Weekly Market intelligence report

• Cardano to launch stablecoin Djed: Developers announced plans to launch Djed ($DJED), an algorithmic stablecoin powered by Cardano, on the mainnet of the smart contract platform early next year at the Cardano Summit in Lausanne, Switzerland. By doing this, Cardano would join the growing list of networks that have launched their own stablecoins in an effort to dominate this expanding area of the cryptocurrency market. Djed is an algorithmic stablecoin released by fintech startup COTI Group. It’s a crypto-backed pegged algorithmic stablecoin for Cardano that uses smart contracts to ensure price stabilization. If the audit and stress tests go as planned, Djed will launch its mainnet in January 2023.
• Ethereum whales started accumulation: The largest whale addresses for Ethereum (ETH) are rapidly accumulating ETH. In just one day, the whale addresses, which had between $10.9 million and $1.09 billion worth of Ethereum, devoured $1.03 billion. According to Santiment, the activity represents the fifth largest single-day addition by the largest group of whales in the previous year.
• Cardano to launch privacy focused blockchain ‘Midnight’: Cardano, a cryptocurrency project backed by the technology company Input Output Global (IOG), is getting ready to launch a new privacy-focused blockchain in response to the failure of similar projects like Monero to address rising privacy issues in the blockchain industry.In recent years, the digital world has expanded quickly, and nearly every nation has interacted with cutting-edge technologies like blockchain, Web3, and cryptocurrencies. Privacy protection, one of the most important online issues, is still a weakness in the sector. The founder of Cardano, Charles Hoskinson, disclosed that the organization would introduce a new token called Dust to power this distinct ecosystem that prioritizes privacy. Midnight, the company’s new blockchain, is anticipated to outperform earlier privacy-focused coin initiatives.
• Magic Eden x Polygon: Magic Eden, the leading NFT marketplace on Solana, announced Polygon (MATIC) as the third blockchain on the platform despite a steep 50% decline in the marketplace’s volume. It is ranked second on marketplaces, according to DappRadar. It plans a strategic partnership with Polygon to continue its multi-chain vision. With the polygon integration, Magic Eden also plans a launchpad and marketplace by next month.
• Venture Capital Deals: Last week, a few notable venture capital deals took place. One of the most notable was the $18 million that was invested into Fordefi.

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