Bittime - Cardano makes new history. The Layer-1 smart contract network that aims to bring security, scalability, and sustainability to decentralized applications has reached a milestone with the launch ofMehen Finance's USDM stablecoin, a fiat-based stablecoin.
What is Cardano?
Cardano (ADA) is a decentralized proof-of-stake (PoS) blockchain designed as a more efficient alternative to proof-of-work (PoW) networks. Cardano is designed to evolve into a system with multiple use cases, which will be governed by users who have staked their ADA tokens.
The name of Cardano's cryptocurrency, ADA, is taken from Augusta Ada King, Countess of Lovelace (1815–1852), who is widely known as the first computer programmer. ADA is used in the PoS consensus mechanism of the Cardano blockchain.
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ADA tokens can be earned as a reward for work done for the blockchain or can be purchased on cryptocurrency exchanges.
What is USDM?
USDM is a digital store of value token issued by Mehen Finance. The value of USDM is always equal to 1 United States Dollar (USD). As Cardano's native token, USDM can be moved on the Cardano blockchain without the need for additional smart contracts.
Impact of USDM Launch
The launch of USDM marks a significant moment for Cardano. The presence of USDM is expected to expand the Cardano ecosystem and attract more users and developers.
Institutional customers will reportedly begin the registration process soon, and USDM is expected to go live gradually throughout this week (March 18, 2024).
USDM is the first stablecoin on Cardano to be fully backed by USD on a 1:1 basis. This is different from other stablecoins such as iUSD and DJED which are algorithmic or synthetic.
Users can deposit USD into their Mehen account, and Mehen will hold those funds in a separate account to guarantee the value of the USDM. Once the transaction is complete, users can create an equivalent amount of USDM tokens.
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Cardano Ecosystem Growth
The launch of USDM has the potential to trigger significant growth in the Cardano stablecoin market. In the last quarter, the overall value of Cardano stablecoins jumped 37% compared to the previous quarter and 673% compared to the previous year.
ADA Price
The price of ADA, Cardano's native token, is on the decline. At the time of writing, ADA price was down 9.54% in the last 24 hours to $0.66. This decline follows the general downward trend of the cryptocurrency market.
ADA Price Prediction
Crypto analyst Ali predicts that ADA's future price movements will be similar to the pattern that occurred between 2018 and 2021. If this pattern continues, ADA is expected to consolidate in the range of $0.55 to $0.80 in the next few weeks.
Then, followed by ADA's rise to $1.70. After the increase, ADA may consolidate again before potentially breaking through $5.
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Also read:
What Are Cardano Slots? The following is the explanation
Hydra (Cardano): Definition and How It Works
Cardano (ADA): Comprehensive Analysis for Beginners
What is the Byron Phase on Cardano?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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