On Friday, to the joy of its community, Cardano unveiled midnight—a zero-knowledge data protection-based sidechain and a token, Dust to follow.
Cardano founder, Charles Hoskinson stated during an event at Edinburgh University in Scotland on Friday that Midnight, which is supported by zero-knowledge-proof technology, is one of many side chains being deployed around Cardano and will surpass previous privacy-coin projects by delivering zero-knowledge-proof smart contracts.
The Cardano (ADA) DeFi ecosystem will become more resilient, versatile, and sustainable thanks to a revolutionary stablecoin asset. The coin will be backed by fiat U.S. dollars and fully compliant with all regulations from day one.
Emurgo, one of the groups behind the Cardano (ADA) network and associated solutions, announced that its partner Anzens would be launching USDA, a stablecoin built on the Cardano platform.
To combine the advantages of Cardano’s (ADA) low-cost, quick, and resource-efficient infrastructure with the stability of the U.S. Dollar, the world’s reserve currency, the new stablecoin will only be backed by fiat assets.
The month of November 2022 was particularly difficult for traders and investors. Even though it was extremely painful for many, the collapse of FTX and the subsequent contagion that threatens to bring other centralized crypto exchanges down with it may ultimately prove beneficial.
Record quantities of Bitcoin, Ether, and stablecoins were taken off exchanges by cryptocurrency speculators. Also, hardware wallet sales sharply increased as investors became more aware of the value of maintaining the self-custody of their investments.
It appears likely that this trend of coins leaving exchanges and appearing in hardware wallets will continue if the number of insolvencies and “temporarily stopping of deposits and withdrawals” notifications keep popping up during the ensuing several weeks.
Following the recent developments, investors may lose faith in centralized exchanges and cryptocurrency businesses and instead choose to use the more web3-focused DEX and DeFi protocols.
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