Cardano (ADA) follows the general trend of the cryptocurrency market and has recorded moderate losses in the past few weeks. As of press time, the transaction price of ADA was $1.30, and the daily and weekly charts were down 5.1% and 18.1%, respectively.
Due to rumors of potential regulatory risks following the alleged delisting of the cryptocurrency exchange e-Toro, Cardano has been falling sharply in the past few months. IOHK CEO Charles Hoskinson denied this rumor, but the market seems to have reacted negatively to either approach.
However, the foundation of the network continues to strengthen as it recently deployed the first decentralized exchange SundaeSwap on the Cardano testnet. The Cardano community celebrated this milestone because the network implemented smart contract functions through three Hard Fork combiner events, which are part of its Alonzo era.
The team behind SundaeSwap Famous Announced through its official Twitter handle and invited the Cardano community to use the testnet participating in the DEX. In this way, the team can find and fix platform-related errors.
In order to participate, users need to fill out a form. As the team reported via Twitter, this process has been used to find critical errors:
It may have to be renamed MondaeSwap… Seriously, we found that our scoopers updated the scooper license by mistake. We are cleaning it up, and once completed, the testnet will be live. Thank you for your patience with us!
IOHK also celebrated the launch of SundaeSwap on the Cardano testnet, calling it an opportunity to “learn a lot”. The company expects to obtain a high level of interest and participation, and uses these factors as a way to “put the network under pressure” to obtain data on its “parameter settings.”International Hong Kong Add to:
(…) Expect errors in DEX. The @sundaeswap team encourages you to find some. Remember, this is the early #DApp software, and #DeFi on #Cardano is still in its early stages. The testnet is a key part of iterating and improving the experience.
Cardano (ADA) key levels to watch and potential bullish cases
Cardano uses a unique method to deploy its smart contracts and DeFi capabilities. IOHK stated that it intends to “gradually” introduce these features to ensure user safety and a better experience than competitors.
For this reason, ADA critics claim that the network may take a long time to achieve this goal. However, IOHK reiterated the following points:
(…) We have enough room for L1 growth. But we will deal with things slowly and carefully. Do things well. This is and will continue to be the core of our approach.
The deployment of the first DEX increases Cardano’s potential to resume its bullish momentum. As of press time, the cryptocurrency’s support level is at $1,25 and the resistance level is at $1,40. These two levels are crucial for determining ADA’s short-term price target.
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