These key Cardano developments could set up ADA on a bull rally

  • Input Output The global developers are currently on the final miles of the Vasil hardfork coming later this month.
  • Robinhood offers ADA trading for its 23 million clients while Binance US starts an ADA staking facility.

Cardano’s blockchain network has been in the news for multiple reasons over the past few weeks. Currently, investors are closely watching developments around the long-awaited Vasil hardfork.

Cardano developers are currently on the last mile of Vasil’s upgrade with parent group Input Output Global releasing two trial versions of Daedalus. Preview 5.0.0 and Preprod 5.0.0, currently the two trial versions of the Daedalus wallet. At the same time, the Stake of Pool Operators (SOP) worked on the preview and pre-production test environments.

With each of these developments taking place, Cardano developers have come one step closer to hardfork Vasil. On the other hand, cryptocurrency exchanges have also felt comfortable listing Cardano and offering different services surrounding it.

Earlier this week, popular trading platform Robinhood announced that it will include Cardano (ADA) in its platform. Additionally, the world’s largest cryptocurrency exchange, Binance, has announced a staking facility for Cardano’s ADA cryptocurrency.

Robinhood lists Cardano ADA and Binance offers ADA staking

The zero-fee exchange platform Robinhood has decided to offer an exchange facility for Cardano’s ADA cryptocurrency. As a result, Cardano’s ADA will be available with other popular cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) for all of Robinhood’s 23 million users. Robinhood said the decision to list ADA tokens stems from strong demand from its customers.

On Friday, September, the US division of cryptocurrency exchange Binance announced the staking of Cardano (ADA). Binance US’s announcement read: “@Cardano is now available for #staking! Earn up to 6.1% APY at launch – start betting in minutes. Get paid weekly and bet at any time ”.

So, just before Vasil’s hard work ahead of September, two top exchanges announced support for Cardano. The Vasil hardfork is a long-awaited event that will bring major improvements to the Cardano blockchain. This includes improving the scalability and throughput of the network. Furthermore, smart contracts on the Cardano blockchain will benefit from Plutus’ capabilities.

The developers at the parent company of Cardano Input Output Global (IOG) are committed to ensuring that developers, dApps, and exchanges have sufficient time to update their node versions. IOG noted that 70% of the best dApps confirmed the success of pre-production tests. On the other hand, the exchanges have also been engaged in preparing the Vasil hardfork and the Cardano integration team will assist them throughout the process.

Cardano ADA ready for bullish momentum

Among the key developments surrounding Cardano, analysts suggest the possibility of bullish momentum for ADA. As of press time, Cardano is trading at $ 0.46 and is the only cryptocurrency in the top ten to be trading in positive territory on the weekly chart. $ 0.50 is the major immediate hurdle for Cardano’s ADA at this point.

NeuralProphet’s PyTorch-based price prediction algorithm, however, believes the ADA price may be 4x between now and September. The algorithm uses a deep learning artificial intelligence model of the open source machine learning framework set a goal of $ 1.77 for the ADA price.

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