- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

Dogecoin Price Forecast: DOGE whale transactions fell by more than 70%; bearish move ahead
Dogecoin (DOGE) continues to trade down around $0.24 after falling more than 7% in the previous week. The technical outlook suggests a further correction as DOGE’s momentum indicators reflect bearish divergences

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP are headed for further drops
Bitcoin's (BTC) price continues to edge down, trading below $96,000 on Monday after declining the previous week. Ethereum (ETH) and Ripple (XRP) prices followed BTC's footsteps, declined more than 7% the previous week, and traded below their key support level, hinting at further correction.

XRP sees gains ahead of Depository Receipts launch, Brad Garlinghouse set to join White House crypto council
Ripple's XRP gained 4% on Friday following reports that investment firms Receipts Depository Corp and Digital Wealth Partners plan to launch XRP Depository Receipts in the United States.

Ethereum Price Forecast: ETH could hit $1,200 as Trump announces plans for reciprocal tariffs next week
Ethereum declined 4% on Friday following United States (US) President Donald Trump's plan to announce reciprocal tariffs on several countries next week.

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark
Bitcoin (BTC) price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year. Traders should watch FTX's upcoming repayments to creditors starting on February 18, which could bring in volatility for Bitcoin prices.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.