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Has Cardano’s bullish stint already ended

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Over the past few trading sessions, Cardano bulls have been dragged down by the bears. In the bygone week, the alt made several attempts to climb above $2.1. However, ADA was rejected almost every single time.

Cardano’s shrunken market cap was well under $66.4 billion, at the time of writing. In fact, altcoins like BNB and Solana were in better positions on the rankings chart.

Underwhelming, to say the least?

Well, despite the ADA’s dwindling price and market cap, Cardano’s protocol revenue has been hitting new highs of late. According to data from Token Terminal, the total revenue quite recently managed to enter the $105-$140 billion bracket.

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Even on the macro timeframe, the current close-to-$70 billion range is more towards the highs than the lows.

Source: Token Terminal

Well, the aforementioned data comes as a surprise. Especially since it indicates that more people are engaging and interacting with the protocol and aiding in the generation of revenue.

When the on-chain data is looked at, the hazy picture becomes clearer. The number of transactions taking place on the chain, for instance, hasn’t registered any dramatic hikes. It has been spending time below 100k since the beginning of November.

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Gauging tokenomic cues

Well, the average ADA transaction size witnessed a massive spike earlier this week and has been hovering around $200k of late. Transactions usually constitute both buy and sell proceedings. So, a hike in the transaction size cannot blatantly be considered to be a positive sign.

When broken down and viewed, the average balance of HODLers has been diminishing. This means that the sell-side pressure still has the upper hand in the Cardano market. Further, as per the trades per side, in the last 6 hours alone, over 5.6 million additional ADA tokens have been sold than bought.

Source: IntoTheBlock

Nevertheless, the turnover ratio [volume/OI], along with the slope of the basis curve, has been rising. In conjunction, they indicate that speculative interest is brewing and retail market participants are slowly exhibiting more preference towards ADA.

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Source: IntoTheBlock

So, will the bulls awaken soon?

On the price charts though, Cardano broke below the support line of its symmetric triangle towards the end of October and started making lower lows. However, over the last few days, the price has been trying to incline and bounce north. Alas, it hasn’t been able to gracefully do so. In effect, the alt has been rangebound in the $2 region only.

Thus, if the aforementioned speculative interest intensifies even more, then it would be fair to expect a slight pump. However, keeping in mind the state of other metrics and the bearish sentiment, it looks like Cardano will be dancing to its own music for some more time.

At this point, it seems like Cardano’s bullish stint put a full stop post crossing $3 in September. The odds of the sleeping bulls awakening in the foreseeable future seem to be minimal.

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ADA/USDT || Source: TradingView

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Cardano introduces ERC-20 converter testnet with AI tokens for trial

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ERC-20 tokens have been going places for some time now. However, at this point in time, they’re a step closer to going native on Cardano. At press time, the sixth-biggest blockchain by market cap had some big news to share, courtesy of its developer arm IOHK.

Time for a test

Cardano founder Charles Hoskinson revealed that an ERC-20 converter testnet is now up and ready for the community to try. Using the AI service provider SingularityNET and its AGIX token, testnet users can make the most of a permissioned bridge to transfer these tokens between Ethereum and Cardano.

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The statement from IOHK highlighted the need for blockchain interoperability. It added,

“We are currently building out and collaborating on multiple bridges to connect Cardano to other blockchains, and this first converter is a vital artery in this system. The more these connections grow, the higher the network effect to boost the flow of liquidity within the Cardano ecosystem.”

According to IOHK’s release, a user can put their converted tokens into the Daedalus or Yoroi wallets. Furthermore, reconversion to the ERC-20 standard is possible. This process might sound technical but readers shouldn’t worry, according to the company. IOHK explained,

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“Users do not need technical expertise or coding experience to use the converter. They simply access the tool through a URL and then proceed by creating a new account or configuring an existing Metamask account.”

That being said, the developer also warned that the testnet is still being monitored for issues and performance optimization isn’t complete yet.

In fact, one user reportedly tried the testnet and shared their gas fees for reference.

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Get an ‘AI’-ful of this

So, what is SingularityNET? It describes itself as a “decentralized platform allowing AIs to cooperate and coordinate at scale.” However, readers might be more familiar with the robot Sophia. The AI robot’s creator is David Hanson, who is also the co-founder of SingularityNET.

According to a whitepaper, the company wants to use smart contracts to decentralize AI technology. It stated,

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“At its core, SingularityNET is a set of smart contract templates that AI agents can use to request that AI work be done, to exchange data, and to supply the results of AI work.”

