The post Cardano News Today: ADA Soars as Network Embraces MiCA Compliance with New Whitepaper appeared first on Coinpedia Fintech News
Amid the ongoing crypto bullish outlook fueled by the recent Bitcoin (BTC) price pump above $82k for the first time in its history, Cardano (ADA), a top-tier layer one blockchain, has emerged as a top performer. Following last week’s 79 percent rally, the large-cap altcoin, with a fully diluted valuation of about $26.6 billion and a daily average traded volume of over $5 billion, successfully rebounded from the support level above 32 cents.
As a result, ADA price is on the cusp of a major bull run ahead, especially if Bitcoin dominance continues to weaken. Moreover, the ADA/BTC pair has significantly rebounded from around the multi-year low in the last few days.
Additionally, ADA’s price against the US dollar has successfully closed above the weekly 50 Moving Average (MA).
Cardano Network Preps for Mainstream DeFi Adoption Ahead
The Cardano network, through the leadership of co-founder Charles Hoskinson, has grown into a major web3 ecosystem, with more than $353 million in total value locked (TVL). The notable growth in Cardano’s DeFi ecosystem is largely attributed to the recent developments towards achieving high network decentralization, through enabling an on-chain governance system.
The recent launch of Node 10.1.1 was a major milestone toward enabling the Chang 2 hard fork, which will allow the transition to full on-chain governance.
Regulatory Compliance
Big news for the @Cardano ecosystem! We've partnered with LAWSIDE and @STADLER_VOELKEL to create a MiCA whitepaper template. This makes it easier for projects building on Cardano to comply with the EU regulatory framework. Read more in our blog:https://t.co/In8NBgXVBa
— Cardano Foundation (@Cardano_CF) November 11, 2024
As Coinpedia previously reported, the Cardano network has emerged from the zombie mode following the report that Hoskinson will become part of Donald Trump’s crypto advisory team to address the regulatory clarity.
Earlier today, the Cardano Foundation announced that it partnered with Lawside and STADLER VÖLKEL to develop a whitepaper template for the European Union’s Markets in Crypto-Assets (MiCA) regulation.
Moreover, the MiCA regulations require every DeFi project aiming at the European market to publish a whitepaper that provides comprehensive disclosure of key information, including the crypto asset’s purpose, underlying technology, associated risks, functionality, and issuer details.
