Quote from: Hydrogen on February 19, 2023, 11:37:24 PM

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Cardano (ADA) continued to gain this week after a brief pullback in early February. In the past 72 hours, the cryptocurrency surged over 17% to tap $0.41 amid a market-wide lift-off before recoiling on Sunday. At press time, ADA was exchanging hands at $0.40, down 0.77% in the past 24 hours, according to CoinMarketCap data.

ADAs attractive price growth can be traced to several developments around Cardanos ecosystem. According to a report by crypto research firm CryptoCompare, the Total Value Locked (TVL) on the Cardano blockchain rose 49.9% in January, reaching levels last seen in August 2022. This growth was led by decentralized protocols, with lending protocols such as Meld and Indigo growing by over 48% and 76%, respectively. At the time of reporting, Cardanos TVL sat at about $126M, as seen on DefiLama, showing that growth continued in the first half of February.

The report also highlighted Cardanos price growth in January, stating that this was the best-performing month for the asset since August 2021. The No. 7 cryptocurrency by market cap benefited from a market-wide crypto lift-off last month which saw its price recover by just over 70% from a record bottom of $0.25. Cardanos attractive price action was accompanied by a spike in trading activity, with volumes on centralized exchanges rising roughly 158% to $9.87B.

This was the first increase in trading volume for the asset in thirteen months, a much-needed rebound after hitting the lowest monthly trading volume since October 2020 in December 2022, said the firm

Earlier this month, the much-awaited Djed stablecoin went live on the Cardano blockchain, sparking a wave of excitement for the community. Barely two weeks after launch, the so-called overcollateralized stablecoin has garnered over 31 million Cardano (ADA) coins as backing. As of Feb 16, there were 31,200,698.37 ADA in its base reserves, accounting for a 514% collateral ratio. Furthermore, the market capitalization of Djed had increased from $1.7M at launch to $2.17M at press time, suggesting some adoption of the pegged asset.

During a Twitter Spaces session on Tuesday, Binance CEO Changpeng Zhao noted that the crypto industry would likely look for other options as regulators tighten the nose around stablecoins. This suggests that non-dollar-backed stablecoins such as Djed and other algorithmic stablecoins may begin to emerge, propelling the entire crypto industry towards complete decentralization.

https://zycrypto.com/cardano-ada-sees-immense-price-bump-in-18-months-as-ecosystem-grows-exponentially/

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Interesting.

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During a Twitter Spaces session on Tuesday, Binance CEO Changpeng Zhao noted that the crypto industry would likely look for other options as regulators tighten the noose around stablecoins. This suggests that non-dollar-backed stablecoins such as Djed and other algorithmic stablecoins may begin to emerge, propelling the entire crypto industry towards complete decentralization.

Might we soon see a rise of non US dollar backed stablecoins as Changpeng Zhao believes?

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Earlier this month, the much-awaited Djed stablecoin went live on the Cardano blockchain, sparking a wave of excitement for the community. Barely two weeks after launch, the so-called overcollateralized stablecoin has garnered over 31 million Cardano (ADA) coins as backing.

In our current era of high inflation, mounting debt and lingering market fears. Is there really such a thing as assets which are "overcollateralized"?

The term "overcollateralized" is associated with robustness and stability. Both of which are key elements people of the world are searching for atm. Can we really have too much of that in an era where inflation is a concern?

Cardano appears to be one of the largest gainers under the recent BTC uptrend in terms of overall percentage gains. Perhaps this is an alt worth looking into?

Cardano is definitely one of those projects that have incredible potential outside of being an asset that gets traded for profit. Built on peer-reviewed academic research, Cardano has brought together a strong community over the year. ADA jumped more than 5% in the past 24 hours recording its highest retuns in the last 18 months.

https://crypto-economy.com/cardano-ada-gains-more-than-5-as-whale-activity-soar-on-the-network/