Cardano is consolidating technical progress, although ADA, like the rest of the market, is still in strong bearish momentum. The blockchain has just passed 3.7 million active addresses. Milestone reached thanks to very strong development activity.
Cardano has managed to run 3.7 million active addresses on its blockchain
Cardano is a blockchain that has experienced taking its time. This tendency to write its code carefully, to develop slowly even if it means some delays, has drawn criticism and ridicule from its competitors. It’s a project that announces several updates and we can’t help but notice a difference with Solana (SOL) and Avalanche (AVAX) in terms of development speed.
But according to data from the Cardano Blockchain Insights portal, the Cardano blockchain now has 3,737,026 active addresses. The count dates to yesterday, compared to the 3,633,526 the network had on November 1st. A jump of more than 103,000 new wallets that may surprise, while the rest of the market is struggling with the consequences of the FTX bankruptcy.
What causes this jump? Mainly by the future Address Lhasathe new wallet developed by Input Output Global (the blockchain company responsible for the development of Cardano, editor’s note). Lhasa, currently in beta, aims to replace Daedalus, the network’s legacy wallet.
As a reminder, Daedalus is called a comprehensive node portfolio. Therefore, it is primarily intended for users who are familiar with the complexities of blockchain and others who are experienced with the technology. The problem comes from the resources it consumes, and the time it takes to sync. To make things easier for users, IOG has been working on Lhasa since January.
Record the activity on Cardano: increasing contributions and interoperability
At the same time, Cardano has topped the list for development activity on GitHub since the beginning of the month. The level of interest of projects for a network can indeed be judged by referring to the “contributions” posted on GitHub – a code storage platform owned by Microsoft and the very center of the cryptosphere.
According to details from the Twitter account @ProofofGithub, Cardano had three times more contributions than Ethereum in the first week of November. Data showing that the maintenance and technical development of the protocol is in the hands of a particularly active community of developers.
This Friday, the Cardano Foundation as usual published its development report (to get here, with last week’s publications). The report shows that 106 projects are activeand 1146 projects are under construction. This year, Cardano is not immune to “ghost chain” allegations.
Understand: a ghost blockchain, without any real activity, and basically based on the spoofing, that is to say false transactions aimed at giving the impression of intense activity. allegations to which the Foundation responded with humor i tweet posted on Halloween.
USDA: finally stablecoin even the name of Cardano?
As we know, without a solid stablecoin, there can be no credible decentralized finance (DeFi). It is in this perspective thatemurgothe trading arm of Cardano, just announced the arrival of the USDA stablecoin in early 2023. And its features are reminiscent of Binance’s BUSD (issued by Paxos Trust) or USDC Coinbase (issued by Circle).
Emurgo told Coindesk on November 18 that a financial services company regulated in the United States will be white-labeled by the USDA as a bank issuer. The USDA is therefore likely to be backed by cash reserves and US Treasury bonds.as required by the NYDFS, New York State’s financial regulator, for example.
We also learn that the USDA will be integrated into the range of financial services Then of Emurgo. This is a range that offers users a number of financial services and products that run on Cardano-based assets. These plans include lending and borrowing services, crypto card payments and fiat-crypto gateways between traditional markets and decentralized applications (dApps) like the Stellar Lumens (XLM) and Ripple (XRP) ecosystems.
This regulated stablecoin will undoubtedly boost the struggling DeFi ecosystem with Cardano. This one currently locks in just $58 million in value, according to data from the DeFiLlama portal. TVL down 80% from peaks reached in March, at more than 330 million.
Midnight (DUST): an anonymous sidechain à la Monero and ZCash
With an invitation to a conference last week at the University of Edinburgh, Charles Hoskinson announced that a new sidechain had been added to Cardano. This new network is called Midnight and his native sign the Dust. Little is known at the moment, but we learn that it is a protocol of some kind “proof of zero knowledge”in other words a protocol for making transactions without revealing identity details.
Interestingly enough, Midnight was created with the Typescript language. Language used in particular by Zcash (ZEC) and Monero (XMR), two blockchains focused on anonymity. When asked by the moderator, Hoskinson said about it:
“This is a completely new way to write and execute private smart contracts and private calculations. So you can have a private DEX [un échange décentralisé, ndlr] or from an anonymous data set (…)”
Other figures and other projects also show the dynamism of Cardano, although this is not reflected in the price of the ADA. After a all high at $3.10 in January, ADA was in mighty trouble, like the rest of the market.
In September 2021, Cardano had a major update (baptism Alonzo) to serve its first smart contracts. An important technical breakthrough that allowed the ADA to gain 800%, in the middle of a bull run. Recently updated Vasil successfully, in an effort to increase its performance and further reduce its costs. In a different context, can we expect the same from the ADA?