Cardano has now completed its 20 millionth transaction, which is a significant achievement. Despite this achievement, ADA’s popularity has waned in recent weeks as the pricing fails to acquire traction.
Cardano has now completed its 20 millionth transaction, which is a significant achievement. What’s more impressive is that throughout the process’ four-year duration, there has been no downtime.
Despite this achievement, ADA’s popularity has waned in recent weeks as the pricing fails to acquire traction.
ADA has been in a slump since the Alonzo upgrade implemented smart contracts on September 12th, with a little hint of upward support.
Last weekend, the price fell to a 16-week low of $ 1.42 before quickly rebounding. Since then, the price of ADA has fluctuated between $ 1.54 and $ 1.63.
The absence of dApps (decentralized applications), particularly the difficulties of adopting the Haskell programming language, is blamed by some for the poor pricing action. Is that true, though?
Cardano has been chastised for his use of Haskell.
A single article Since Alonzo launched 11 weeks ago, u / mask45 on Reddit recently pointed out the lack of dApps on Cardano.
The most commonly offered explanation is because Haskell is to blame. Users decided that, unlike Ethereum’s Solidity, Haskell was difficult to code and unpopular among developers.
Cardano advocates, on the other hand, denied the aforesaid assertion as false information. For example, according to a Reddit article, Runtime Verification and IELE can assist developers in developing Cardano without the use of Haskell.
IELE is a virtual machine for executing smart contracts, according to IOHK developers, but with a strict standard for formal verification and security that is well known on Cardano (and Haskell).
“IELE (named after a fairy-like creature from Romanian mythology) is a virtual machine that executes smart contracts and also provides blockchain developers with human-readable language.”
TIOBE Software has also recently launched reviews. Solidity is the 93rd most popular programming language, while Haskell is the 40th most popular.
What are the ADA prices like?
After climbing marginally yesterday, the price of ADA has dropped 2.4 percent in the last 24 hours and about 8% in the last week.
The general market mood does not have to improve at the time of publication. On most exchanges, the ADA funding rate curves are shown below. When the financing rate falls below zero and becomes negative, the short side is requesting greater leverage than the long side.
Traders often only use large leverage when they are confident in the outcome of upcoming trading sessions. As a result, if more traders enter the bearish zone, these curves will almost certainly become negative. As a result, ADA’s tiny revenues will vanish.
In addition, ADA’s Open Interest (OI) has been unchanged over the last three days. It’s estimated to be around $ 600 million in total. In other words, there is plenty of speculative activity in the ADA market.
In recent trading sessions, the long/short ratio has remained lower, indicating that interest is heading down rather than up. To put it another way, the number of recently placed short orders is higher than the number of recently placed long orders.
Long contracts were actually liquidated at a higher rate than short contracts.
Taken together, the above trends reveal a widespread pessimistic mood among ADA traders. In fact, at this point, ADA is more likely to fall than to rise. As a result, long traders must be more careful than ever before.