The bullish moves that are taking place in the crypto space continue. The mass adoption of digital assets has been one of the main goals that the crypto space set, and things are going great in this direction.
Institutional money enter Cardano and Solana
It’s been just revealed that the digital asset manager CoinShares said that Ethereum competitor Solana recorded more institutional capital inflows than any other crypto asset last week.
In its weekly report, the company reveals that Solana recorded more than twice the amount of institutional capital than ETH.
“Solana, a competitor to Ethereum offering a flexible infrastructure and faster transaction settlement, saw the largest inflows of any digital asset last week totalling US $7.1m.”
More than that, it’s been revealed the following:
“Ethereum saw minor inflows totalling US $3.2m last week along with other altcoins such as Cardano, Litecoin and Polkadot which saw inflows of US $6.4m, US $1.8m and US $1.1m respectively.”
Cardano in the news
It’s been just reported that Cardano is close to its final Hard Fork Combinator (HFC) event, “Alonzo,” to implement smart contract capabilities on the mainnet.
Dev, community projects, and IOG are gearing up for the milestone and the potential growth of the network’s ecosystem.
Recently, IOG released a paper that’s focused on addressing a new algorithm stablecoin to be launch on the platform, called Djed.
this digital asset will tackle the most common issues with other stablecoins, such as Tether and USD Coin.
These include the lack of transparency about their reserves and their liquidity. IOG notes the following:
“Djed is a crypto-backed algorithmic stablecoin contract that acts as an autonomous bank. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins.”
Stay tuned for more news from the crypto space, and make sure to keep your eyes peeled on the crypto market.