[Update] The Cardano Summit ended this past weekend with several key announcements and developments. Perhaps chief among these is a deal with DISH network/Boost Mobile (a U.S. cable and cellular provider) which adds yet another tangible use case for the Cardano ecosystem.
EMURGO also announced a $100M fund for defi, NFT, and education.
Other notables included:
- The new Djed stable coin, to be built with COTI will be an important development for the Cardano defi ecosystem
- Partnership with OasisPro to "develop an alternative trading system that will use blockchain technology to open up participation in primary bond markets to developing countries."
- The previously announced dApp store
- Integration of Chainlink for "real-time market data"
- A deal for an esports tie-up with NFT marketplace Rival
- Purpose-driven project VeriTree to plant 1 million trees to fight climate change
Cardano has been holding steady over the past week despite a bit of market turbulence (US fed stimulus drawdown, US debt ceiling, SEC regulations, not so Evergrande). Part of that was due to the Alonzo upgrade that enabled smart contracts/decentralized validators.
There's been a lot already said about smart contracts that will enable dApps and defi to run on the low fee, proof-of-stake blockchain. Many others already have that, so what can we expect from the end of month Cardano Summit that might launch the #3 crypto project into even loftier heights?
1) A Cardano dApp Store
Charles Hoskinson, Cardano's founder, has pointed out one of the key chokepoints in current dApp development -- a lack of an easy to access portal for users. Expect an announcement about a Cardano dApp store that will list projects (bother verified and unverified) akin to Apple's and Google's equivalent. This would transform the largely fragmented crypto space into an easily recognizable, usable interface.
2) Payment systems
There are several blockchain payment systems already up and running form point-of-sale machines (anyone remember PundiX?) to credit card adoption that runs on VISA and Mastercard systems, and now PayPal getting into the game. There are also pure play crypto payment solutions including Bitpay and the lightning network for Bitcoin transfers.
Still, with Cardano's focus on Africa, and the largely unbanked population there, an enormous business opportunity exists tot take a first mover advantage across the continent by offering low fee, fast transactions that sidesteps the legacy banking system.
3) Cross-chain Bridges
Hoskinson has already said the future will belong to multiple blockchains, not just one. He's indicated interest in Solana (pre-crash), and will be speaking on an MIT panel with Algorand's founder at the end of the month. An ERC-20 converter is already planned that will enable dApps to port their functionality with "wrapped" token equivalents that could make low Cardano fees an attractive alternative for gas-laden Ethereum dApps.
4) More government adoption
The Ethiopia education system "deal" didn't garner a whole lotta love, primarily because it was small scale in the grand scheme of commercial adoption. If there is a broader agreement (an election system running on the blockchain, for example) that would be sure to raise eyebrows.
5) Explosive dApp growth (and probably some NFTs because they're still a thing)
Other projects are also benefiting from Cardano's relatively new found fame. Below is a snapshot of a publicly accessible CoinMarketCap watchlist. (if you know of other exchange-listed projects let me know in the comments.)
Of these projects Ergo (financial contracts, DEX) and COTI (fintech platform) have gotten plenty of interest lately with their mid-tier market caps and decent daily volume. Hundreds of other dApps are expected with a greatly expanding ecosystem.
Here are a few that, at time of writing, aren't listed on an exchange yet.
- Sundaeswap - similar to Uniswap and a fully decentralized DEX. Tokens through an Initial Stakepool Offering based on staked ADA.
- Ardana - stable coin minter based on staked ADA. Will run Dana Swap DEX with stable coins based on other currencies.
- MELD - lending/borrowing platform
- Empowa - decentralized property developer/affordable housing for Africa. Offers future rental income for holders.
Do you think any of these will be enough to launch a new round of growth for Cardano?
What other developments could Cardano announce that would be a blockchain game-changer?
Other posts that may be of interest:
- Beyond HODL'ing - Other Crypto Investment Strategies
- Storage Wars - Can Decentralized Cloud Companies Rival Big Tech?
- Why You Should Ignore Bitcoin Price Predictions