Cardano Rallies as Founder Charles Hoskinson Pledges to Engage with Lawmakers in Washington, D.C.
Cardano’s token, ADA, has reached its highest price since April 2024, spiking by 33% to a high of $0.64 before stabilizing around $0.59. This surge was driven by founder Charles Hoskinson’s announcement that he plans to work with U.S. lawmakers on cryptocurrency policy. Hoskinson’s Upcoming Role in U.S. Crypto Policy and Its Impact on Cardano Renowned for his role in co-founding Ethereum before establishing Cardano, Hoskinson recently announced his intention to become an active policy adviser on cryptocurrency issues in 2025, following the anticipated election of Donald Trump. “A large part of my time in 2025 will also be devoted to the political process,” Hoskinson shared in a video. Although he has not yet taken an official position, Trump’s campaign has expressed an openness to input from crypto industry leaders regarding future regulatory developments. Read Also: Shiba Classic ($SHIBC) Launches Wednesday, Backed by Early Investors and Whales Cardano’s Shift Towards a Bitcoin Layer-2 Solution Hoskinson has also unveiled a strategic pivot for Cardano, branding it as a Bitcoin layer-2 solution. This approach would leverage Bitcoin’s security and liquidity to support faster transaction processing, reflecting Cardano’s adaptability within the broader crypto ecosystem. Development of Midnight Blockchain for Enhanced Privacy Cardano is making significant strides with the development of a new partner blockchain called “Midnight.” According to Input Output Global’s CTO, Romain Pellerin, Midnight is scheduled for release next year and will feature advanced privacy options, including selective disclosure capabilities. Cardano’s stake pool operators, who maintain the network’s proof-of-stake consensus, will play a key role in supporting these privacy features. Cardano’s Governance and Rewards for Stake Pool Operators The governance model for Midnight will be integrated with Cardano’s existing network, allowing stake pool operators to earn rewards in $Night tokens. This integration between Cardano’s operators and Midnight’s privacy enhancements highlights Cardano’s commitment to decentralized governance and technological innovation.
Cardano (ADA) Sets New Transaction Record in October
In October, Cardano (ADA) marked a significant achievement with an unprecedented surge in transaction volume. Reports reveal that the network recorded its highest transaction levels, reflecting growing interest in Cardano’s expanding ecosystem. This rise underscores Cardano’s potential to establish itself as a major player in the blockchain industry as it continues to build its ecosystem and attract new users and projects. Read Also: Inside Cardano: Charles Hoskinson’s $450 Million Commitment to Blockchain Growth Exponential Growth Observed in Cardano Activity A remarkable increase in Cardano’s network activity has been observed, driven by recent upgrades, including the Hydra scaling solution and Plutus smart contracts. A post on X highlighted that the platform’s policies rose by 3,287, while 60,000 additional native tokens were minted in October. Plutus scripts also increased significantly, adding 3,358, which brings the total to 91,698. Moreover, the total number of Plutus transactions experienced a jump from 0.98 million to 97.92 million within the past month. Scaling Improvements Required to Meet Growing Demand The Plutus development team has been working on various updates, including revisions to the “Using Plutus TX” user guide section and submitting two proposals for built-in arrays and maps. However, the rising transaction volume has increased demands on the network infrastructure. As a result, Cardano’s development team faces added pressure to enhance scalability and maintain efficiency as usage grows.
Charles Hoskinson Reacts to Herd’s Bold Blockchain Aspirations
Charles Hoskinson, the founder of Cardano, recently reacted humorously to a new gaming project within Project Catalyst, a platform for community-driven innovation. Pierre Aceituno’s proposal outlines the development of “Herd,” a decentralized music and DJ battle game that combines blockchain, NFTs, and community governance. Herd’s Core Features: Blockchain, NFTs, and DJ Battles Herd aims to bring DJ battles into the blockchain world. It allows players to mix sound packs in real-time while competing against each other or AI opponents. These DJ battles are streamed live on Twitch, where users can earn rewards through active participation. The game heavily integrates NFTs, enabling artists to create and sell sound packs while earning royalties from both in-game purchases and secondary market sales. This system could create new and sustainable revenue streams for musicians and sound creators. https://t.co/cBAuyo8Rzy— Charles Hoskinson (@IOHK_Charles) October 13, 2024 Romain Pellerin, the CTO of Input Output, recently shared the ambitious proposal on social media. In response, Hoskinson posted a gif with the caption, “He’s gone mad with power,” humorously referencing the boldness of Aceituno’s vision for Herd. The light-hearted exchange highlighted the potential excitement surrounding this innovative project. Herd’s Dual-Token Economy and DAO Plans The game will operate using a dual-token economy. A stable utility token will be used for purchasing in-game assets and entering tournaments. Meanwhile, a governance token will allow players to vote on decisions regarding treasury allocation and future game development. Herd also plans to establish a Decentralized Autonomous Organization (DAO) in Japan. Related article: Charles Hoskinson Surprised by Bitcoin-Cardano Bridge Development This DAO will manage intellectual property, oversee project development, and handle treasury operations, ensuring sustainability and rewards to creators. Moreover, the Herd project plans to partner with several community initiatives, including HOSKY Token and NMKR, to increase visibility and drive early adoption. It will also integrate with the Paima Engine to enable smooth blockchain interactions. Herd’s NFT management will depend on Midnight’s technology, with the project set to launch once the Midnight mainnet goes live. However, if necessary, the team has a backup plan to launch on the Cardano mainnet.
