2023-9-30 21:00 |
A significant investor in this ADA ecosystem believes some Cardano news has gone unnoticed; this development could increase optimism in the network. Via social media platform X, the pseudonym ADA investor made the case for the “bullish development” happening on this blockchain.
Positive Cardano News Go Under The Radar?The pseudonym investor shared some of this unnoticed Cardano news, including launching several projects that could onboard more users on the network. These projects include OptionFlow, a trading platform offering access to decentralized derivatives, such as bonds, options, and others.
The platform recently launched its testnet and hinted at a “Phase 2” launch in the coming months. The ADA whale claims that Cardano will “shine” in offering derivative products. The Open Interest (OI) for Bitcoin futures contracts alone on Deribit stands at $300 million, which could provide an opportunity for a decentralized platform to capture some market share.
The decentralized finance (DeFi) sector has seen impressive growth since 2020 as the total value locked across the different protocols rose above $150 billion at its peak. However, many believe that offering options, futures, and other derivatives failed to gain mainstream adoption.
In that sense, the ADA whale said:
Besides bonds, derivatives are another area where Cardano DeFi will shine Haven’t seen this flexibility elsewhere: Issue put or call options for a token x expiry x strike combination, then straight to the secondary market.
In addition, the ADA whale mentioned Dex Hunter, Genius Yield, Orcfax Oracle, Derp Birds, Linkage Finance, and others. These projects are working on providing the Cardano ecosystem with ways for users to trade Non-Fungible Tokens (NFTs) and derivatives, provide liquidity, and introduce new concepts, such as multi-staking.
About Dex Hunter, the investor called a “community talent,” a classification that can extend to a large portion of the Cardano ecosystem as the blockchain achieved complete decentralization. The ADA Whale believes that, unlike Ethereum, Venture Capital firms do not ” control ” the Cardano ecosystem.
The whale said about Dex Hunter and the potential for Cardano to dominate the DeFi Space:
The people who created this value added dapp as well as the community that profits along prosper together, and you get a similar dynamic to how Ethereum became so dominant. We come up together and become an established force.
Development activity on Cardano has been rising since the implementation of smart contract capabilities with Hard For Combinator “Alonzo.” As our sister website NewsBTC reported, this upgrade and Cardano’s community initiative led to a spike in development activity.
Across 2023, this blockchain has been one of the most active in this metric, with over 1,000 projects building on Cardano and 144 launched.
In the long run, the price of ADA is likely to benefit; on low timeframes, the token recorded a 5% profit over the past week.
Cover image from Unsplash, chart from Tradingview.
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