Cardano (ADA), which follows the trend of the cryptocurrency market, has suffered moderate losses over the past week. ADA traded at $1,30, with losses of 18.1% and 5.1% respectively in the weekly chart.
Cardano has moved heavily towards the downside over the last months because of rumors about regulatory risks following an alleged removal from crypto-exchange e-Toro. The rumors were denied by IOHK’s CEO Charles Hoskinson, but the market seems to have negatively reacted either way.
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However, this network’s fundamentals continue to strengthen as it recently deployed its first decentralized exchange SundaeSwap on the Cardano testnet. This milestone was celebrated by Cardano’s community as the network implemented smart contract capabilities with three Hard Fork combinator events, part of its Alonzo era.
SundaeSwap’s team celebrated the launch via its official Twitter handle and invited the Cardano community to use participate in the DEX’s testnet. The team will be able to identify and fix bugs on the platform.
To participate in the survey, participants must complete a questionnaire. The team shared via Twitter that this process had already been used to identify a critical flaw.
Might have to rebrand to MondaeSwap… In all seriousness, we’ve found a bug with our scoopers renewing scooper licenses. We are cleaning that up, and as soon as it’s completed testnet will be live for use. Thanks for being patient!
IOHK also celebrated the launch of SundaeSwap on the Cardano testnet calling it an opportunity to “learn a lot”. The company expects high levels of interest and participation and will it these factors as a way to “put the network under” stress to get data on its “parameter settings”. IOHK added:
(…) expect bugs in the DEX. You are encouraged to search for them by the @sundaeswap group. Remember this is early #DApp software, and it’s still early days for #DeFi on #Cardano. Testnets are a key part of iterating & improving the experience.
Cardano, ADA: Key Levels To Monitor And A Potential Bullish Case
Cardano’s smart contract deployment and DeFi capability implementation has been unique. IOHK has expressed its intentions of introducing these features “gradually” to guarantee users’ security and a better experience than its competitors.
ADA opponents claimed the network would take too long to accomplish this goal. IOHK however reiterated this:
(…) We’ve plenty of headroom for L1 growth. However, we’ll take it slow and slowly. We will get it right. It is the core of our approach.
The deployment of this first DEX adds to Cardano’s potential to resume its bullish momentum. The cryptocurrency may see support around $1,25 as well as resistance around $1,40 at press time. Both these levels will be critical to determine ADA’s price destination in the short term.
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