Cardano: Goguen in the sights, and a rebounding ADA

The Cardano project continues to move forward, and the next stage of its launch, Goguen, will bring crucial new features. But does this reflect on the price of ADA?

Cardano roadmap: where are we?

Cardano (ADA) , which some do not hesitate to call “Ethereum killer”, continues to develop its blockchain. After bringing more decentralization with the Shelley update , the project is now moving towards the next step : Goguen . The latter is crucial: it allows Cardano to take into account smart contracts. Project leader Charles Hoskinson recently indulged in a question-and-answer game with the community, and he has occasionally announced that Goguen will take place in three stages.

First, the teams at IOHK, the company that manages Bitcoin Superstar software, will incorporate metadata transfers into transactions made on the blockchain. This will allow Cardano to expand its usefulness, not strictly limiting it to cash transfers. The project will then move to a “multi-asset” model , meaning that users will be able to create their own tokens based on the Cardano blockchain. Finally, Goguen will also deploy a converter token s ERC-20 . The latter will convert Ethereum projects and tokens so that they can exist on Cardano.

Cardano advances… And the ADA too?

In a few months, the Cardano project seems to have made giant leaps. In early August, we learned that 10 billion ADA were now staked on the platform . And by mid-September, the project had started testing its decentralized development fund , which is one of Cardano’s workhorses. We could therefore expect that these advances would have a favorable effect on the price of ADA , Cardano’s native currency.

Until then, the price of the ADA did not seem to manage to stop its fall, which had been initiated at the end of July. He had just spent long weeks gradually losing value, but it seems that the mayonnaise eventually rose. The price of ADA has rebounded for the past few days , in what appears to be a reaction to Cardano’s announcements:

This morning, the ADA is trading against 0.10 dollar, and its market cap exceeds 3 billion dollars. Over the last thirty days, it has fallen by -13%, but it should be noted that it is still largely in the green over the year, with + 160% over the last twelve months . It will therefore be necessary to watch the next announcements of Cardano to see if they will also have an effect on the price of the ADA.

Bitcoin Suisse: DOT, TXZ, DASH and ADA as loan security

For borrowing, it is now possible at Bitcoin Suisse to provide collateral in the form of Polkadot, Tezos, Dash and Cardano for creditworthiness.

The Swiss financial service provider Bitcoin Suisse has been offering a new type of loan since September 15

As from the press releaseso-called “staking-backed loans” are now available. In German: „Loans secured through stakes“ make it possible to be liquid in other currencies despite tied up crypto capital.

In the future, it should be possible to lock the crypto currencies Polkadot (DOT), Tezos (TXZ), Dash (DASH) and Cardano (ADA) as security in the Bitcoin Fortune vault. In return, the finance house will issue loans in other currencies: Either US dollars (USD), euros (EUR), Swiss francs (CHF), pounds sterling (GBP) or Danish kroner (DKK). Or investors can also decide to receive the loan in Bitcoin (BTC) or Ether (ETH).

Bitcoin Suisse expands product range

Since 2018 it has been possible to use the two largest cryptocurrencies in terms of market capitalization, Bitcoin and Ether, as security for loans. Only now is it possible to use other cryptocurrencies as security. To do this, however, you have to take out a loan of at least 100,000 USD.

The company, founded in 2013, justified the move with the growing popularity of the proof-of-stake process. Unlike Proof of Work, this algorithm does not, for example, give out a reward when creating a new block. This is the case with Bitcoin, and ( still ) also with Ethereum .

It was only in May of this year that Bitcoin Suisse added the crypto currency Tezos to its portfolio . With the exception of Dash, the digital currencies stored as security are all among the 20 largest in terms of market capitalization.