at a Dev meeting on Friday. Cardano’s chief, Charles Hoskinson, provided an update on Twitter, indicating that everything is green and ready to launch. 

Unlike the Alonzo Purple, the forthcoming testnet will be open to the public and can be utilised by crypto exchanges before the final smart contract deployment, according to Hoskinson. 

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Cardano’s smart contract upgrade has been dubbed one of the most significant upgrades, and the bullish frenzy surrounding it has been propelling its price, which is expected to continue after the upgrade.

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Emurgo Launched $100 Million Investment Fund to Power DeFi and NFT Projects Building on Cardano

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Following the recent major announcements from Cardano, the project’s commercial arm has launched a $100 million investment fund.

Emurgo, the commercial branch of the Cardano ecosystem, has released a new product focusing on investing in startup protocols that want to build on the Cardano blockchain. This comes after several notable announcements from Charles Hoskinson’s team in the past few days.

  • The official press release reads that the new investment vehicle, which will be a wholly-owned subsidiary of the parent company Emurgo, will have two separate branches with distinctive approaches.
  • Emurgo Africa will “support more than three hundred regional startups through seed funding and incubation, to ultimately have Cardano’s blockchain adopted as the technological platform standard in Africa for socially impactful solutions.”
  • This will continue Cardano’s already started initiatives in the continent. As previously reported, the project made multiple partnerships with local organizations to issue digital identities and provide education.
  • Emurgo Ventures will focus on other developed markets. It will aim to facilitate the building of solutions and services on the Cardano network by becoming the seed investor in a “variety” of such startups from industries such as NFTs and DeFi.
  • Emurgo has previously completed roughly a dozen direct investments in blockchain projects through its partnership with SOSV.
  • “We are more focused than ever on accelerating the development of Cardano’s ecosystem with a rich mix of decentralized services catering to a global community that is increasing in overall blockchain awareness.” – commented Emurgo’s CEO Ken Kodama.
  • Earlier this week, Cardano also partnered with Chainlink to develop DeFi smart contacts and announced the first stablecoin to go live on its blockchain – Djed.

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Breaking: COTI Will Issue Djed Stablecoin on Cardano

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  • Cardano founder declared that COTI will be the official issuer of its new stablecoin.
  • Charles Hoskinson said this during the Cardano Summit.
  • It is said that the Djed stablecoin leverages smart contracts to ensure price stability.

The founder of Cardano (ADA), Charles Hoskinson, revealed in the Cardano Summit that COTI will be the official issuer of its new stablecoin based on the Djed stablecoin protocol.

Presently, Cardano is one of the world’s largest blockchain platforms. For the fast-growing Cardano ecosystem, the new stablecoin is a timely venture. In detail, the Djed stablecoin protocol leverages smart contracts to ensure price stability. What’s more, its smart contract programming mechanism also guarantees that the stablecoin will work effectively for decentralized finance (DeFi) transactions.

On the other hand, COTI is an all-encompassing “finance on the blockchain” ecosystem. It is designed to meet the needs of both centralized and decentralized finance. COTI assures this by “giving a new type of DAG-based base protocol and an infrastructure that is scalable, fast, private, inclusive, and low-cost, and optimized for finance.”

CEO at COTI Group, Shahaf Bar-Geffen, stated:

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The stablecoin ecosystem has matured tremendously over the past few years. Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in a seamless manner, regardless of the sender and recipient’s location. I believe that adding the Djed-based stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform.

Furthermore, the Djed operates by maintaining a reserve of base coins. More so, it also lets users mint and burn both stablecoins and reserve coins. According to its creators, there are ongoing discussions regarding the implementation of Djed on Cardano — providing stablecoins in which Cardano’s network usage (transaction) fees could be paid through the “Babel fees”.

Finally, Charles Hoskinson, who’s also the CEO of IOHK — the driving force behind the Cardano platform, mentioned that: “The Djed stablecoin could be a game changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. Djed shares our commitment to formal verification, proving a robust method of combating the price volatility of crypto markets. COTI has been a long time partner of the Cardano ecosystem, it’s great to have them on board with this new venture.”

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Cardano ($ADA) Announces New Stablecoin Issuer, Hoskinson Calls it Game-Changer

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Cardano ($ADA) blockchain is fast moving towards building its own decentralized ecosystem after the successful integration of smart contracts via Alonzo hardfork. During the ongoing Cardano Summit 2021, founder Charles Hoskinson announced COTI would be the official stablecoin issuer on the Cardano blockchain that would issue Djed stablecoins.

Hoskinson believes the new kind of Djed stablecoins could change the stablecoin game especially at a time when the demand is at the peak and regulatory scrutiny is also at its highest. Hoskinson said,

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“The Djed stablecoin could be a game-changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. Djed shares our commitment to formal verification, proving a robust method of combating the price volatility of crypto markets. COTI has been a long-time partner of the Cardano ecosystem, it’s great to have them on board with this new venture.”

What are Djed Stabelcoin?

Djed stablecoins make use of  DAG-based infrastructure and base protocol that is private, affordable, scalable, inclusive, fast, and finance-optimized. The protocol makes use of smart contracts to maintain a stable price floor with a stable reserve. It allows traders to mint and burns stablecoins to maintain a stable price point for the token and uses the transaction fee to carry the network operations.

COTI Group CEO Shahaf Bar-Geffen believes its DAG protocol use could help it derive a new stablecoin on Cardano that would propel it in the current market due to its decentralized nature, scalability, and security. He explained,

“The stablecoin ecosystem has matured tremendously over the past few years. Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in a seamless manner, regardless of the sender and recipient’s location. I believe that adding the Djed-based stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform.”

$ADA maintained its price above $2.20 and looks to break the $2.30 barrier as the crypto market recovers from China’s crypto ban FUD. The third-largest altcoins had broken past a new ATH of $3.10 in the run-up to the key Alonzo upgrade, but since then the bearish September month has kept its price in check.

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Source: TradingView

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