What is an Oracle?
Second generation blockchains have introduced smart contracts that allow for much more complex and conditioned transactions. With smart contracts, participating parties can define transactions via specific on and off-chain parameters.

However, blockchains alone cannot access this required off-chain data. We use the term oracle to define a service that provides off-chain data to on-chain smart contracts.

Put simply, an oracle acts as a bridge between the real world and blockchain by providing trusted and reliable off-chain data streams.

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Charli3

Intersect

Getting ready for Chang!

<div>
<ul>
<li>Cardano (ADA) maintains its position as the leading blockchain protocol in terms of development activity, with a notable surge in GitHub commits compared to Ethereum.</li>
<li>Analyst Ali Martinez predicts an ADA consolidation phase followed by a breakout, potentially driving ADA’s price to $5 by the end of 2024.</li>
</ul>
<hr />
Cardano (ADA), a proof-of-stake (PoS) layer-1 (L1) blockchain protocol, has maintained its leading position in terms of development activity, surpassing Ethereum (ETH) and other top layer-1 blockchain networks. According to data from crypto analytics platform IntoTheBlock (ITB), Cardano’s GitHub Commits totaled 978,780 between March 11 and 17, significantly higher than Ethereum’s 407,170 during the same period.
<blockquote>
Cardano is leading in developer activity amongst top L1s, consistently delivering the highest number of weekly commits. <a target="_blank" href="https://t.co/gtYUIyeqRy">pic.twitter.com/gtYUIyeqRy</a>
— IntoTheBlock (@intotheblock) <a target="_blank" href="https://twitter.com/intotheblock/status/1769765411963146564?ref_src=twsrc%5Etfw">March 18, 2024</a></blockquote>
Other prominent L1 protocols like Avalanche (AVAX), Litecoin (LTC), and Tron (TRX) also received notable developer commits but trailed behind Cardano, with commit counts ranging from 315,770 to 79,380. Market experts suggest that developer activity reflects the protocol’s potential, indicating the likelihood of new decentralized applications (dApps) being launched and updates to existing ones, thereby strengthening the resilience of the protocols.
Cardano continues to make new developments to help grow its ecosystem much faster. As <a href="https://www.crypto-news-flash.com/cardano-adds-fiat-backed-stablecoin-usdm-allows-dollar-minting-and-redemption/" target="_blank">reported by Crypto News Flash</a>, Cardano recently introduced its inaugural fiat-backed stablecoin, USDM, created by Mehen Finance. While USDM shares similarities with other fiat-backed stablecoin initiatives, it incorporates a crucial mechanism to prevent over-issuance.
Charli3, a decentralized oracle tailored for the Cardano network, monitors the USDM reserve with Charli3 oracle data seamlessly integrated into the token’s smart contract. This integration facilitates transparent, real-time transfers, as highlighted by Plomin.
Additionally, Cardano founder Charles Hoskinson hinted to an upcoming integration with Firefly, <a href="https://www.crypto-news-flash.com/cardano-network-poised-for-major-leap-ada-founder-hints-at-exciting-development/" target="_blank">reported Crypto News Flash</a>. FireFly, created by Hyperledger Labs, provides a multi-party framework for enterprise data streams. It also streamlines the creation of decentralized blockchain applications and bridges the divide between fundamental blockchain functions and sophisticated business processes.
<h3>Cardano Price Gearing for Rally to $5</h3>
Cardano’s price has experienced a 9% decline over the past 24 hours amid a broader market downturn. The ADA price struggled to surpass the $0.8 mark earlier this month and renewed concerns within the project’s community.
Despite these setbacks, analyst Ali Martinez highlights a historical trend from 2018 to 2021, indicating that Cardano’s current price trajectory mirrors a consolidation phase before a significant breakout observed during the previous market cycle. During that period, ADA traded between $0.025 and $0.1 before surging to an all-time high of $3.10 in late 2020.
Martinez predicts that Cardano will likely continue consolidating between $0.55 and $0.8 in the near term, followed by a substantial breakout pushing its value to around $1.7. After reaching this milestone, another consolidation phase is likely before a more bullish breakout, potentially driving ADA’s price to $5 by the end of 2024.
<blockquote>
So far, <a target="_blank" href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> resembles the pattern observed from 2018 to 2021. 
Should this fractal continue, anticipate <a target="_blank" href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> to consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, expect a period of further consolidation, setting… <a target="_blank" href="https://t.co/46LIp2hkMx">pic.twitter.com/46LIp2hkMx</a>
— Ali (@ali_charts) <a target="_blank" href="https://twitter.com/ali_charts/status/1769096425407721629?ref_src=twsrc%5Etfw">March 16, 2024</a></blockquote>
Furthermore, CoinGlass <a href="https://www.coinglass.com/currencies/ADA" target="_blank">data</a> reveals a remarkable 83% surge in derivatives trading volume for Cardano (ADA), soaring to $1.61 billion. This clearly reflects the heightened interest in the token among cryptocurrency traders.
However, amidst this increased trading activity, ADA holders faced challenges as over $4.79 million worth of open positions in ADA were liquidated within the past 24 hours. Surprisingly, the majority of these liquidations, totaling $4.55 million, were long positions, suggesting a surge in buying activity, while short positions accounted for only $244,490.
<hr /><h6>Recommended for you:</h6>
	</div>This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

