The trolling FUDsters have been out in full force
as the first applications are starting to go live on Cardano,
but the future is still looking bright for the little token that could.
There's a lot to be excited about.
It's easy to forget that Cardano was unlike any other project in crypto,
so even though the token prices have been on ice in the short term,
development has been heating up.
Let's get it!
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In this video, we're going to be giving an update on some of the apps
that are starting to roll out on Cardano.
The recent price action for ADA has many investors feeling nervous.
But this is how things work in crypto sometimes.
These assets will wait until you're bored before taking off for the moon.
Over the past week or so,
ADA has been maintaining support above $1.50
but continues to face a key resistance level at $1.90.
Analysts have been noticing that the volume has been trending upwards,
and the RSI levels could be pointing to a bottom as well.
Luckily, the first apps are starting to go live,
and as soon as some of these new platforms start to get some attention,
a ton of new liquidity is going to be pouring into the Cardano ecosystem.
In the past few weeks,
numerous DeFi platforms have slowly begun the first phases of going live,
running testnets,
distributing airdrops,
getting the first versions of these platforms up and running.
That's right.
Usable DeFi projects are now live on Cardano.
They're just getting started though,
so you can expect that more features and token offerings
will be hitting these platforms in the following weeks and months.
The first DEX to go fully live on the Cardano mainnet is called MuesliSwap,
and it just launched on November 29.
This platform is a lot different than the DEXs that you might be familiar with on other blockchains
because it uses an order book model like a traditional stock exchange
instead of the automated market model used by Uniswap.
This gives traders more options such as allowing them to make limit orders
like they can on centralized exchanges.
This also eliminates the ability for liquidity providers to pull all of the tokens from liquidity pool
and tanking the price of a token.
Of course, there is more than one way to pull a rug,
and no blockchain and architecture is entirely immune to scams,
but this does significantly help one of the most common problems
on decentralized exchanges.
It's important to remember that just because MuesliSwap is the first product to go live,
it doesn't necessarily mean it's going to be the best,
especially since we are in the very first days of the launch.
Another DEX called SundaeSwap is rolling out much slower,
but it is expected to be one of the most popular DeFi platforms on Cardano
once it hits mainnet.
It was recently announced that SundaeSwap will launch its testnet on December 5,
but we don't know when it will be fully available to the public.
SundaeSwap has also announced a partnership with COTI
to bring the Cardano stablecoin Djed onto the platform.
COTI is the team behind the developing and issuance of Djed,
a stablecoin that will be algorithmically pegged to the US dollar
with price oracles that will allow it to be displayed as different currencies.
Since this is an algorithmic stablecoin,
this could potentially pass through a loophole
and avoid some of the harshest stablecoin regulation.
But you never know with Dirty Gary.
That guy is crazy.
SundaeSwap is an automated market maker,
similar to Uniswap,
which will be very easy to use and launch tokens on.
This is the advantage the decentralized liquidity pools have over traditional order book exchanges.
Anyone can set up or add to a trading pair,
so traders have access to pretty much any asset they can imagine.
MELD,
another DeFi platform built on Cardano,
recently made a big entrance by gathering over $1 billion of staked Cardano
through something called an initial stake pool offering,
or ISPO.
This is a new model of fundraising for blockchain projects
where Cardano holders delegate their ADA in exchange for the project's tokens.
Getting involved in these projects early on can lead to some big gains.
It doesn't always take a large investment either.
Airdrops are some of the biggest opportunity in crypto
where traders are awarded thousand of dollars just for using a platform.
Since there are a ton of new projects launching on Cardano,
you can be sure that many of them will have tokens.
Many of these tokens are going to have airdrops for early users.
A DeFi project on Cardano called Liqwid Finance recently announced
that they will be sending an airdrop out to early users.
And they didn't even have to make any initial investments or provide any liquidity.
They're getting the free airdrop just for being active participants in the Liqwid Discord server.
This airdrop is expected to come sometime in the next few weeks,
but maybe even sooner.
Unfortunately, it's too late for you to qualify if you're not already an active member
on the Liqwid Discord server.
Don't get too discouraged though.
Use this as inspiration.
Remember that plenty of new apps will be coming to Cardano,
so jump in as many Discord servers as you can and test out new projects
with small amounts of money.
You could be next in line to get a big pile of free crypto.
If you haven't heard about Liqwid,
it's an algorithmic borrowing and lending platform on Cardano.
It's not live yet,
but it's scheduled to launch before the end of the year,
so launch day is right around the corner
even if it ends up being a bit behind schedule.
The metaverse is starting to heat up on Cardano as well
with a project called Pavia.
This will be a blockchain-enabled virtual world similar to Sandbox or Decentraland but on Cardano.
At the end of November, Pavia had its second land sale,
and there are still 40,000 plots of land up for grabs in the metaverse.
The next land sale is expected to happen sometime early next year.
Metaverse property is going to be a hot commodity in the coming years,
so be on the lookout for the best projects to buy properties on.
With adoption ramping up and bullish signs happening all the time,
it shouldn't be surprising that more people than ever are now staking on Cardano,
with 100,000 new staking wallets coming online in the last two months.
If you're in the ADA Gang,
you already know what's up.
You're seeing more and more people pop up on Twitter and Reddit on fire for ADA.
There's a reason for that.
The Cardano network has also just reached the milestone of 2 million wallets created.
Not bad for a project that gets FUD'ed more often than not.
That's all I got.
Be blessed.
BitBoy out.