Cardano (ADA) has maintained a position among the top 10 cryptocurrency with its total supply of 31.1 billion coins valued at USD 2.1 billion. Since the launch of its mainnet in 2017, Cardano has made a lot of progress and grown its global community. Since January, it has seen its meet ups grow to 39 groups across 27 countries. Cardano development tools that bring ease in accessibility and development of decentralized applications (dApps). The platform’s team has continued to work hard to improve and add various features on the platform and they are currently focusing on accelerating the rate of adoption of ADA.
The most recent developments on the Cardano project include the launch of the Yoroi wallet and Cryptocard and a partnership with Metaps+. The Cardano Cryptocard, alongside other upcoming releases such as Shelly, mobile application development and Daedalus AppStore are expected to contribute to Cardano’s adoption rates while setting standards for the future of cryptocurrency. Yoroi is a light wallet that uses low bandwidth and functions as a Chrome extension while providing security for user’s ADA tokens.
The Cardano Cryptocard ushers the blockchain platform into the Debit card industry. The card was created in partnership with Metaps. It will enable users preload the plastic card with ADA tokens and use them for the purchase of goods and services from Cardano partner stores around the world. This card will add convenience to users who can now get the same functionality of traditional debit cards from the Cardano Cryptocards. It is expected to drive more Fintech companies towards the crypto economy globally.
The Input – Output Hong Kong (IOHK), in a release on October 1st announced the launch of Rust SDK developed by Mozilla. Rust SDK is an open source library that integrates seamlessly with Haskell to facilitate dApp development on the Cardano blockchain. It will offer developers a variety of options to help them create decentralized applications tailored for mobile devices. The library is flexible and efficient and offers functionality including data analysis and block querying.
ADA’s price analysis
Despite the developments, the price of ADA has remained relatively unaffected. Its current price of USD 0.08 is a 1.33% drop against the dollar within the last 24 hours and 28% below it price a month ago. Its market capitalization has ranged from USD 2.7 billion and USD 1.65 billion over the same period. It has however mostly maintained a value around USD 2 billion with only slight deviations.
Its price rose slightly since September 20th, consistent with the general trend observed in most other top cryptocurrencies. The current slight dip in price is still consistent with the market trend. It remains to be seen the impact Cardano’s developments will have on the token’s price and whether it will be able to break free of the market trend and register gains against a general down trend in the market.