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Cardano reaches 2,400 smart contracts – but there is a catch

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Cardano’s blockchain reached the mark of 2.4 thousand smart contracts created, according to data from the Ada Pools platform. The number was reached five days after the launch of the Alonzo network, which took place on September 12th.

As a result, the ADA recorded an average of 480 smart contracts created per day. However, only 200 of these contracts (less than 10% of the total) have ever been listed on the platform. To understand it better, it is necessary to know how the launch of these contracts on the network works.

Mechanism of time lock

Cardano’s smart contracts are launched through a time lock mechanism. This means that the listed contracts have to wait for a specific date to be released. Until that happens, contracts cannot be used by developers.

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In this sense, there are about 200 contracts that already have the time lock activated and, therefore, are waiting for the launch date. Another 2,199 are also awaiting release.

Most of these contracts correspond to projects in the areas of decentralized finance (DeFi), non-fungible tokens (NFT) and decentralized applications (dApps). Cardano creator Charles Hoskinson cited at least four contracts that are about to be launched:

  • GREED, a reward token that redistributes the ADA back to its holders;
  • Liqwid, an open-source, non-custodial liquidity protocol that will allow you to earn interest on tokens;
  • SingularityNET, a platform that allows anyone to create, share and monetize artificial intelligence services at scale;
  • Cardax, the first decentralized exchange (DEX) in Cardano’s network.

Delay may compromise ADA price

The launch of the hard fork Alonzo took place without major setbacks, while the price of the ADA had a devaluation of around 20% in the last week. Indeed, many wonder why the ADA rose exponentially while Cardano did not have smart contracts.

Now that the contracts have surfaced, the delay in launch could pose a problem. If the time lock takes too long, the market may start to question the network’s ability to deliver what was promised.

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Also read: My Neighbour Game Alice Announces Lottery for Land Sale

Also read: Dealers who accepted Bitcoin as payment for drugs in Rio are arrested

Also read: Vitalik Buterin proposes to migrate NFT to the second layers of Ethereum

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Ravendex, A Cardano-Based Project, Releases its DEX Demo, to start with Tokens Sales soon

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Ravendex, a new Cardano project has made a demo version of its first decentralized exchange, having features like Swap Pools, Light & Dark Mode.

While the company continues to make rapid progress after the private token sale started, which has 100 million $RAVE tokens available for the investors, while 82 million $RAVE tokens are already said to be sold out.

Ravendex team is committed to launching a working DEX on the cardano ecosystem before the year ends.

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The project will be launched and maintained using funds raised from the sale of $Rave tokens to early investors.

Features Of Ravendex

Ravendex will also have A Staking Platform and also a decentralized lending and borrowing platform, which sets it apart from other Cardano network projects as they are one of the very few projects on the third generation blockchain with the idea conception.

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Investors & Liquidity providers can give liquidity to tokens and in return, they will make profit from transaction fees. Alternatively, users can stake their assets on the staking platform and earn a commission and percentage from borrowers’ fees.

According to the Ravendex team, their decentralized exchange will include wallet connect features, Asset Price display and transaction list features.

They will also keep their payment fees low and secure. As a matter of fact, Ravendex aspires to be the Cardano network’s primary financial hub.

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RAVE TOKEN

Ravendex reveals that the total number of $RAVE coins will be limited to one billion.

Investors will be able to stake, provide liquidity, or vote with their tokens on the Cardano network.

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The Private Sale Phase is almost filled as the company has already reached 82 percent of its goal of selling 100 million tokens by the end of its first private sale and the pricing places it at 0.00225 ADA per $RAVE token.

The Cardano-based project, on the other hand, intends to hold a total of five sales which can be seen in the sale stages page.

Ravendex, like many other cryptocurrency projects, plans to open its sale to the general public later this year.

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200,000,000 $RAVE tokens will be available in the pre-sale phase at a price a little more expensive than the private sale at 0.0027 ADA per coin.

Those who missed out on the first public sale will have another opportunity to purchase $RAVE tokens for 0.0032 ADA each. A total of 100 million tokens will be sold during this stage.

This Medium link provides more information about the Ravendex

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About Ravendex 

Ravendex is a Cardano-based crypto project that aims to create a decentralized exchange.

Its purpose is to provide a platform that has incredibly minimal fees and allows for quick cross-border transactions.