The question of the hour – Is Cardano exploring AI or is crypto itself coming closer to this technological sector? Only time will tell.

Agile AGIX

At press time, Cardano’s ADA was still in the red, but SingularityNET’s AGIX was trading at $0.2575.

AGIX’s price also rose by 14.04% in the past 24 hours. What’s more, the token had a market cap of $225,073,797, making it the 298th biggest blockchain by market cap.

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Cardano Sees 7% Growth in Unique Addresses, With More Than 1 Million Currently Staking ADA

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According to data from Staking Rewards, the number of unique addresses currently staking ADA has increased by roughly 7% in the last 30 days.

According to Staking rewards data, unique addresses currently staking ADA have grown nearly 7% in the last 30 days. The recent growth matches the 1 million milestone reached in the number of staking addresses.

According to the Cardano tracking website pool.pm, there are currently 1,008,241 wallets staking the coin, with 71.4% staked.

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Cardano Stakers
ADA Stakers, Courtesy: stakingrewards.com

Cardano continues to gain traction, with new features and capabilities being added to the blockchain regularly. The Ouroboros algorithm is used in Cardano’s decentralized setup to achieve proof-of-stake consensus. At the center of it all are 3,100 stake pools managed by operators who are in charge of the network’s distributed nodes.

IOHK, Cardano’s parent company has announced the kickoff of a new initiative to support its ongoing drive toward full decentralization with the launch of a new peer-to-peer (P2P) testnet.

The price of ADA soared to an all-time high of $3.09 in September, just days before the Alonzo hard fork, which introduces smart contracts to the network and allows it to compete with the likes of Binance Smart Chain, Ethereum and Solana.

According to CoinGecko data, Cardano (ADA) is up 820% on a yearly basis having started off the year 2021 at barely $0.18. The price of ADA trades at $1.41 at press time.

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Cardano’s Community Media Launchpad Flickto (FLICK) Teases IDO and Beta Infrastructure Release

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Flickto (FLICK) Cardano-based launchpad brings together the concept of ISPO and decentralized media funding

Flickto, a Cardano-based project with real-world utility, addresses the problems of content creators with ADA-centric instruments.

Here’s how Flickto leverages Cardano (ADA) to promote content creators

Decentralized media launchpad Flickto (FLICK) announces an initial decentralized exchange offering on leading Cardano-based launchpad, Kick.io. This tokensale will introduce FLICK tokens to the majority of retail investors and allow Flickto to raise funds for next phases of its progress.

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Flickto provides the technical basis for crowdfunding for media content promotion. Crypto enthusiasts are able to support the promotion and distribution of their favorite media products with digital assets.

For such sophisticated products, there is a strong need for a low-cost, fast and resource-efficient blockchain. As such, the Flickto (FLICK) team has chosen Cardano for its high-performance and novel technical design.

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Also, Cardano (ADA) has a large and vibrant global community that is crucial for real-world decentralized projects. ADA holders are a backbone focus group for Flickto’s progress and the distribution of FLICK tokens.

FLICK rewards are the main incentive for users to take part in Flickto’s activities associated with content and staking. Then, FLICK will be listed on centralized exchanges and Cardano-based DEXes to allow holders to trade and stake it in third-party mechanisms.

Dissemination of FLICK tokens will be yet another trigger for mass adoption of Flickto solutions in the Web3 ecosystem.

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What is FLICK: Tokenomics and future plans

Initial Staking Pool Offering (ISPO) is the main way for the Flickto ecosystem to raise funds for project supporters. Not unlike Cardano’s staking pool for ADA, Flickto’s ISPOs should be considered an instrument for tokenholders to support their favorite products.

Besides FLICK rewards, participants in ISPOs will be able to receive non-fungible tokens as additional bonuses from the projects listed by Flickto. Receiving staking rewards is the only way to obtain FLICK before its official listings on CEXes and DEXes. So far, Flickto’s ISPOs have amassed 1,500,000 ADA in total value locked (TVL).

The aggregated supply of FLICK is 5,000,000,000 tokens. 40% of this supply is allocated to ISPO rewards, 20% are reserved for sales and the initial decentralized exchange offering (IDO), while liquidity and treasury initiatives will be fueled by 15% of the FLICK supply.

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The team, its advisors and partners will receive 15% of FLICK, while the remaining 10% will be transferred to marketing and operations needs.

Spreading the word about its mission, Flickto partnered with media veterans Ben Morris and Geraint Harvard Jones.

In 2022, Flickto is going to organize NFT airdrops, a token pre-sale and DEX liquidity incentives, as well as a beta launch of the main product and its associated retail application.

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