Cardano to go big in 2023 with Oracels, USDA and Hydra – Will the ADA price hit $2 in 2023? - ELEVENEWS
Cardano is set to welcome three major innovations bordering on Oracles, Stablecoins, and L2 solutions. The ecosystem optimism rekindles as expectations to see ADA hit $2 heighten. Cardano (ADA) as a...
- Cardano is set to welcome three major innovations bordering on Oracles, Stablecoins, and L2 solutions.
- The ecosystem optimism rekindles as expectations to see ADA hit $2 heighten.
Cardano (ADA) as a blockchain protocol, one of the most recognized Ethereum (ETH) killers, is set to go even bigger with a series of updates coming this year. According to crypto analyst Yevhen who is dubbed as a Cardano Ecosystem Ambassador, there are three prominent upgrades that should be anticipated this year.
The first is the advent of Oracles on Cardano. Oracles are an advanced tool that enables blockchain protocols to break free from their closed nature and connect with the real world. According to Yevhen, the Cardano Oracles will help the protocol connect on and off-chain data.
He highlighted that some of the “Examples of implementations for oracles are atomic swaps, cross-chain liquidity pools, and pricing decided by mutually agreed oracle data.”
While the Oracle system on Cardano is not as developed and advanced as Ethereum’s Chainlink, the protocol currently features Charli3, a decentralized oracle that has continued to grow in popularity. With an emphasis on functionality, flexibility, and scaling, Yevhen predicts 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 steady growth across the board based on consistent building efforts. This year, at least 2 new stablecoins are billed to be introduced on the Cardano blockchain.
These stablecoins include USDA and DJED. While USDA will maintain its parity with the help of fiat assets, DJED will sustain the 1:1 peg with the dollar based on Cardano’s smart contract design. The duo is on track to be well embraced by the community and will enjoy a number of Cardano benefits such as network efficiency.
With the community keenly anticipating these new upgrades and new protocol introduction, all hands are also on deck to fasttrack and scale Hydra, Cardano’s layer 2 solution.
Hydra aims to improve transaction speed through low latency and high throughput without giving up low transfer rates. The first member of the family is Hydra Head,” Yevhen said in the Twitter thread, adding that
It will enable developers to add complex and specialized protocols on top of #Cardano. According to Charles Hoskinson, this Hydra layer can facilitate other things, such as fast finishing, microtransactions, and micro-gorging.
The introduction of Oracles, new stablecoins, and Hydra will further position Cardano to compete with some of the dominant Layer-1 blockchain networks around today.
Prospective Impact on Cardano Price
The ADA, Cardano network’s native token remains among the industry’s high flyers and it is up by 24.90 percent over the trailing 7-day period to $0.3164.
With the number of new innovations set to go live on Cardano this year, coupled with the existing robust activities on the protocol, ADA is bound to find more utility that can fuel its solo price run. The coin has an ATH of $3.10 and many are ambitiously projecting a return to $2 this year.
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