Analysts turn bullish on ADA as gold-backed stablecoins come to Cardano

Analysts turn bullish on ADA as gold-backed stablecoins come to Cardano

Photo by Rene Böhmer on Unsplash

Analysts turn bullish on ADA as gold-backed stablecoins come to Cardano

During a crypto summit held by British financial newspaper City A.M., decentralized finance (DeFi) liquidity protocol MELD has announced a three-way partnership with Tingo Holdings, Nigeria’s largest mobile network, and Ubuntu Tribe, an ethical crypto company that tokenises natural resources.

As a part of the new partnership, the Cardano-based DeFi protocol, which enables users to lend, borrow and stake their assets, has revealed plans to launch a gold-backed stablecoin.

Cardano’s stablecoins

“Our goal here is simplicity and clarity,” said Ken Olling, chairman and co-founder of MELD, who wants to make trading accessible to anyone with a smartphone. 

“Gold will be stored in a vault, tokenized and then fractionalised and divided so we can sell it,” he clarified.

“It’s a simple idea, but incredibly powerful because you can count on it,” added Olling, pointing to gold’s stable value.

As recently revealed during the Cardano Summit 2021, by none other than Cardano’s founder, Charles Hoskinson, ADA payment gateway platform COTI will become the official issuer of the network’s long-awaited stablecoin Djed, described as an algorithmic token for proven price stability.

According to the Cardano developer team, IOHK, Djed’s features, which include upper and lower bound maintenance, robust design in the event of market crashes, no insolvency, and no reserve drain possible, are provable by mathematical theorem.

Boosted adoption

According to the head of marketing at Cardano Foundation, David Taylor, who shared the announcement on Twitter, the new partnership with Nigeria’s largest mobile network will introduce MELD’s crypto services to millions of active subscribers, boosting Cardano’s adoption in the country, 

Following the latest developments in the ecosystem, the number of ADA holders reached a new all-time high (ATH) recently.

Cardano’s native token has 243,000 holders, with 70% of the wallet addresses holding the crypto recording profits, IntoTheBlock’s data revealed.

Ad: Up to 20x margin on FTX.

Источник cryptoslate.com

Читать также:


How the innovative use of crypto NFTs can help battle climate change

The pressure is mounting on countries to cut emissions and limit global warming to 1.5 degrees. Although these …


Here’s why Cardano (ADA) average transaction fees are up 1,500% in the past year

Data from Messari shows, over a year, average transaction fees on the Cardano network have increased from $0.03 …


Op-Ed: Can crypto help reduce environmental impact?

The advent of cryptocurrencies has revolutionized the work of businesses and industries all over the world, including the …


Proshares Bitcoin ETF logs over $1 billion in trading volume

In an indication that the crypto community has been waiting tirelessly for a Bitcoin exchange traded fund (ETF), …


Huobi Trust Hong Kong provides safe, secure custody services

Disclosure: This is a sponsored post. Readers are encouraged to conduct further research prior to taking any actions. …


Is this week’s price performance setting the stage for Bitcoin’s fabled Q4 rally?

Following the signaled approval of a futures ETF from ProShares, Bitcoin (BTC) entered this week above $60,000. And …