Cardano founder Charles Hoskinson has expressed his readiness to support Kraken crypto exchange in building its layer-2 network. In a tweet, Hoskinson stated, “I’m game if you are,” in response to Kraken’s rumored search for a partner to develop a layer-2 blockchain network.
In a tweet by crypto expert Conraddit, Charles Hoskinson explores Kraken’s potential venture into building a Layer 2 blockchain network:
Layer-2 networks, known for enhancing scalability and transaction speed on layer-1 blockchains, have gained prominence for their cost-effective transaction fees.
Last week, speculation arose regarding Kraken’s potential development of a layer-2 network, with rumors suggesting collaborations with crypto firms such as Polygon or Matter Labs. Kraken neither confirmed nor denied these speculations, asserting its perpetual pursuit of identifying and addressing industry challenges and opportunities.Cardano’s ADA is currently priced at $0.3754, exhibiting a 6.53% increase over the last 7 days. As the eighth-largest cryptocurrency with a market cap of $13,238,794,587, ADA remains a significant player in the digital asset space. The 24-hour trading volume, at $356,182,335, reflects a substantial level of market activity, contributing to ADA’s liquidity and overall market dynamics.
ADA’s recent surge, surpassing the $0.38 mark, was met with resistance, halting its upward momentum. This resistance level, a historical point of significance, has triggered profit-taking among investors, creating a pivotal moment in the short-term trajectory.
Examining the Relative Strength Index (RSI) on the daily timeframe reveals a clear bearish divergence. This divergence, a hint at a potential weakening of upward momentum, suggests the likelihood of a more pronounced pullback before ADA resumes its ascent.
While short-term fluctuations are part of the cryptocurrency landscape, Cardano’s long-term vision remains robust. The commitment to decentralized governance, sustainability, and continuous innovation positions ADA as a formidable player in the evolving blockchain ecosystem.
ADA, shaped by years of technological refinement and strategic vision, stands at a crossroads. The ongoing market cooldown, though causing short time uncertainty, follows historical patterns of consolidation before resuming upward trends. As a seasoned analyst, the simple advice is to embrace fluctuations, monitor key levels and keep an eye on the horizon. Cardano’s journey is far from over, and the current market dynamics are but a chapter in its storied narrative.