Crypto News Flash (EN)

Cardano Surpasses Ethereum in Developer Activity: What This Means for ADA?

15th of March 2024, Zug, Switzerland: Genius Yield, the all-in-one DeFi platform, that combines an order-book DEX with an AI-powered yield optimizer, is thrilled to announce its partnership with Mehen, provider of the fiat-backed stablecoin solution for the Cardano blockchain, marking the official launch of the USDM stablecoin on Genius Yield’s DEX.<a href="https://www.mehen.io/">USDM</a>, the fiat-backed stablecoin, fills a critical gap in Cardano’s ecosystem, enabling seamless interaction with fiat currencies in decentralized finance (DeFi). By providing a stable trading pair against fiat, USDM enhances predictability and facilitates smoother transactions within the Cardano network. Beyond DeFi, USDM extends Cardano’s utility to everyday transactions, attracting new users and injecting liquidity into the ecosystem while offering a safer fiat-to-ADA onboarding alternative to centralized exchanges.USDM must-know facts:<ul><li>Fiat-Backed Stability: Backed 1:1 by USD in a US-based Reserve, ensuring stability in the volatile crypto market.</li><li>Cardano Integration: Leveraging the security and efficiency of the Cardano blockchain for seamless transactions.</li><li>Capital Efficiency: Designed for maximum capital efficiency, ideal for DeFi protocols and on-chain payments.</li></ul><h1 style="margin-left:0px;">USDM Listing on Genius Yield’s DEX</h1>USDM will be listed on the <a href="https://app.geniusyield.co/">Genius Yield’s DEX</a> the week commencing 18th of March, 2024. To celebrate the launch, the Genius Yield team will offer exciting incentives for traders and liquidity providers. For a limited time, all USDM/ADA limit orders, created and executed on the DEX, will receive a x3 APY boost paid out in GENS and distributed as a part of the <a href="https://x.com/GeniusyieldO/status/1767270686782026177?s=20">Accelerated Yield Program</a>!The exact starting date will be communicated in the upcoming days by Genius Yield and Mehen teams on the respective social media channels.Additionally, dedicated USDM/ADA Market Maker Bots (MMBs) and Smart Order Routers (SORs) will enhance liquidity and trading efficiency on the Genius Yield’s DEX. Both <a href="https://www.geniusyield.co/marketmakerbot">MMBs</a> and <a href="https://www.geniusyield.co/smartorderrouter">SORs</a> are open-sourced to the Cardano community, so everyone can create theirs and participate in the USDM launch! If you need assistance with creating your own Market Maker Bot, then join <a href="https://discord.com/invite/TNHf4fs626">Genius Yield’s Discord</a> and head to the “#mmb-operators” section.Both Mehen and Genius Yield teams are excited to cooperate and bridge the gap between traditional fiat currencies and the decentralized world of blockchain.Stay tuned for more updates and follow both projects’ social media channels listed below!<h1 style="margin-left:0px;">About Genius Yield</h1>Genius Yield is the all-in-one DeFi platform that combines an order-book DEX with an AI-powered yield optimizer, built from the ground up on the Cardano blockchain.It is designed to take advantage of benefits provided by Cardano’s EUTxO smart contracts, such as security, determinism, parallelism, scalability, and composability.The Genius Yield platform is accessible both to beginners and seasoned traders. Our solutions are practical and easy to use, allowing participants to reap the benefits of DeFi in a mitigated environment anchored on security, transparency, and automation.Genius Yield minimizes risk and maximizes profits in an intuitive, hassle-free way.The Community DEXAt Genius Yield we firmly believe that sustainable growth can be achieved through collaboration with the Cardano community and the ecosystem. That’s why selected, core elements of our DEX were open-sourced:<ul><li><a href="https://www.geniusyield.co/marketmakerbot">Market Maker Bots</a></li><li><a href="https://www.geniusyield.co/smartorderrouter">Smart Order Routers</a></li><li><a href="https://github.com/geniusyield/atlas">Plutus Application Backend “Atlas”</a></li><li>[coming soon] DEX’s Smart Contracts</li></ul><a href="https://www.geniusyield.co/">Website</a> | <a href="https://app.geniusyield.co/">DeFi Platform</a> | <a href="https://t.me/geniusyield_official">Telegram</a>| <a href="https://discord.gg/TNHf4fs626">Discord</a> | <a href="https://geniusyield.medium.com/">Medium</a> | <a href="https://twitter.com/GeniusyieldO">X</a> | <a href="https://www.reddit.com/r/Genius_Yield/">Reddit</a> | <a href="https://www.youtube.com/channel/UC0Lw_flS1WokWYH9ZHIQv2g">YouTube</a> | <a href="https://instagram.com/genius_yield_official">Instagram</a> | <a href="https://github.com/geniusyield/">GitHub</a>About USDMUSDM is the first fiat-backed stablecoin issued on the Cardano blockchain. It is backed 1:1 by USD in the USDM Reserve, and can be purchased or redeemed for $1. The token conforms with the standard Cardano native token formats, with 6 decimal points, for maximum compatibility and composability within the Cardano blockchain ecosystem. Reserves are verified by the Charli3 Oracle network, which has read-only access to the USDM Reserve accounts. For ultimate Proof of Reserves transparency, the Charli3 Oracle independently reports the value of the USDM Reserve on-chain daily. Minting of the USDM token is controlled by smart contracts that ensure the amount of USDM that is able to be minted is equivalent to the USDM Reserve as independently reported by Charli3. The USDM Reserve is held in a group of AAA-rated USD Government-only Money Market Funds and bank accounts. Designed to be stable, transparent, and efficient, USDM bridges the gap between traditional fiat currencies and the decentralized world of blockchain.<a href="https://www.mehen.io/">Website</a> | <a href="https://discord.gg/usdm">Discord</a> | <a href="https://twitter.com/MehenOfficial">X</a> | <a href="https://medium.com/@MehenOfficial">Medium</a>

