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These key Cardano developments could set up ADA on a bull rally

These key Cardano developments could set up ADA on a bull rally

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  • The Input Output Global developers are currently in the final stages of the Vasil hardfork, which will arrive later this month.
  • Robinhood offers ADA trading to its 23 million customers, while Binance US starts an ADA staking facility.

The Cardano blockchain network has been in the news for several reasons in recent weeks. At the moment, investors have been closely following the developments around the much-anticipated Vasil hardfork.

Cardano developers are currently in their last mile on the Vasil update, as parent group Input Output Global releases two Daedalus test builds. Preview 5.0.0 and Preprod 5.0.0, currently two test versions of the Daedalus wallet. Meanwhile, Stake of Pool Operators (SOPs) have been working on preview and pre-production testing environments.

With all these developments in place, the Cardano developers have moved one step closer to the Vasil hardfork. On the other hand, crypto exchanges are also used to listing Cardano and offering various services surrounding it.

Earlier this week, popular trading platform Robinhood announced that it will list Cardano (ADA) on its platform. In addition, the world’s largest crypto exchange Binance announced the possibility of betting on Cardano’s ADA script.

Robinhood lists Cardano ADA and Binance offers a stake in ADA

Zero-fee exchange Robinhood has decided to offer a trading option for Cardano’s ADA cryptocurrency. As a result, Cardano’s ADA is available alongside other popular cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) to all of Robinhood’s 23 million users. Robinhood stated that the decision to list ADA tokens comes due to high customer demand.

On Friday in September, the US division of crypto exchange Binance announced the staking of Cardano (ADA). Binance US’ announcement read: “@Cardano is now available #input! Earn up to 6.1% APY on launch – Start betting in minutes. You get paid weekly and withdraw the bet at any time.”

So, just before September’s Vasili hardfork, two top exchanges announced their support for Cardano. The Vasil hardfork is a long-awaited event that brings significant improvements to the Cardano blockchain. This includes improving network scalability and performance. In addition, smart contracts on the Cardano blockchain benefit from Plutus features.

Developers at Cardano’s parent company Input Output Global (IOG) remain committed to ensuring that developers, dApps and exchanges have enough time to update their node versions. IOG noted that 70 percent of the most popular dApps have confirmed successful pre-production testing. On the other hand, exchanges have also been busy preparing for the Vasil hardfork, and Cardano’s integration team is helping them throughout the process.

Cardano ADA set on the rise

Amid the key developments surrounding Cardano, analysts are hinting at the possibility of ADA’s upward momentum. At press time, Cardano is trading at $0.46 and is the only cryptocurrency in the top 10 trading in positive territory on the weekly chart. $0.50 is the immediate big hurdle for Cardano’s ADA at this point.

However, NeuralProphet’s PyTorch-based price prediction algorithm believes that the ADA price could be 4x this in September. The algorithm uses an open source machine learning framework deep learning AI model has set an ADA price target of $1.77.

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