We’ve had better months in crypto land and that might be an understatement. With the FTX fiasco and its aftershocks, the crypto sector is on very thin ice this month. However, there are bright spots. For example, the Cardano (ADA) network saw more than 100,000 new wallets added in November.
More cardano users
The activity on the Cardano network does not seem to be very affected by the market conditions. Interest in the network is steadily growing. At the beginning of the month, the network had 3,633,526 users. Currently, this number stands at 3,734,363. This is according to dates of the analysis platform Cardano Blockchain Insights.
The developers within the Cardano ecosystem are certainly not sitting still. Earlier this week, it was announced that Cardano will be launching an algorithmic stablecoin. The official name of the stablecoin is Djed. Djed will hit the market in January 2023. A spokesperson for COTI, the platform that will launch Djed, had this to say about it.
“Recent market events have again proven that we need a safe haven from volatility, and Djed will serve as this safe haven in the Cardano network.”
Uncertain crypto future?
Cardano founder Charles Hoskinson is also a regular on social channels. According to him, the next 24 months will be crucial for the future of cryptocurrency. That sounds dramatic, but according to him there is a real chance that the crypto sector will die a silent death if certain problems are not addressed. He mainly emphasizes the importance of decentralized digital identity in the crypto industry.
“This is going to be one of the most competitive arenas in the industry for the next 24 months. The smart contract wars are over, the big players have arrived and major developments are taking place. The identity war is about to begin and this is going to be a big one.”