Charles Hoskinson awaits launch of Vaccuumlabs DEX on the Cardano network
- The firm that built the popular Cardano wallet, AdaLite, is now working on a DEX.
- SundaeSwap's launch on Cardano was accompanied by failed transactions on the blockchain.
- The Ethereum-killer network's on-chain activity hit 90% of the Cardano blockchain's capacity.
- Analysts predict that Cardano price is at a make or break point, could reverse it's trend.
Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network.
Cardano network prepares for the launch of Vaccumlab DEX
Recently SundaeSwap, Cardano network's first decentralized exchange, launched on the Ethereum-killer blockchain. Within the first few minutes of launch, transactions started failing. Smart contract execution on the Cardano network suffered network congestion with the launch of the first DEX.
Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), is now awaiting the launch of Vaccumlab's DEX. Vaccumlab is a software development company that developed Cardano wallet AdaLite.
Really looking forward to this DEX on Cardano. There are so many coming online soon https://t.co/q8M9403hIp
— Charles Hoskinson (@IOHK_Charles) January 26, 2022
AdaLite is one of the leading web-based Cardano wallets. Vaccumlabs, the developers of AdaLite, are a key development partner in the Ethereum-killer's network. The team is now working on the development of a DEX.
The Cardano blockchain recently hit 93.19% capacity, as blocks filled rapidly and proponents noted a spike in on-chain activity. Despite the recent bloodbath, the total value locked on the Cardano network hit $80 million. The total number of Cardano wallets has crossed 3 million and rising.
After hitting a key milestone in on-chain activity, the Cardano network now awaits the launch of its second DEX.
Analysts have evaluated the Cardano price trend and predicted that the altcoin's price trend could reverse if it hit $1.17. @GertVanLagen, an analyst and trader, believes that Cardano's downtrend is tested and broken.
$ADA [6h]: downtrend broken and tested.
— Gert van Lagen (@GertvanLagen) January 27, 2022
Needs to break $1.17 to print a higher high (HH), which would validate a trend reversal.
Trend reversal: (LH, LL) <-> (HH, HL)#Cardano #CardanoCommunity pic.twitter.com/3qJ7sTnmpx
FXStreet analysts have predicted that Cardano is primed for a relief rally towards $2.20.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
