Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Cardano (ADA) has fallen short of many investors’ expectations in recent weeks. Unlike numerous other altcoins, ADA is currently in a prolonged downtrend. In the 1-day chart, the price is currently below both the 100 and 200-day moving averages.
Cardano trending to the downside. Source: TradingView
However, IOG CEO Charles Hoskinson might have given ADA investors hope with a new tweet. The Cardano founder was responding to a Twitter user’s question about when the announcement promised for November would be revealed.
Hoskinson didn’t mince words, saying, “I’ll announce it at the Edinburgh event.” Another Twitter user questioned whether the long-awaited announcement was about the algorithmic stablecoin Djed.
Djed has been under development by IOG and the COTI network for quite some time now. An announcement about it would not justify all the hype, according to the user. Hoskinson, however, disagreed, saying, “Not djed. Been working on it for 4 years”.
Not djed. Been working on it for 4 years
— Charles Hoskinson (@IOHK_Charles) November 3, 2022
Therefore, it remains to be seen what is behind the mysterious announcement. In this respect, investors should be eagerly awaiting November 18 and 19, when IOG celebrates its Scotfest in Edinburgh.
What’s Behind The Mysterious Announcement For Cardano?
The event is expected to kick off the fifth phase of Cardano’s development, called Voltaire. Currently, the blockchain is still in its 4th era, Basho, which has scaling as its focus.
In this regard, the Cardano community is still eagerly awaiting “Hydra“. Simulations of the scaling solution developed by IOG have shown that each “Hydra head” can currently process about 1,000 transactions per second (TPS).
With 1,000 stacking pools, each processing 1,000 TPS, Cardano could achieve a throughput of up to one million transactions per second. Whether Hydra’s implementation will be the announcement in Edinburgh nevertheless remains to be seen.
Currently, Hydra remains in development. Already in March, IOG’s programmers unveiled the Hydra Heads protocol as part of a public testnet.
Another thing that speaks against the assumption that the announcement is about Hydra is that the IO Scotfest is supposed to celebrate the era of Voltaire. More than 20 keynotes are planned, with Hoskinson delivering the most important speech.
How the ADA price will behave remains to be seen. Previous “announcements of announcements” by Hoskinson, however, have usually generated some hype and price volatility in advance. Ultimately, the significance of the announcement will determine whether the event will be a “buy the rumor, sell the news” event.
Djed Stablecoin Entering The Home Stretch
Preparations for the launch of the Cardano stablecoin Djed are in full swing. As the founder of the COTI network revealed in mid-October, the final audit is currently taking place before the stablecoin is scheduled to go live at the end of November.
— Djed Stablecoin (@DjedStablecoin) October 14, 2022
Djed is a stablecoin based on an algorithmic design. It uses smart contracts to guarantee and ensure price stabilization. For this, Djed works with a reserve of base coins and mints and burns stablecoins and reserve coins.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.