- Cardano price is down 4%, ignoring the bullish tone of a new feature released by mother company, Input Output Global Inc (IOG).
- IOG launched the open-source toolset, Marlowe, to allow users to create smart contracts and dApps on the Cardano blockchain.
- The innovation gives users a chance to present their dApp ideas to life on the Cardano blockchain.
- As community members take in the news, ADA DeFi TVL has hit unprecedented levels approaching 550 million ADA.
Cardano (ADA) price is trading with a bearish bias, steadily writing off the gains made over the last week. The move is concerning given that the blockchain's users now have a new toolset where they can develop smart contracts and build decentralized applications (dApps). The move is part of individual efforts by projects in the crypto ecosystem to increase the value of their tokens.
Also Read: LUNC community calls for Binance CEO's leadership as Terra Luna Classic price falls 25%
Cardano price ignores new feature by mother company
Cardano (ADA) price is down almost 5% over the last day, a gains-shedding exercise that began on July 4. However, the two-day downtrend has not invalidated the altcoin's overall bullish outlook as ADA continues consolidating above an uptrend line with the Parabolic SAR indicator tracking the price from below.
ADA/USDT 1-Day Chart
The downswing in ADA market price is unprecedented, considering a new development by the company behind the Cardano blockchain, Input Output Global Inc. (IOG).
IOG launches Marlowe toolkit to allow anyone to build blockchain apps on Cardanohttps://t.co/EsdzXOSkhR
— Cardano Feed ($ADA) (@CardanoFeed) July 5, 2023
In an official announcement from IOG, the Cardano mother company has launched a new toolkit where the blockchain's users can build blockchain applications. The toolset, christened Marlowe, provides a seamless way for ADA community members to "create smart contract and dApps with no prior programming knowledge or coding expertise.”
Citing a paragraph in the official announcement on the Cardano feed:
Marlowe has been designed to introduce greater efficiency in the smart contract and dApp design and rollout process. It features reusable and customizable templates, a built-in simulator to test contracts before deployment, easy setup and example applications, and powerful APIs.
Based on the announcement, IOG has integrated TxPipe, a platform owned by cloud-based Demeter Run, coming in to increase the toolset's functionality. Specifically, TxPipe will provide access to the tool's runtime without users setting up or maintaining their own infrastructure.
With these infrastructures in place, Cardano blockchain users, developers, and non-developers alike can enjoy unlimited access to the ADA blockchain technology. The innovation gives users a chance to present their dApp ideas to life on the Cardano blockchain.
Cardano TVL records new milestone
Cardano (ADA) price's bullishness is not limited to its price as the token's total value locked (TVL) has recorded a new milestone.
Exciting: Cardano Total Value Locked In DeFi Hit All-Time Highhttps://t.co/Mzy52ZSCec
— Cardano Feed ($ADA) (@CardanoFeed) July 5, 2023
According to data on DeFiLlama, TVL is 547.52 million ADA, marking a new all-time high. Cardanofeed.com attributes this surge to a growing interest in Cardano's decentralized finance (DeFi) ecosystem among investors and market players in general.
This is remarkable considering the dark clouds that continue to abound above ADA token after the US Securities and Exchange Commission (SEC), the infamous financial regulator, labeled it, among other altcoins, as securities.
In the aftermath of this bearish tag, several cryptocurrency-related platforms delisted the token, including Robinhood and Revolut. The former is an American stocks and cryptocurrency trading platform, while the latter is a European exchange and payments company.
After the SEC branded ten altcoins as securities, up to $50 billion in value was wiped out from the cryptocurrency market capitalization in 24 hours. This came as exchanges shied away from listing tokens listed in the regulator's bad books, while holders shilled them into cold wallets as they awaited the tension to die down.
Read on for Cardano price prediction.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.