Cardano (ADA) Price Rebound As Whale Transactions Soars 10%

The long-awaited testnet for Cardano privacy protocol Midnight Network has gone live. This new development, addressed in a note to developers, has placed Cardano in the spotlight.

According to the announcement, the Cardano sidechain is ready to welcome blockchain developers interested in building on it.

Understanding the Cardano Midnight Testnet

The expectation of the testnet launch dates back to 2023, when Cardano introduced the Midnight Protocol as its privacy solution. Since then, the engineering team has invested time into development to prepare for a full launch.

The protocol is based on the premise that developers must protect sensitive data to deliver usable Decentralized Applications (dApps).

Now, the team is confident in the capacity of the testnet to provide a stable sandbox environment. Now, developers can experiment with building on-chain applications that protect sensitive data.

Ultimately, the Midnight Protocol aims to merge privacy with regulatory compliance on the Cardano network. It is focused on organizations and developers that are interested in upholding blockchain’s transparency

These entities must balance data protection, ownership, and utilization. With Midnight’s mainnet-like environment, developers would not fear building and testing. Additionally, this offering brings increased use cases to the Cardano ecosystem.

Cardano founder Charles Hoskinson acknowledged the several milestones ahead of Cardano. At the same time, he highlighted this latest development, citing its significance and how it deserves some recognition and appreciation.

Chang Hard Fork Upgrade And Other Advances in the Cardano Ecosystem

Before this advancement, Cardano had welcomed some of the most crucial upgrades in the past months. The biggest is the Chang Hard Fork upgrade, which ushered in the Voltaire era.

This upgrade went live at the beginning of September and shifted Cardano’s core governance model. A crucial element of this plan includes the introduction of decentralized governance mechanisms and an on-chain voting system.

It decentralizes control and enhances community influence in decision-making. Later, Cardano introduced the Node 9.1.0 upgrade, the final version to bring on-chain decision-making to Cardano.

CIP-1694 is an official “Cardano Improvement Proposal” that describes the new community governance structure and establishes three user-led governance bodies.

These are the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs).

When Cardano celebrated its 7th anniversary, Hoskinson highlighted some major achievements and upgrades of the blockchain. A few outlined hard forks were Byron, Shelly, Goguen, Basho, and Voltaire. The focus is on integrating identity, privacy, and interoperability in cryptocurrency assets.

The Implication of Midnight Testnet Launch on ADA’s Price

ADA price was trading at $0.3511 at press time, corresponding to an 8.79% dip in the last 24 hours.

With the market bearish trend, this price outlook shows the testnet launch is not impacting sentiment yet. When Midnight launches on the mainnet, there is a very high possibility that it will help to bolster the appeal of the ADA. This is because users and developers will need the coin for essential network operations.

Therefore, ADA’s future looks hopeful. In the short term, the coin’s price slump might wane off quickly pushing it to retest the $0.5 mark.

The post Cardano Midnight Testnet Live, Here’s All You Need To Know appeared first on The Coin Republic.