- Cardano to launch the new, privacy-focused blockchain ‘Midnight’ & a token ‘Dust.’
- Algorithmic stablecoin DJED to go live on the Cardano mainnet next year after a successful audit.
- Venture capitalists vowed not to invest in startups related to the Cardano network.
The last seven days have been full of exciting events about the Cardano blockchain. Coin Edition presents the top developments within the Cardano community.
On November 18, the company behind the Cardano blockchain, Input Output Global (IOG), announced a new, privacy-focused blockchain called Midnight and a utility token called Dust to go along with the new network.
Charles Hoskinson, the CEO of IOG, stated Midnight, one of many side chains deployed around Cardano, would be underpinned by zero-knowledge-proof technology, attaining feats other privacy projects failed to achieve.
Additionally, Cardano would also launch a regulated algorithmic stablecoin called DJED. On November 22, the team behind the stablecoin announced that the DJED stablecoin would go live on the Cardano mainnet starting next year after a successful audit and rigorous stress testing.
The Djed team pledged to back the DJED stablecoin in a one-to-one ratio against the United States Dollar using surplus collateral in cryptocurrencies like the ADA token. Selected partners and Decentralized Exchanges (DEXs) will incorporate the algorithmic stablecoin and compensate users for providing liquidity using DJED.
Regardless of these developments, the crypto community taunted the Cardano fanboys, calling the blockchain a risky Ponzi scheme waiting to collapse. Crypto enthusiasts Paul Manuel and Patrick Tobler claimed that some venture capitalists (VCs) have vowed not to invest in any startup related to the Cardano network. In their view, sponsoring Cardano-related businesses imply taking on unreasonable risk.
However, Cardano’s Charles Hoskinson mocked these claims saying, would the VCs instead deploy capital into the bankrupt Luna and FTX?
In a separate thread, Hoskinson tweeted that the Cardano network experienced a 90% increase in daily active addresses. An Ethereum network fan made a sarcastic remark at Hoskinson’s statement, saying, “Pretty easy to have a 90% increase when no one is using it.”