- The Cardano’s Midnight platform is expected to launch soon on the Devnet and leverage the Zero Knowledge Proofs (ZKP) technology.
- Meanwhile, Lace 1.5 has introduced a multi-delegation stake of Cardano (ADA) to enable the democratization of Dapps in the ecosystem.
The Cardano (ADA) network has exploded with vibrant decentralized financial (DeFi) platforms in the past year leading to more staked and locked assets. According to market aggregate data from Defillama, the Cardano network had registered about 595 million ADA in total value locked, a figure that has increased exponentially YTD. However, the Cardano core development team led by IOHK has intensified its focus on smart contract enhancement in a bid to attract mainstream blockchain users.
In the latest development, the ADA holders can now enjoy multi-delegation staking through the Lace 1.5 platform. Notably, the ADA holders through the Lace platform can delegate their assets to up to five pools, with Ledger hardware wallets supported in the latest update. The announcement of the multi-delegation of ADA was hailed by IOHK founder Charles Hoskinson who added that more features are in the pipeline.
Multi-Delegation is finally out for Lace! The next iteration of this feature is the long awaited delegation portfolios https://t.co/QrsPS2nyBA
— Charles Hoskinson (@IOHK_Charles) September 12, 2023
Cardano Smart Contracts More Scalable and Secure
The Cardano ecosystem is determined to provide secure and scalable smart contracts to enable mainstream adoption of ADA and its constituent DeFi protocols. In the latest development, Input Output, the research and development company committed to the advancement of the Cardano network, highlighted that the Midnight blockchain platform, a protocol focused on safeguarding sensitive commercial and personal data, is set to launch soon on the Devnet.
Notably, the Midnight protocol uses an advanced set of smart contracts security systems dubbed Zero Knowledge Proofs (ZKP), which ensures the secure scalability of the Cardano network. Moreover, Zero Knowledge Proofs employs cryptography and advanced math to verify if statements on a smart contract are true.
12/ Looking ahead, we can anticipate even greater integration of ZKPs in decentralized solutions, revolutionizing the landscape of secure smart contracts and confidential asset management.
— Input Output (@InputOutputHK) September 12, 2023
Why the Updates Matters
Although blockchain technology has advanced to multi-chain interoperability, each respective chain wants to host as many unique DeFi projects as possible. Currently, there is notable high competition in the smart contract blockchains to attract institutional investors seeking to build DeFi protocols during the crypto bear market in anticipation of future bull rallies.
The Cardano ecosystem has gained a reputation of high security although the United States Securities and Exchange Commission (SEC) has deemed ADA a security digital asset. As a result, the Cardano network is keen to ensure ADA holders enjoy more decentralization.
ADA Price Action
Amid heightened crypto volatility triggered by several high-impact news – including FTX liquidations, spot Bitcoin and Ether ETFs, CPI, and PPI data – Cardano (ADA) continued to retest the crucial support zone around 25 cents on Wednesday. If Bitcoin price continues with its recent bullish momentum in the coming days, ADA price will likely rebound towards 30 cents. However, crypto experts believe the altcoin market will bleed profusely if Bitcoin price drops further in the coming days.
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