• Cardano is seeing its ecosystem flourish with increased adoption and innovative upgrades that point to an ADA price explosion.
• ADA is up by nearly 4 percent in the last 24 hours with bulls increasingly taking control as the digital asset looks forward to the next bull market.

Cardano is one of a few blockchain projects flourishing amidst the two-year-long bearish market. Market commentator going by the name ADA whale on X (formerly Twitter) has highlighted some of the latest developments around the Cardano ecosystem. In the update, the analyst points out minor and major announcements. L1+L2 upgrades, stats, dapps, SPO, NFT, governance, community, and more.

One of the closely watched events from the week was the launch of the Option Flow testnet. This is a decentralized options protocol on the Cardano network. After completing phase 1, Cardano users are welcome to access it at https://testnet.optionflow.finance and mint the first options on Cardano (Preprod network).

Read More: Cardano (ADA) Breaks Ground with Debut of Crypto Options Exchange

A new decentralized exchange (DEX) aggregator DEX Hunter has launched to bolster the Cardano DeFi scene. The new innovative project has been hailed as a game-changer both in terms of UI and UX of trading native token markets.

Another game-changer launch is Genius Yield, an all-in-one DeFi platform that combines concentrated liquidity DEX with an automated yield optimizer. Soon to launch the alpha stage, the commentator notes that “they are an orderbook DEX which plays into Cardano’s technical strengths (eUTxO).”

Orcfax Oracle which builds decentralized Cardano oracle feeds has been innovating to ensure greater security compared to centralized or single-source oracles which expose users to massive risks.

Despite a slowdown in the NFTs market, projects within the Cardano ecosystem have continued to build. Derp Birds earlier this week announced the launch of their Derp Marketplace.

Another interesting launch has been CNS (Cardano Name Service), the Web3 Social ID for the blockchain. The domain name service will facilitate the registration and management of domain names ending with the .ada suffix.

The new service aims to offer three key advantages – Streamlined transactions (instead of complex alphanumeric strings, it offers user-friendly domain names that simplify transactions), Enhanced digital identity (User online presence is unique and memorable across web3 social media platforms and decentralized applications), Future-proof convenience (Future-ready, they hold the potential to become Cardano usernames for accessing decentralized applications).

Cardano (ADA) Price Outlook

These are some of the latest developments that demonstrate Cardano’s flourishing ecosystem and growing adoption. Although its native token ADA is going through a two-year-long bear market, seasoned investors are aware that this is temporary and is time best spent to focus on building the best projects.

Related: Cardano Stuns with a 60% Spike in Active Users – Will ADA Price Reach New Heights? Report

At the time of press, ADA is exchanging for $0.2529 after a nearly 3 percent increase in the last 24 hours.
Investors and market experts are confident that the altcoin will rally hard, possibly reaching its all-time high of $3.10 in the next bull market.

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