Good morning Lions hope you're all having a wonderful day as the markets look like they're started to make a recovery with the entire market up 7%. A lovely green day.
There are also alot of wonderful initiatives emerging from this latest dip which may infact provide the sector with new opportunities.
More specifically, it is looking like Cardano trading as ADA is making some momentum in it's attempt to capture part of the market and cement itself as a leading cryptocurrancy and blockchain.
Output Hong Kong has announced that it has launched a testnet for the Alonzo upgrade enabling smart contracts on the block chain. This test net also focuses on Dldecentralised finance and is aimed at providing a cheaper and more effective model for defi in an attempt to compete with Ethereum and Binance Smart Chain.
The alonzo upgrade is estimated to take 90 days to roll out over three phases named Blue, White and Purple expanding with each roll out with smart contracts to be implemented and operational at the end of August.
You can read further information about the roll out Here
Source- Canva
This comes on the back of ADA teaching one million unique wallets cementing the block chain in 5th position in market dominance.
The team also announced that 70% of tokens are staked in over 2500 pools across the world with a current worth of $US34Billion.
As with current trends ADA too has announced an ERC20 bridge enabling a cheap, easy and effective transition from Ethereum to ADA for ease of use and accessibility of the ADA network.
In the past 12 months ADA's price has increased 2,900% which also takes into consideration the recent market down turn.
You can read more Here
With emerging markets and upgrades it is hard to stay connected and updated on news. ADA has aided in the dispersion of its progress by releasing updates on its YouTube channel Here with the ability to subscribe you won't miss an important update.
Cardano also names its phases after notable mathematicians and poets a novelty and something that's a little different.
It's important to note that ADA has only recently become decentralised with its previous structure being made up of a federation.
The block chain is also quite often researched by academics and you can find out about more about it in the Decrypt article Here
ADA's price continues to rally and its new advancements have pushed the token above previous highs when it was first listed on Coinbase. It is yet to be confirmed if coinbase will enable ADA staking or if users will be required to move their tokens about.
But as Coinbase grows no doubt it will be looking to cement its position as a leading exchange to compete with exchanges such as Binance and Decentralised exchanges which enable staking.
With a growing community it looks promising that ADA will continue to grow and be in direct competition with networks such as Polkadot and Matic.
As we enter the period of battle of the Alts everyone is set to be a winner and the future is looking great.
It's still uncertain which block chain will grow and enable real world applications. I think Matic has the upper hand as logical companies in Egypt are currently utilising its block chain for inventory.
With all things its about bringing in a constant supply of fresh money through a business case. Something not many block chains have currently nailed.