Genius Yield

Genius Yield becomes an official USDM launch partner

Charli3 Oracles have been integrated by Veraldity, an e-commerce magento plugin platform on Cardano &amp; Ergo.<a href="https://discord.gg/hEVBHubEH8">Join the Charli3 discord to be part of the community.</a>The Charli3 ADA/USD and C3/ADA Oracle feeds have been integrated by <a href="http://veralidity.com/">Veralidity</a> as part of a larger partnership plan to stretch into the future. This allows current merchants to have accurate payments in ADA and C3 if they desire.With growing crypto mainstream acceptance, E-Commerce with web2 is expanding operations to web3 interfaces, with this, they will need accurate data, and pricing, to manage their “real-world” shops and commerce, meaning, they will all need oracles.Veralidity, with their connections and tech, will partner with Charli3 to attain those customers and bridge the gap together, increasing the adoption of crypto and Cardano even further through web2 commerce.The proposed platforms from Veralidity allow companies to offer payments in an array of assets, pulling Charli3 Oracle data directly from the blockchain, and not unsafe single point API’s. increasing transparency, security, and auditability for their enterprises.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*hxXRWERnTIba6QJL" alt="Example of a magento store front with Veralidity." loading="lazy">Example: Magento store front setting for E-commerce using VeralidityThis is just the beginning of what Charli3 and Veralidity can do together. As more e-commerce customers come on board, the larger the oracle offerings from Charli3 will become. We hope to provide all types of information and data on chain for a wide variety of legacy industry customers.<a href="https://discord.gg/hEVBHubEH8">Join Charli3 Discord and be part of the community.</a>

Charli3 ($C3)

The first decentralized oracle network for the Cardano network that interacts with resources on and off of the blockchain.

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