The downfall of the FTX exchange resulted in a better outcome for the Cardano Blockchain network.
Cardano is a scalable Proof-of-stake (PoS) blockchain network, which was launched by Charles Hoskinson as a rival of the Ethereum blockchain. Hoskinson was one of the co-founders of the Ethereum blockchain but he left the project because he disagreed with other founders. Indeed, Hoskinson wanted to make Ethereum a commercial blockchain but Vitalik Buterin, the core Ethereum co-founder, denied the idea and said that Ethereum will always remain a non-profit public crypto network.
According to the available data on Cardano Blockchain Insights, in the last 24 days of the time frame, the Cardano network added more than 100k new Cardano wallets. That means, between 26 October to 20 November, the number of total Cardano walled changed from 3.633 million at the beginning of the month, to over 3.73 million.
According to reports, this sudden increment in the number of digital wallets in the Cardano network surged because of the downfall of the FTX exchange & its sister companies like Alameda Research, FTX.us, etc.
Due to the downfall of the second-ranked giant crypto exchange, the majority of the crypto traders & Investors are going with the Defi (decentralised financial) protocols or non-custodial crypto wallets, to gain control of funds in their own hands instead of third-party centralised companies.
Cardano’s Stablecoins projects
In the present time, two stablecoin projects in the Cardano Blockchain ecosystem are working tirelessly. These two projects are USDA & Djed.
EMURGO, a commercial arm of Cardano, is working to launch USDA stablecoin. It is expected that the team will launch this fully fiat-backed stablecoin in the early phase of 2023.
Djed stablecoin was theoretically designed by the Cardano founder. Devs are working on DjedPay, a payment app. Djed stablecoin mainnet will be launched by 2023.