Cardano has evolved into a complex ecosystem that extends far beyond its native token, ADA. In the following lines, we will observe and analyze the latest and most important developments.
The Roadmap
Last year, the Cardano Foundation announced the next evolution of its roadmap, which features six main points. Earlier this week, CEO Frederik Gregaard revealed that the team has reached the first milestone in the process.
Specifically, the Cardano Foundation has delegated an additional 220 million ADA (worth almost $80 million) to 11 delegated representatives, focused on the pillars of adoption and operations.
The latest move brings the total delegation to community DReps to 360 million tokens, described as “a testament to our belief in distributing voting power to strengthen the resilience and diversity of thought in the Cardano ecosystem.”
Gregaard revealed that the team will also update the self-delegation approach to ensure that all Foundation assets actively participate in governance. The process is “a show of trust” and aims to strengthen the entire community. Some of the selected DReps include Ha-Nguyen, Florian Volery, Phillerino, Martin Lang, Pooltool, and others.
Midnight’s Progress
Midnight is Cardano’s privacy-focused sidechain, designed to allow smart contracts using zero-knowledge technology. It officially went live in December last year, while its native token is called NIGHT.
Just a few days ago, AlphaTON Capital (a company connected to Telegram due to building and investing in projects on the TON blockchain) teamed up with Midnight Foundation – an organization dedicated to the development and adoption of the Midnight network.
The collaboration marks the first integration of a zero-knowledge blockchain with the TON ecosystem and enables AlphaTON Capital to deliver privacy-preserving AI products to Telegram’s nearly one billion users.
“The next great leap for the Internet isn’t more speed or more content, it’s the restoration of personal agency. Utility should not come at the expense of privacy and ownership… The partnership is a powerful example of how decentralized technology can be scaled to meet real-world demand,” Fahmi Syed, President of the Midnight Foundation, said.
Meanwhile, eToro became the latest trading platform to embrace the NIGHT token. Other renowned exchanges that offer trading services for the asset include Bybit and HTX. Despite that, NIGHT is down 22% on a monthly scale, whereas its market capitalization has dipped below $1 billion.
ADA Price Outlook
Cardano’s native token has also performed poorly as of late, which aligns with the broader market’s bearish environment driven by global geopolitical tensions. As of this writing, ADA trades at around $0.36, down 11% over the past week.
Nevertheless, many analysts on crypto X remain optimistic. Marcus Corvinus, for instance, envisioned a push to the resistance level of $0.53 if the demand zone around $0.33-$0.36 holds.
Meanwhile, the Cardano whales recently purchased more than 200 million tokens, which is a bullish factor that may be a precursor of a potential rally.
The post Cardano (ADA) News Today: January 22nd appeared first on CryptoPotato.
