02 Feb 2023
The January recap of all the latest Cardano news
We look at all the major Cardano developments that made news in January
January saw several significant developments in the world of Cardano and its ecosystem. The launch of Cardano-based stablecoin Djed (DJED) attracted over 27 million Cardano (ADA) tokens as backing, making it one of the most successful stablecoin launches. The reserve ratio of Djed is nearly 600%, meaning each Djed is backed by six times its value in ADA. The stablecoin is jointly developed by Cardano code maintainer IOG and Coti, a layer one blockchain. If you want to find out more about all the different stablecoins either launched or planning to launch on Cardano, you can read our outpost here
The same month, Cardano founder Charles Hoskinson took to Twitter to express his interest in acquiring cryptocurrency news site CoinDesk. While some industry insiders speculate that Hoskinson may seek the help of outside investors, many within the journalism and crypto communities believe that a controversial individual should not acquire CoinDesk like Hoskinson. As a result, the future of CoinDesk remains to be seen.
World Mobile and Input Output Global (IOG) also announced a partnership to fully integrate the World Mobile Chain using Tendermint as a Cardano sidechain. In addition, the two entities will bridge a permission solution built on Cosmos’ SDK through Cardano’s public mainnet, resulting in a scalable interoperability network between Cosmos and Cardano.
Lastly, Input Output Global (IOG) announced a new toolkit for developers to deploy custom sidechains on the Cardano network. The team has constructed an Ethereum virtual machine (EVM) compatible sidechain and is working on making it more accessible for developers. You can read more about this toolkit in our outpost here.
January was a busy month for Cardano and its ecosystem, and this is reflected in the price that saw the ADA go from $0.25 at the start of the month to $0.40 at the end, an increase of 60%. Growth like this in a bull market is not something to be ignored. If the launch of Djed is successful more ADA will be sucked into underpinning the algorithmic stablecoin, which will only strengthen the position of ADA, couple this with the partnership between World Mobile and Cosmos and the new toolkit for developers. It will be interesting to see how Cardano grows in the coming months.
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