Coinspeaker Cardano Foundation Participated in First Project Catalyst Voting, ADA Price Rebounds
Cardano (ADA), a top-tier layer one (L1) blockchain supporting the development of decentralized Web 3.0 protocols and tokenization, has gradually grown over the years to compete with Ethereum (ETH) and other smart contract-oriented chains. The large-cap altcoin, with a fully diluted valuation of about $20 billion and a daily average traded volume of around $428 million, takes pride in more than $247 million locked by its Web 3.0 projects.
The Cardano network has a vibrant online global community of developers and investors led by co-founder Charles Hoskinson.
Cardano Network Supports Web 3.0 Development
The Cardano network has in the past supported Web 3.0 developers through Project Catalyst. As of this report, Project Catalyst had funded 892 proposals with about $$69 million, of which $49 million has already been distributed. In Project Catalyst’s Fund12, around 1,204 proposals were presented but only 258 were funded.
In a bid to ensure a robust governance of the Cardano ecosystem, the Cardano Foundation announced that it participated in Project Catalyst’s Fund12 voting.
The Cardano Foundation participated in the Project Catalyst’s voting process for the first time to ensure proposals align with its strategic plan. Moreover, the Cardano Foundation focused on three major areas in voting for the proposed ideas.
On the top list, the Foundation supported ideas that enhanced operational resilience for the Cardano network. The foundation also gave much attention to proposals that promote educational content to the Cardano network amid the mainstream adoption of digital assets and web3 projects. The Foundation also supported ideas that focused on enabling ADA’s widespread adoption by reducing operating costs and providing necessary tools.
“This participation by the Cardano Foundation marks a pivotal moment in continuously helping in actively shaping Cardano’s future,” the Cardano Foundation noted.
ADA Price Ready for Liftoff
Cardano price has been tapped in a correction mode for the better part of February to date. The altcoin has been described by some analysts as a zombie coin while others believe ADA is a sleeping giant.
From a technical standpoint, ADA price has been forming a bullish megaphone in the weekly time frame. However, the altcoin must regain the 50 weekly Moving Average (MA) as a support level to ensure a bullish momentum ahead. Additionally, ADA price must regain the 50 percent level of the weekly Relative Strength Index (RSI) to avoid further capitulation ahead.
$ADA Train has left the Station..🔥🚅
Expecting 2x Bullish Rally in the Midterm so don't miss the Ride..#Crypto #ADA #Cardano pic.twitter.com/Jvdat5Txw5
— Captain Faibik (@CryptoFaibik) July 17, 2024
According to a popular crypto analyst alias Captain Faibik on the X platform, ADA price has already begun its bullish uptrend toward its all-time high. In the midterm, the crypto analyst has set a price target of at least 80 cents for ADA, which represents more than 100 percent.
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Cardano Foundation Participated in First Project Catalyst Voting, ADA Price Rebounds
