Not everything that happens in the crypto space causes massive price movements or generates loads of hype. Government crackdowns, dog-themed tweets and blockchain upgrades happen from time to time and can cause quite a stir, but sometimes smaller news is worth taking notice of as well. When it comes to Cardano (CCC:ADA-USD), for example, there has been a surge of positive news surrounding the project.
Any one of these bits of news on their own may not be impressive.
But taken as a whole, they paint a picture of a crypto experiencing solid growth in terms of adoption and public awareness.
With that, let’s take a look at the most recent noteworthy Cardano developments:
Cardano News Today: Cardano + Grayscale
Grayscale Investments recently added Cardano to its portfolio of digital assets. ADA is now the firm’s third-largest crypto holding. Grayscale only holds more Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD), which isn’t a surprise.
The fund now holds 4.26% of its assets in ADA, with the next largest basket being Bitcoin Cash (CCC:BCH-USD) at 1.03%.
Grayscale’s adoption of Cardano will inevitably lead to increased public adoption. People feel more comfortable investing in something if they aren’t alone in their investment.
Cardano + Nexo
Nexo, a leading centralized crypto lending institution, has partnered with Cardano’s team, Input-Output Honk Kong (IOHK), to introduce ADA to the Nexo environment.
Thanks to this collaboration, Nexo customers will now be able to buy and sell ADA, as well as gain interest on their ADA balance or take out collateralized loans against the value of their ADA.
Nexo is very selective about which cryptos it adds to its platform, and ADA is only the second crypto that has been onboarded as a result of its new “integrations system.”
We see this partnership helping Cardano gain more mainstream adoption. As Nexo’s existing userbase, if they haven’t heard of it yet, will now be introduced to Cardano. And with the ability to earn 8% on their holdings, individuals have an incentive to trade for and hold ADA coin.
But Cardano’s growth in usability as a financial asset is just one piece of the puzzle.
General Investor Interest in ADA Coin
Cardano also finds itself among the top coins individual investors are pouring money into.
For example, ADA ranks among crypto trader and analyst Lark Davis’s top four coins alongside Bitcoin, Ethereum and Polygon. Davis is particularly bullish on the grounds that Cardano will be gaining smart contract capabilities in the coming months.
Another crypto analyst reportedly dumped all his Ethereum to buy more Cardano. The pseudonymous “Capo” broadcasted his decision to ditch ETH in favor of ADA to his more than 135,000 followers on Twitter.
Even the largest international crypto platform is seeing a shift from Bitcoin and Ethereum to Cardano. On eToro, ADA recently eclipsed both BTC and ETH to become the most held crypto amongst the platform’s investors.
On top of this, Cardano recently saw a record level of staked ADA — $31 billion. What is staking, exactly?
Well, when investors stake a crypto, they’re essentially agreeing to “lock up” their crypto for some amount of time to earn interest on their assets. Investors don’t stake cryptos they may want to trade on a moment’s notice. Thus, staking implies some level of long-term confidence.
If that wasn’t enough proof that ADA popularity was trending significantly upward, even a U.S, congressman has begun investing in Cardano.
More Cardano Projects and Functionality
Cardano already has a presence in Africa. But that presence could be expanding — not soon, it seems, but eventually.
Back in June, Cardano developers met with local governments in Ethiopia and Tanzania to discuss a collaboration. Many of these details have yet to be revealed, and the project is only in the “research” phase, but what has been announced is that the deal will relate to “payments and open finance.”
If you need proof that Cardano’s team is actively working as hard as they can to pump out deal after deal, and to improve the blockchain, just look at how active their code repository is.
In early June, CryptoDiffer reported that Cardano was the most actively developed crypto in terms of average daily development activity. This is reassuring to see, as Cardano needs proof of active development if it wants continued support pre-smart contract release.
Further, Cardano’s community-led Project Catalyst recently funded 56 proposals, with each proposal being funded by anywhere from $5,000 to $35,000. Some of these projects focus on improving the Cardano ecosystem by upgrading existing functionality or dealing with NFTs, while others will focus on Cardano’s presence in Africa.
Cardano’s CEO, Charles Hoskinson, has hinted at a Cardano-based, algorithmic stablecoin. This could mean great things for the ecosystem. Rather than solely encouraging holding, stablecoins’ namesake stability makes them better candidates for the payment of goods and services.
The Bottom Line on Cardano (ADA) Coin
Recent positive press is already improving awareness of Cardano and widespread adoption, and there’s certainly more good news to come.
Especially as the release of Cardano smart contract functionality gets closer — toward the end of Summer — we expect to see even more attention directed toward this leading altcoin.
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On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the theme of his premiere technology-focused service, Innovation Investor. To see Luke’s entire lineup of innovative cutting-edge stocks, become a subscriber of Innovation Investor today.
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