According to LunarShark data, the Cardano community has had a lucrative 2-years. The initiative has received 14.77M mentions on social media, a 2,650.3% increase from the previous data. It’s worth noting that the number of references has relative variations in the ADA price. But, the association is minor. It shows that Cardano isn’t constantly discussed because of its token price. But, because of project announcements and news.
Traffic Produced by Hoskinson
Another possibility is that Cardano is being mentioned more frequently. But, that’s because of statements made by its CEO Charles Hoskinson. He frequently makes public comments on social media and provides resonant information points.
The UST de-pegged, and Terra collapsed on 11th May. Hoskinson got people talking on Twitter about stablecoins and his Cardano-backed stablecoin, Djed. 38.750 mentionings and 139.1M engagements were at their highest point on that day. During the 3days of increase before that, the social metrics hit their high.
The ADA price fell over the review period, eventually settling at $0.52 on 11th May. Cardano’s rising following and visibility in the cryptocurrency industry please the project’s founders. But, the more interested individuals get, the more pressure Cardano will face.
CTO and Co-Founder of Cardano, Djed, Reveals Latest Djed Developments
Charles Hoskinson recently tweeted an update on the Djed project’s development status. They released Djed, a stablecoin designed by IOG and issued by COTI on the public testnet. By Charles Hoskinson’s estimation, this is a significant milestone in developing algorithmic stablecoins.
Earlier this month, Cardano’s CEO criticized Terra for the crash of the UST. Due to a loss of its peg, UST fell on 11th May to a low of $0.26. There is a 93% drop in Terra’s native LUNA stock due to investors’ harsh reaction to the recent incident.
Hoskinson asked about SigUSD, an AgeUSD-based algorithmic stablecoin. IOHK media and Emurgo partnered with Ergo Foundation researchers. They aimed to build the AgeUSD protocol. Protodjed looks fantastic, the IOHK CEO said in response to SigUSD reports.
Bitcoins that have price stability built-in are essential to the cryptocurrency market. It offers several possibilities for DeFi and asset transfer. One doesn’t have to worry about price changes. They provide price stability through the use of underlying collateral.
The Cardano stablecoin got its name from the name Djed. In ancient Egypt, Djed means “Stability.” He was the god Osiris’s symbolic backbone. He’s the god of the afterlife and resurrection. Djed is the first stablecoin protocol with explicit and mathematically stated stability promises. Promises that have validations and are formally verified.
Djed’s algorithm acts as a self-governing bank. It buys and sells stablecoins at a price tied to a predetermined aim. Coin Shen is the pool’s reserve currency. It handles providing more reserves. Shen, unlike Djed, is not tied to a certain asset, and its value might change.
Price Movement in Cardano
Cardano has dropped to $0.39 in the last week as the cryptocurrency market has experienced a sell-off. Cardano bounced back, hitting a high of $0.613 on 16th May after 3-days of gains. It sold at $0.55, down 6.65% from the previous day’s closing price.
Plutus and Cardano will get improvements in the Vasil Hard Fork, scheduled on 29th June. IOHK released a roadmap for the Vasil Hard Fork. A restricted public testnet will go live for the first time by May.
Vasil should go live on the Cardano testnet at the beginning of June. They’ll be sending the mainnet hard fork proposal by 29th June. Developers using CIP 31-33 ideas used on the Vasil Hard Fork may decrease the number of smart contract transactions on the Cardano network.
