- Emurgo seeks to enable Cardano’s communication with other networks, despite its non-EVM architecture challenges.
- Singh highlights stablecoins’ role in broadening blockchain adoption, appealing to investors averse to high volatility.
During the 2024 India Blockchain Week, Amarpreet Singh, Emurgo’s Global Head of Business Development, discussed the indispensable role of interoperability in advancing the blockchain sector.
Day 1 was absolute madness! 🪷
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Singh stressed that for blockchain networks to thrive and expand, they must be capable of interacting seamlessly with one another, as no single blockchain can operate successfully on its own.
Highlighting the practical aspects, Singh mentioned that blockchain users should not be burdened with multiple wallets or exchanges to navigate different layer-1 networks. Instead, the industry should aim for seamless interoperability between these networks to simplify user interactions and enhance efficiency.
Particularly for Cardano, achieving interoperability presents a unique challenge and a priority, given its architecture does not inherently align with the Ethereum Virtual Machine (EVM), which is renowned for its interoperability features. Emurgo has therefore made it a mission to develop solutions that would allow Cardano to effectively communicate and operate with other blockchain networks.
In pursuit of this goal, Emurgo has outlined several benefits of interoperability in a recent blog post. These include increased liquidity, expansion of user and asset bases, and the facilitation of inter-blockchain communication, which collectively contribute to a more flexible and economically secure blockchain environment.
“If you give me a token which goes up and down, I’ll be like, ‘take me away from this.’ So, stablecoin is the way to go,” Singh added.
Singh also discussed Emurgo’s strategic partnerships aimed at fostering interoperability, including collaborations with Axelar, a Web3 interoperability platform, and BitcoinOS, a smart contract operating system.
These partnerships are geared towards integrating the Cardano blockchain with broader blockchain ecosystems to achieve seamless operational continuity across platforms.
Furthermore, Singh addressed the significance of stablecoins in accelerating Web3 adoption. He argued that stablecoins could bridge the gap for mainstream users who are typically risk-averse and reluctant to engage with highly volatile assets.
By offering a more stable cryptocurrency option, the blockchain community can attract a wider range of investors looking for security and predictability in their investments. Singh emphasized that stablecoins represent a key strategy in transitioning from niche technological novelty to widespread application in daily financial operations.
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Currently, Cardano (ADA) is priced at $1.132 USD, with a 4.71% drop over the past 24 hours. Over the last 30 days, it has shown a substantial 275% increase. Its 24-hour trading volume is $33.85 million, and its market capitalization is approximately $39.72 billion.
Key Highlights:
- Major resistances: $1.20, $1.25, and $1.50.
- Support level: $1.14. A drop below this level could lead the price toward the 20-day exponential moving average (EMA) at $0.96.
