- ADA Finance has broken past the stiff competition and won the prize of the “Best DeFi project of the Year” at the 2021 Malta AIBC Summit.
- The project has also welcomed Roger Ver (Bitcoin Jesus) as a new investor, alongside a string of other ecosystem developments.
Cardano and Avalanche-powered DeFi ecosystem ADA Finance (ADAFi) has walked away with an award for the “Best DeFi project of the Year” at the 2021 AIBC Summit in Malta.
More good news came at the Nov. 16 event, as early Bitcoin investor Roger Ver or Bitcoin Jesus, joined the project as an investor. With these two announcements, ADA Finance is now poised for greater coverage and development. The news has also come just a month from the project’s initial DEX offering (IDO).
Notably, the AIBC Summit is a Europe premier event that hosts players in blockchain, artificial intelligence (AI), and emerging tech. ADA Finance has now managed to get past serious competition for the highly coveted prize of the best DeFi project. Other contenders for the same award were community-focused DeFi token Safemoon, and ABEYFoundation, keeper of the ABEY blockchain protocol and platform. ADA Finance now joins the rank of the award’s previous winners such as stablecoin platform MakerDAO and AI-powered DeFi portfolio project SingularityDAO.
ADA Finance ecosystem build
Roger Ver, an early (2011) crypto investor and former CEO of Bitcoin.com, recently began displaying interest in the DeFi industry. Previously, Ver placed investments in Ripple (XRP), Kraken, Shapeshift, and Bitpay. He has now made a considerable investment in decentralized oracle service provider XFai, in addition to ADA Finance.
Other than Ver, the cross-dual-chain DeFi ecosystem has landed itself multiple social media influencers. These include crypto analyst and YouTuber Carl Martin (The Moon), the Crypto Banter, and MMCrypto. All these bullish happenings create much bigger interest and focus on the upcoming ADAFI token IDO.
Another highlight for ADA Finance is its decision to release its code on a public repository. It is now the first Cardano-based project to make such an innovative move. The code was released under the GNU General Public License. This means that anyone can fork it, so long as they make their staking code public. The action reflects Cardano’s values of openness, trust, and fairness, all of which open the ground for massive growth and adoption. The team at ADA Finance hopes the pioneering move will inspire other projects on the Cardano ecosystem to follow suit.
Moreover, ADA Finance recently announced an Academy Program in conjunction with blockchain-based education program Bitdegree. This will create awareness for the Cardano ecosystem, and foster widening involvement from the coding community. The program will also make the layer-one ecosystem stronger and more sustainable with a cluster of talented and fully certified smart contract developers.
All these successes place ADA Finance on the road for another award of the best DeFi project of 2022 and beyond.
Cardano Past and Present Challenges in the Crypto Industry
- Smart contracts and network scalability has been Cardano’s challenge.
- Despite this, Cardano (ADA) is still showing an impressive performance in the market.
Cardano (ADA) has been through a mix of positive and negative downsides since its inception. Starting from the past, it has been striving to get a smart contract for smooth platform functionality. Also, apart from this, one key thing that Cardano has faced is scalability, according to a report.
However, this makes people keep doubting how Cardano claims to be an Ethereum killer and also a third-generation blockchain. This was seen from the time that the Cardano team started to fight for smart contract acquisition to make the network stand out among the odds in terms of network scalability.
Cardano has already made a significant step forward by tackling some of its challenges. This includes the implementation of the Alonzo Hard Fork Upgrade, Basho, Mamba, and other network extensions for betterment. Seemingly, all these appear not to serve as a catalyst to solve Cardano’s underlying tragedy.
Mention to the community what are technical challenges openly but not in a sense of FUDing but rather that some solution needs to be found. This could also be a good thing because some community members in the spirit of the decentralized brain could start looking for solutions (research) or even start implementing them (development).
Nevertheless, regardless of all these, Cardano is still showing an absolute performance in the market. It keeps climbing ranks while rocking new all-time highs. At writing time, ADA price trades at $1.56 with a market capitalization of over $50 billion on Coingecko. This makes it ranks as the 6th largest cryptocurrency in terms of market cap.
Cardano (ADA) Down 50% from Peak: Possible Reasons
Largest proof-of-stake network sees its token in multi-week painful decline.
ADA, a core native asset of the newest smart contracts platform Cardano, touched $1.5 in its multi-month freefall. Here’s what makes it plummet before gaining 200% in five weeks.
ADA loses 50% since early September
On Sept. 2, 2021, the ADA price reached its all-time high at $3.10 on the eve of the activation of its smart contract functionality. This major upgrade went live as a result of Alonzo hard-fork mainnet activation in mid-September.
At the same time, its activation failed to catalyze another wave of ADA price rally: the asset entered a multi-week “bear market.” On Nov. 26, 2021, it reached the lowest level since Aug. 9.
The most obvious mid-term catalyst is the criticism of Cardano’s smart contracts performance. As covered by U.Today previously, the viability, speed and functionality of this system were attacked by both Ethereum (ETH) and Bitcoin (BTC) maximalists.
In terms of short-term bearish catalysts, the most obvious one is the delisting of Cardano’s ADA by eToro, a mainstream derivatives trading platform. eToro restricted its U.S. customers from opening positions in ADA and Tron’s Tronics (TRX) from Dec. 26, 2021.
Will ADA see another rally in 2022?
Cardano’s inventor, Charles Hoskinson, has already slammed eToro’s decision and attributed it to the lack of a global regulatory standard in the sphere of crypto and blockchain.
As U.Today reported earlier, Mr. Hoskinson is certain that 2022 will be a splendid year for his ecosystem. Speaking about its roadmap for the coming year, he called it a “living ecosystem.”
He calls Cardano’s technology unbelievable and claim
Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish
Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.
Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame.
Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.
But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound.
3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.
A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset.
Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.
Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels.