- Charles Hoskinson confirms a DeFi partnership with Litecoin, integrating into Midnight.
- The collaboration aims to boost cross-chain liquidity and expand DeFi participation.
- ADA holds steady, eyeing a breakout above $0.78 for potential bullish momentum.
Charles Hoskinson, the person behind Cardano, has confirmed that talks are happening about a possible DeFi partnership with Litecoin. The partnership might involve Litecoin in the rollout of Cardano’s new privacy protocol, Midnight, aiming to boost liquidity between networks and attract DeFi users from both ecosystems. There is a lot of enthusiasm within the cryptocurrency community following the announcement, since both projects seem to benefit from each other.
Litecoin’s Strength Highlighted by Angry Crypto Show
The confirmation of Hoskinson followed widespread speculation in the crypto community, as conversations on X about the potential partnership drew significant attention over the weekend. A recent post by Angry Crypto Show highlighted that a strong community supports Litecoin and has strong branding. It also noted that Hoskinson had previously expressed interest in collaborating with Litecoin on decentralized finance.
Cardano Founder Recognizes Ties to Litecoin
Hoskinson took to X shortly after the post to address and clear the situation. He acknowledged the work done by Litecoin’s community and spoke about his years-long association with the founders, Charlie Lee and Bobby Lee. His remark hinted that integrating Litecoin into Cardano’s DeFi network could be started soon. This would be an important part of Cardano’s efforts to grow its DeFi feature set.
Through this partnership, there would be a chance to connect two of the strongest Layer-1 blockchains in the industry. Since both Cardano and Litecoin are stable and have good positions, combining them could make decentralized apps more accessible and allow for more transactions. Working closely together could make both ecosystems stronger, increasing Cardano’s functionality and possibly lifting the value of ADA over time.
ADA’s Make-or-Break Moment
At the beginning of this week, ADA is trading at $0.7240 as of press time. If the price rises above $0.78, investors will start to expect the start of a bullish trend. Technical trends suggest ADA is trading above its key moving averages, which could signal that Cardano is in the process of slowly recovering.
On May 17, the Parabolic SAR turned bearish, indicating that momentum traders should be careful.
Related: Cardano (ADA) Price Prediction for May 20
If the price closes below $0.7199, it could cause the price to drop further to the next support. Nevertheless, if Cardano completes the Litecoin integration in its DeFi ecosystem, it could trigger lasting growth for the platform.
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