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More importantly, it aspires to include features that will be useful to Cardano supporters. Also, we also look forward to creating a community of active investors who may vote on issues. They can also lend coins or provide liquidity to create a fully functional decentralized exchange.

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Cardano Price Prediction: ADA ready to explode to $4

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  • Cardano price returns to bullish conditions, denying further sell-side control
  • An imminent breakout towards new all-time highs is likely.
  • Little resistance ahead, but bulls should remain wary.

Cardano price has failed to capitalize on the movement generated by its closest peers, Bitcoin and Ethereum. As a result, very tight and challenging trading ranges have been the norm for Cardano, but that may change here soon.

Cardano price targets a breakout above $2.45

Cardano price has a very bullish set up on its $0.05/3-box reversal Point and Figure chart. If a new column of Xs forms and hits the $2.45 entry, three things happen simultaneously. First, a double-top is broken, confirming an entry signal. Second, the entry confirms a complete Bear Trap Point and Figure pattern. Finally, the entry at $2.45 is a breakout above the dominant bear market angle.

The breakout could be the very beginning of a new bullish expansion phase for Cardano price. The initial target on the breakout is based on the horizontal profit target method in Point and Figure analysis. $4.05 is the initial range and would be a new all-time high.

However, the current trading conditions still have a significant bearish weight. Therefore, Cardano price must remain above the $2.05 value area. If it fails to hold $2.05 as support, a return to the $1.80 trading range is likely.

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ADA/USD $0.05/3-box Point and Figure Chart

Bulls should also be aware of some resistance on any breakout near the prior swing high and high volume node at $2.80. While the momentum of the breakout may make any near-term resistance moot, $2.80 has been a consistent source of trouble for Cardano, and it would certainly be odd for it not to provide some resistance in the future.

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Cardano Price Analysis: ADA/USD set to surpass the intraday highs of $2.3

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  • Cardano price analysis is bullish today.
  • The ADA/USD pair formed a lower low yesterday.
  • Today we expect to see Cardano’s value rebound somewhat.

Today’s Cardano price analysis is bullish, as a new lower low was formed following a substantial decline over the previous 24 hours. As a result, ADA/USD should recover some of its losses later today as bears run out of steam, according to our predictions.

Cardano price movement in the last 24 hours: Cardano faces stiff resistance at $2.2

Over the last 24 hours, ADA has traded in a range of $2.178-$2.198, with considerable swings from one day to the next. The volume is up by 27.43 percent and stands at $2.78 billion. In comparison, the overall market cap is valued at about $70 billion, placing Cardano in third place among all cryptocurrencies by market cap.

ADA/USD 4-hour chart: ADA set to reverse today?

On the hourly chart, after a significant drop, bears are weary, with Cardano’s price starting to reverse. The RSI is climbing, implying that the price will continue to rise. The current resistance level for Cardano is $2.2, which was established by a lower high.

The RSI is climbing, and the price should follow suit as no technical factors suggest otherwise. ADA/USD will rise if bulls break through the $2.22 resistance level.

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Cardano Price Analysis: ADA/USD set to surpass the intraday highs of $2.3 1

ADA/USD 4-hour chart. Source: TradingView

On the 4-hour chart, we can see that after a substantial fall, bears are weary, with Cardano’s price starting to reverse. RSI is moving up, suggesting that the price will continue to rise. The coin’s current resistance level is at $2.2, formed by a lower high.

The RSI is moving up, and the price should continue to follow, as no technical factors suggest otherwise. If bulls manage to break through the resistance level of $2.22, then ADA/USD will rally towards its next resistance level at $2.4 – $2.45 – $2.5.

After establishing two lower highs above $2 in early October, Cardano hit a new downside high of $2.30 in mid-October, followed by the current range of $2.178-$2.198. Here we’re likely to see a decisive break – either down or up – and we might anticipate temporary bearish momentum, as seen on the 4-hour chart, before ADA/USD recovers and starts gaining ground again.

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Over the next 24 hours, the Cardano price is expected to recover some of its losses. We might anticipate bearish momentum to continue throughout this week if a lower high is hit.

Cardano Price Analysis: Conclusion 

From a long-term perspective, this still looks like an excellent time to invest in Cardano.

Looking at the 4-hour chart, we can conclude that ADA is following an overall bullish trend. However, with RSI moving up and establishing a higher low at $2.178, this might be the beginning of a more extensive recovery.

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