- Cardano will welcome three major innovations that border on oracles, stablecoins and L2 solutions.
- Ecosystem optimism reignites as expectations for ADA to hit $2 mount.
Cardano (ADA) as a blockchain protocol, one of Ethereum (ETH)’s most well-known killers, is set to grow even bigger with a series of updates coming this year. After According to cryptanalyst Yevhen, who has been dubbed an ambassador for the Cardano ecosystem, there are three standout upgrades to look forward to this year.
📢 Three MAJOR #Cardano releases in 2023 you should know about.
The expectations are VERY HIGH🤯
Don’t miss this, check my thread🧵 pic.twitter.com/q8UmKhTrXr
— Yevhen |👾| DeFiYield.app (@Yevhen_ADA) January 7, 2023
The first is the emergence of oracles on Cardano. Oracles are an advanced tool that allow blockchain protocols to break free from their closed nature and connect to the real world. According to Yevhen, the Cardano oracles will help the protocol connect on- and off-chain data.
He emphasized that some of the “examples of oracle implementations are atomic swaps, cross-chain liquidity pools, and pricing set by mutually agreed oracle dates.”
While the Oracle system on Cardano is not as developed and advanced as that of Ethereum chain link, the protocol currently includes Charli3, a decentralized oracle that is growing in popularity. With an emphasis on functionality, flexibility and scale, Yevhen predicts that the next generation of oracles on Cardano will still be able to handle more advanced utilities.
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Stablecoins and Hydra
For keen observers, the Cardano ecosystem is known for its continous growing across the board based on consistent building efforts. At least 2 new stablecoins are set to be launched on the Cardano blockchain this year.
These stablecoins include USDA and DJED. While the USDA will maintain its parity using fiat assets, DJED will maintain 1:1 pegging with the dollar based on Cardano’s smart contract design. The duo is on track to be well received by the community and will enjoy a number of Cardano benefits such as network efficiency.
As the community eagerly awaits these new upgrades and new protocol adoptions, all hands are also on deck to accelerate and scale Hydra, Cardano’s Layer 2 solution.
Hydra aims to improve transaction speed with low latency and high throughput without sacrificing low transfer rates. The first member of the family is Hydra Head,” Yevhen said in the Twitter thread, adding that
It will allow developers to add complex and specialized protocols #Cardano. According to Charles Hoskinson, this Hydra layer can facilitate other things, such as E.g. fast finishing, microtransactions and microswallows.
The launch of oracles, new stablecoins, and Hydra will further enable Cardano to compete with some of the Layer 1 blockchain networks that are dominant today.
Expected impact on Cardano price
ADA, the Cardano network’s native token, remains among the industry’s outperformers, up 24.90 percent over the same period trailing 7-day period at $0.3164.
With the number of new innovations set to go live on Cardano this year, coupled with the existing robust activity on the record, ADA will surely find more utility that can fuel its solo price run. The coin has an ATH of $3.10 and many are ambitiously predicting a return to $2 this year.
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