- Crypto market stays afloat as FUD still grows strong, Fear & Greed Index on ‘Extreme Fear’.
- Still, crypto enthusiasts are HODLing on for brighter days, especially Cardano (ADA) believers.
- SundaySwap testnet takes the stage on Cardano’s network, and the bug hunt begins.
True crypto enthusiasts worldwide are HODLing for dear life. In contrast, others are letting the FUD get to them. Indeed, it is a trying time to be a part of the crypto industry right now. It’s hard to watch the charts during a time when fear is strong.
Accordingly, the crypto Fear & Greed Index shows that the current crypto sentiment is at 24. So, the market is in ‘Extreme Fear’. Understandably, this tends to happen after huge corrections. More so, the new Omicron variant also plays a part.
Still, seasoned analysts are certain that another huge rise is just around the corner. In fact, we have seen repeated patterns similar to this in the past. Hence, it is highly likely that HODLing will certainly pay off in the long run.
In particular, one of the altcoins that are expected to rise soon along with Bitcoin (BTC) is Cardano (ADA). Lately, the asset has been jumping through hoops and achieving new milestones. From the successful Alonzo update to setting a new ATH right after, the project is now working on multiple new milestones.
Specifically, the platform itself is expecting to see much more activity on its network. Certainly, many new projects are set to launch soon on Cardano. To highlight, the decentralized exchange — SundaySwap, is launching its public testnet.
Later today, @SundaeSwap will launch their DEX on the #Cardano TestNet launch. We’re expecting a huge amount of interest in this highly-anticipated event, and lots of activity. This is why we are collaborating. Because we’re looking to learn a lot, too.
1/8
— Input Output (@InputOutputHK) December 5, 2021
This testnet aims to put the network under high throughput so as to monitor and analyze its current network parameter settings. As it is still in testnet phase, both IOHK and SundaySwap are encouraging users to find bugs so the team can work on immediately fixing them.
No doubt, it is true that Cardano is working slowly and steadily to bring about the best performance as expected. Thus, it is still quite early in the phase for DeFi on Cardano, and testnets will help the platform reach the next phase even faster. Finally, Cardano believers are staying true and awaiting glorious future days. It is no secret that Cardano has immense support as a project and from its dedicated community. We will have to keep a close eye on Cardano and the price of ADA, great surprise may be in store.
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