Key Points:Cardano passed another set bull and bear tests in encryption sector as a seasoned public-chain project manager when the giant in encryption collapsed in 2022. Everyone was affected.
The Vasil hard fork is the most important development in blockchain technology in 2022.
The network has developed an ecosystem structure that is dominated over the past six months by NFT and DEX initiatives.
2022 is flying by and, after several “black swans” events such as Terra/Three Arrows Capital/FTX the entire encryption market has also been subject to extreme stress tests one upon the other. Cardano is a long-standing public chain project and was there when the encryption industry’s biggest player collapsed in 2022. Although everyone was affected, Cardano also survived another round of bear and bull tests. We will be looking at the key milestones and trends in Cardano’s development in 2022. Also, we will explore the key year of Cardano’s ecosystem development in 2023.
CIP-32 proposes an option that allows appending data rather than a hash. This makes it easier to communicate data values between users.
CIP-33 allows you to refer to scripts without including them into every transaction. This greatly reduces the impact of scripts upon transaction size.
The Vasil hard fork upgrade aims at allowing the Cardano blockchain do more and do it better. It will allow it to do more and scale faster, enabling it support more complex blockchains with a more user-friendly DApp. This will allow Cardano to tap the narrative space of the smart contract platform in the second half. There are many types of applications in the DeFi field such as Launchpad, stablecoins and DEX. Cardano’s dApp infrastructure matrix is just emerging. The Ethereum DeFi concept has seen rapid development, and derivatives tracks (futures options, synthetic assets, etc.), have been created as early as 2021. was once regarded as the most promising future sector, but two years later, derivatives track performance has always been unsatisfactory.However, in 2021, Mirror’s path to the rise of the Terra ecosystem, to a certain extent, shows the relative advantages of high-performance public chains in the synthetic asset track, and this is a natural advantage for Cardano:On the one hand, with the help of Cardano’s performance and cost advantages, many use cases that are limited by the unique functions of the Ethereum main chain can be gradually implemented;
However, Cardano’s total market value is still at $12.6 billion. It is second only to Bitcoin and Ethereum in the ranking for non-stable coins. This means that ADA, as the underlying assets, can provide sufficient volume support to the ecosystem of synthetic assets.
Indigo Protocol, a synthetic asset protocols of the Cardano ecosystem launched the stablecoin iUSD on November 2021. This allowed ADA to be mortgaged to mint stablecoins. It is currently the third largest DeFi protocol (nearly $20 Million) according to TVL calculations. The Cardano ecosystem’s synthetic asset track is slowly gaining momentum. It is indeed worth looking forward to whether the market can set off another “DeFi summer” of Cardano.Collateralized Stablecoin DjedAfter experiencing crazy issuance in 2020 and 2021 and the test of stability in 2022, the stablecoin itself has clearly entered a new stage of development. Whether it is in-depth binding and use in the encrypted world, or cross-border In the process of border payment, it will play a more important role.As Cardano, the “elephant in the room,” if it goes further in the next public chain ecosystem competition, strengthening its own stablecoin matrix is also a core factor that cannot be avoided.Djed, as Cardano’s ecosystem USD-anchored overcollateralized algorithmic stablecoin, plays this key role – it has been developed by the blockchain company Coti and Cardano’s lead developer Input Output for more than a year and can use ADA to 400% to 800% mortgage rate for minting.At present, Djed officially launched the main network in January and has received the support of MinSwap, Wingriders, and MuesliSwap, and gradually integrates more Cardano ecosystem projects.From this perspective, Djed has built a series of scenarios around the user needs for stablecoins from the very beginning, creating a breakthrough path of “stablecoins + scenarios” for the entire Cardano ecosystem.If you can gradually build your own composable ecosystem based on ADA on a series of tracks such as DEX and derivatives and finally converge the core scenarios of the ecosystem to the needs of stablecoins, thereby deepening the robustness of the ecosystem step by step, In the end, Cardano can move towards a relatively healthy positive cycle and a stable ecosystem.Anchored stable currency USDAIn addition, the recent encounters with BUSD and others also indicate that in 2023, the stablecoin track may usher in the normal state of “strong regulation”, and compliance is overwhelming.Cardano’s commercial incubation company EMURGO has also made preparations for this – it plans to launch an anchored stablecoin USDA that is fully backed by fiat currency and meets regulatory requirements in early 2023.In general, according to the future ecosystem map previously announced by the Cardano community, there are currently project parties deploying it in multiple sectors such as lending, wallets, and NFT.NFT track corner overtakingAnother trend worthy of attention in the Cardano ecosystem in 2022 is the trend of overtaking curves on the NFT track.In the month following Vasil’s upgrade in September last year, Cardano’s NFT transaction volume reached $19 million, making it the third-largest NFT network after Ethereum and Solana.Subsequently, this trend has been further consolidated. Cardano’s overall ranking shows that Cardano has seen a significant increase in activity since September’s Vasil upgrade. The average daily transaction of NFT on Cardano’s network is around $250,000. The average daily transaction of NFT on the Cardano network is approximately $250,000. Based on the community awareness initially established in 2022, can Cardano’s NFT track in 2023 gradually form a strong community and an open culture and then, through long-term intensive cultivation, establish an IP with huge commercial value like BAYC and others?The opportunities and dividends that may be hidden in it are worthy of long-term attention.Contribute public product standards to the industryIn addition to industry public products other than ecosystem, Cardano development company Input Output Global (IOG) has also cooperated with the University of Edinburgh to develop the first “Edinburgh Decentralization Index” (EDI) in the blockchain industry to measure block Whether the chain is effectively decentralized aims to add greater transparency and inclusiveness to the entire decentralized technology field.The index will evaluate the degree of decentralization of blockchains based on several levels, including API, consensus method, hardware, software, network, token economics, governance, and validator geography, contributing public product standards for the industry.ConclusionNow looking back at 2022, first, the collapse of Terra in May had a huge impact on the stable competition track, especially the algorithmic stablecoin, which profoundly affected the evolution of its internal and external structure; then, the FTX crisis in November made users more concerned about the centralized exchange. The distrust in the market has increased, and the outflows of market funds to the chains has become a new trend. The collapse of Terra in May had a profound impact on the stable competition track, especially the algorithmic stablecoin. Then, the FTX crisis in November made users more concerned about the central exchange. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuHaroldCoincu NewsTags: ADACardanoDeFiDjedEMURGOInput Output GlobalNFTVasil Hard Fork