Gold-backed stablecoins to launch on Cardano, sending analysts bullish on ADA
- Cardano’s project catalyst holds a decentralized fund of over $1 billion to promote solutions.
- After unveiling Djed, the ecosystem is now preparing for the launch of a gold-backed stablecoin.
- The number of ADA holders hit a new all-time high of 243,000 in September, 70% of addresses are currently profitable.
Cardano has more decentralized applications and projects joining its blockchain network. MELD – a DeFi protocol that allows users to lend, borrow and stake capital on Cardano – is preparing to launch a gold-backed stablecoin network on the network.
Arrival of gold-backed stablecoin to further increase demand and utility of native asset ADA
ADA’s rise to the top five cryptocurrencies by market capitalization is likely triggered by the increase in the decentralized applications joining Cardano’s network.
COTI, a decentralized payment platform that acts as a payment gateway of Cardano, revealed the launch of Djed, an algorithmic stablecoin. Now a gold-backed stablecoin is arriving on the network.
A Cardano-based protocol MELD has announced plans to launch the stablecoin as the first step to democratize cryptocurrencies and make them further accessible.
Ken Olling, co-founder and chairman of MELD, states that the “goal here is simplicity and clarity. Gold will be stored in a vault, tokenized and then fractionalized and divided so we can sell it.”
David Taylor, head of marketing at Cardano Foundation, shared the announcement on Twitter
Announcement from @MELD_labs and Tingo Mobile looking to bring 9m customers across Nigeria to Cardano.
— DT (@I_Am_DTaylor) September 30, 2021
As part of this partnership, there will also be a gold-backed stable coin to the protocol.#CityAMSummit @CityAM_Crypto #Cardano #CardanoCommunity @tingomobileng #Blockchain pic.twitter.com/G6zqggzBLF
Cardano network’s on-chain activity has hit a high in September after the latest developments in the ecosystem. Native asset ADA has 243,000 holders, and 70% of the wallet addresses holding the token are profitable.
The number of $ADA Hodlers reached a new ATH this month of 243 thousand addresses holding an aggregated volume of 5.49b ADA.
— IntoTheBlock (@intotheblock) September 27, 2021
And at the current price, over 70% of the addresses currently holding ADA are in a state of profithttps://t.co/8ME8STegu5 pic.twitter.com/MnghWKB66X
FXStreet analysts have evaluated the Cardano price trend. The altcoin’s price is at a strong support level, and analysts believe that the price will continue its upward trend to the next target at $2.7.
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.
