Cardano (ADA) is making steps to becoming the complete ecosystem, by launching its smart contracts testnet a few days ago. The news came right in the middle of a market correction, but later, ADA prices started to pick up again.
ADA prices stabilized around $0.21, adding 7% in the past 24 hours.
But the asset remains depressed in comparison to the December peak. For now, all eyes are on TRON (TRX) and EOS, awaiting to see their new blockchains and complete ecosystems. The Cardano project is lagging in this regard, with the second layer of complexity coming in the future.
The Cardano ecosystem is yet another project, similar to QTUM, Stellar, NEO, and others, aiming to attract ICOs in its native token economy. For now, this goal is far, but the news that South Korea may re-legalize local ICOs was also seen as positive for the ADA market price.
More than 45% of all ADA trading happens against the Korean Won, and nearly 40% of deals are happening on Upbit. On Binance, 15% of all ADA trades see a boost from Tethers (USDT), for direct speculation against dollar positions. ADA has been sliding for weeks now, both in dollar terms, and also losing around 30% in Bitcoin prices, to 2,700 Satoshi.
The Cardano project has one of the highest marks by Weiss Ratings - a B in total, with an excellent grading of the technology, but considered a relatively risky asset with very low adoption.
In the past weeks, ADA has seen trading volumes fluctuate, and its presence on social media wane. But in the background, the project is active, ranked second in the top 10 projects by GitHub commits. At the moment, only the Komodo (KMD) project is ahead, according to Cryptomiso rankings. Yet the commits have been slowing down, while those of EOS, on the third position, have accelerated in the past months.