Things have been going great in Cardano’s developmental courtyard. As highlighted in an article yesterday, the ecosystem is preparing for some massive changes this year. For instance, AadaFinance, a P2P lending protocol on the Cardano ecosystem, is set to launch the first version of its protocol in May, effectively enabling peer-to-peer lending on the Cardano platform. The development has the potential to put Cardano in direct competition with protocols like Aave and Compound, both of which have an early movers advantage.
In another recent development, the Milkomeda Foundation announced the launch of Milkomeda C1, that “enables Ethereum dApps to be deployed in the Cardano ecosystem.”
Simply put, the sidechain project Milkomeda would facilitate EVM-compatible smart contracts to be executed from the Cardano mainnet. It also envisions delivering interoperability between Cardano and other L1 blockchains going forward.
In a Monday blog post, the Milkomeda Foundation described the rollout of the L2 solution as “a pivotal moment.” After congratulating the team on Twitter, Cardano founder Charles Hoskinson went to exclaim,
“It’s a great moment for Cardano.”
Other ‘great’ moments for Cardano this month
Leaving aside the aforesaid developmental feats, the movements on the price chart have been great for ADA. Right after breaking above its downtrend line on 19 March, ADA has rallied by 44%. Of that, 30% of the hike has come in the past 7-days alone. With every step ahead, ADA has flipped its Fib levels from resistances to supports and currently has the room to glide up by another 7% to $1.29 before being tested again.
On the on-chain front, this protocol has been able to put up a better show than the likes of other top protocols like Bitcoin, Ethereum, Litecoin, XRP, and Dogecoin – making it another ‘great’ moment. Over the past 24-hours alone, the transaction volume on the smart contract platform surpassed the $73 billion mark, indicating that Cardano’s network is being used and preferred more when compared to its counterparts.
Also, the TVL on the platform reached a new all-time high last week – making it another ‘great’ moment for Cardano. It continues to hover around the same mark even now. At press time, the aggregate value of the assets locked on Cardano reflected a value north of $320 million.
The community sentiment associated with the alt remains to be positive and people from the space have already started advocating that we’d soon get to witness ADA in its “beast mode.”