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In a week full of big tech news in the Cardano ecosystem, one of the oldest crypto exchanges, Bitstamp, named Cardano (ADA) as one of the top trends, getting a lot of attention.
This recognition fits in with some other important developments, like Cardano's development arm, Input Output, teaming up with Hedera as founding members of the Decentralized Recovery Alliance (DeRec).
Gamza KhanzadaevThe alliance is sort of the coalition made up of companies from both Web2 and Web3, working to make it easier to recover assets by developing an open-source standard that is as simple as Web2 experiences. Input Output and Hedera are set to shape the alliance's governance and policies over the next two years.
Attention: Cardano
Bitstamp highlighting Cardano's rising status could shift market dynamics, particularly in the highly sentiment-driven space of crypto. Such a recognition from a major exchange may attract more attention toward Cardano, and attention flow is probably what matters most on the crypto market as it shapes market sentiment, which in turn influences investor behavior.
Coinciding with this recognition, Cardano experienced a critical hard fork, known as Chang, which further put the blockchain and its native token, ADA, in the spotlight.
However, despite the positive developments - Input Output's leadership in DeRec and the successful hard fork - the price of ADA has continued to decline, leaving investors concerned.
While Cardano is getting more and more recognition for its progress, the price of ADA is still a bit of a concern, even as the ecosystem takes center stage in the broader conversation about blockchain innovation.
Arman Shirinyan
Alex Dovbnya