Cardano is Not Dead, It's Thriving!

Cardano has seen the launch of 157 new projects, with a total of 1,319 projects now being built on its platform.

Author

Danielle du Toit
January 24, 2024

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Here's what we've got for you today:

  • Cardano is Not Dead: An IOG Report Suggests It is Thriving!

  • OKX Commits to Compensating Users After OKB Token Flash Crash

  • Financial Giants Consider Grayscale Takeover in ETF Race

  • Ripple Reaches Confidential Agreement to Settle $15M Suit with UK Firm

Not only did Cardano’s weekly IOG report reveal great growth, but Cardano was also able to outperform its rivals in terms of monthly development activity.

  • Cardano (ADA) reported impressive growth with 157 new projects launched, bringing the total to 1,319 projects being developed on its platform.

  • The platform's use of Plutus scripts for smart contracts is also expanding, with 6,332 Plutus v1 scripts and 17,531 Plutus v2 scripts currently in use.

  • Meanwhile, the total transactions on the Cardano network have reached 83.4 million. GitHub data also revealed that Cardano recorded 332.9 commits over the past 30 days, which was slightly more than Polkadot, which logged 329.57 commits.

In addition to OKX’s repayments, Radiant Capital has started repaying its debts, while Crowd Machine and Metavine were ordered to pay $20M in disgorgement.

  • OKX plans to compensate users affected by a flash crash of its OKB token, which dropped 48% from $46.80 to $25.10 in under 15 minutes, causing a $6.5 billion market cap loss, before recovering to $45.94.

  • It is suspected that the crash was caused by the liquidation of large leverage positions after OKB reached 48.36 USDT.

  • Meanwhile, Radiant Capital has begun its repayments, successfully returning 1,190 Ether, worth about $2.6 million, with approximately 720 ETH in bad debt still remaining.

Grayscale Investments, a big name in the bitcoin investment sector, has become an alluring acquisition target.

  • The spot Bitcoin ETF market's competitiveness has led to speculation about strategic acquisitions, with Grayscale considered a very attractive target due to its market share and reputation.

  • Brian D. Evans also highlighted Grayscale's name recognition and its role as a market standard-bearer, making it a viable acquisition candidate.

  • Despite its strengths, Grayscale is facing challenges like legal issues with its parent company, DCG, and over $2 billion worth of GBTC sold since its ETF conversion, which may accelerate a potential sale as companies try to leverage Grayscale's market changes.

Last year, Ripple alleged that the firm failed to fulfill financial duties for more than 40,000 transactions involving XRP.

  • Ripple Labs' Singapore branch and GCC Exchange in the U.K. have resolved their $15 million legal conflict, initially sparked by claims of unmet payment duties for XRP transfers.

  • Ripple Singapore sought not only the payment of outstanding invoices but also additional recompense for accrued late fees.

  • The legal dispute has been concluded with both parties agreeing to a confidential settlement, finally bringing an end to the tensions.

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