- Significant investment in Cardano’s ADA, with 1.89 billion coins acquired by major holders, showing strong market confidence.
- The Midnight sidechain, affiliated with Cardano, announces a key update featuring zero-knowledge cryptography, poised to revolutionize data protection in blockchain technology.
Cardano’s ADA: A New Era of Investor Confidence
Cardano’s native cryptocurrency, ADA, has recently witnessed a remarkable surge in investor interest. IntoTheBlock, a premier blockchain analytics firm, reported that major holders, defined as addresses owning at least 0.1% of the circulating supply, have accumulated an astonishing 1.89 billion ADA. This acquisition, amounting to over $708 million at current rates, primarily occurred when ADA’s value fluctuated between $0.249 and $0.271.
$ADA got a strong vote of confidence last month. Big holders accumulated 1.89 billion ADA last month, translating to over $600 million at current prices.
— IntoTheBlock (@intotheblock) November 7, 2023
Midnight Sidechain: Innovating Blockchain Privacy
The Midnight platform, a data-protection blockchain operating as a Cardano sidechain, is set to undergo a significant update. This update revolves around the implementation of zero-knowledge cryptography, a cutting-edge technology enhancing privacy and security. Zero-knowledge cryptography enables transactions where the parties can verify the validity without revealing underlying information, thus offering a blend of public transparency and private data protection.
The Midnight development network (devnet), scheduled to go live on November 13, is specially tailored for decentralized application (dApp) developers. It functions as a sandbox environment, allowing developers to experiment and refine applications without impacting real-world assets. This devnet is initially open to 100 development teams, ensuring personalized support, with plans to expand participation as the platform evolves.
Ripple Effect on ADA’s Value
The intense whale activity in accumulating ADA and the advancements in the Midnight sidechain reflect positively on ADA‘s market performance. Despite the downturns of the bear market, ADA’s price has rebounded significantly, currently trading around $0.378, marking a 6.5% increase in 24 hours. These developments signify not just a recovery but a robust growth trajectory for ADA.
Cardano’s diligent behind-the-scenes work during the bear market and the expansion of its decentralized finance (DeFi) ecosystem are key contributors to this uptrend. With its total value locked (TVL) surpassing $251 million, Cardano has now overtaken Bitcoin in the DeFi space, highlighting its growing prominence in the blockchain sector.