Cardano (ADA) has fallen short of many investors’ expectations in recent weeks. ADA currently is experiencing a long-term downtrend, which is unlike other altcoins. The 1-day chart shows that the price has fallen below the 200-day and 100-day moving averages.
Charles Hoskinson is the CEO of IOG and he may have provided some optimism for ADA investors with a recent tweet. The Cardano founder was responding to a Twitter user’s question about when the announcement promised for November would be revealed.
Hoskinson didn’t mince words, saying, “I’ll announce it at the Edinburgh event.” Another Twitter user questioned whether the long-awaited announcement was about the algorithmic stablecoin Djed.
Djed is a product of the COTI network and IOG for some time. The user said that announcing about it would be a waste of time. Hoskinson, however, disagreed, saying, “Not djed. It’s been my passion for four years”.
Not djed. Been working on it for 4 years
— Charles Hoskinson (@IOHK_Charles) November 3, 2022
The mystery behind this announcement remains to be revealed. Investors should therefore eagerly await November 18th and 19 when IOG will celebrate its Scotfest in Edinburgh.
What’s Behind The Mysterious Announcement For Cardano?
The event is expected to kick off the fifth phase of Cardano’s development, called Voltaire. Basho is currently the fourth era in which blockchain technology has been developed. This era focuses on scaling.
In this regard, the Cardano community is still eagerly awaiting “Hydra“. Simulations of the scaling solution developed by IOG have shown that each “Hydra head” can currently process about 1,000 transactions per second (TPS).
Cardano has 1,000 stacking pools that each process 1,000 transactions per second. This could allow Cardano to achieve up to 1 million transactions every second. Whether Hydra’s implementation will be the announcement in Edinburgh nevertheless remains to be seen.
Hydra continues to be in development. Already in March, IOG’s programmers unveiled the Hydra Heads protocol as part of a public testnet.
The fact that the IO Scotfest celebrates Voltaire’s era is another thing that disproves the idea that this announcement is about Hydra. Hoskinson will deliver the keynote address. There are more than 20 other keynotes.
We will continue to watch how the ADA prices behave. Previous “announcements of announcements” by Hoskinson, however, have usually generated some hype and price volatility in advance. Ultimately, the significance of the announcement will determine whether the event will be a “buy the rumor, sell the news” event.
Djed Stablecoin Gets The Home Stretch
The preparations for Djed’s launch of Cardano stablecoin Djed have been in full swing. The founder of COTI Network revealed that the last audit was taking place right now, just before stablecoin Djed is due to launch at the end November.
Final audit report $Djed is scheduled for the end of November 🎉 Here’s the update from the CEO of $Coti, @shahafbg. pic.twitter.com/6SKXrio5Kg
— Djed Stablecoin (@DjedStablecoin) October 14, 2022
Djed (or Djed) is an algorithmic stablecoin. Smart contracts are used to ensure and guarantee price stability. Djed maintains a reserve for base coins and mints, as well as reserves and reserves.