1. Cardano Blockchain Development Progress

Over the past 90 days, approximately 82.8 million ADA (equivalent to about 24 million USD) has flowed into the native asset market of Cardano through the official TapTools platform. As a result, Cardano’s total locked value (TVL) has reached 182 million USD, and the valuation of ADA is also approaching the milestone of 6 million ADA. The network has seen the construction of numerous DeFi protocols, attracting an increasing number of newcomers. However, it was announced that Alex, the key developer of Lace Wallet and a member of IOG, will be leaving the company after a tenure of four and a half years. Another protocol gaining attention is TWIN, which aims to tokenize precious metals such as gold, silver, and platinum, and potentially expand to include other commodities like cocoa beans for trading in the future.

2. News on the Coinbase and SEC Lawsuit

The SEC has accused Coinbase of operating as an unregistered securities exchange, broker, and clearing agency. The lawsuit focuses on a series of assets, including ADA, and currently, the judge is in the midst of deliberating on the matter, which has ADA holders eagerly awaiting further updates.

3. ADA Market Analysis

The price of ADA has been displaying a frustratingly choppy movement, especially after the news regarding XRP. ADA has been relatively stagnant for the past week, hovering around 30.5 cents. It briefly breached an important support line but is struggling around that level. Moving forward, the chart indicates the possibility of Elliott Wave patterns, with observations of a triangle formation that began in December. From past movements, it appears to consist of three stages of upward trends, followed by three stages of downward trends, and then another three stages of upward trends.

Quoted URL

https://www.youtube.com/watch?v=zC1W_EXmom0
https://www.youtube.com/watch?v=bRHIZND8g-o
https://www.youtube.com/watch?v=p7HvLSg6dmI