Hoskinson On Major Cardano DApp Innovation, Impact On Price

Cardano founder Charles Hoskinson has taken to X to highlight the importance of the network’s Extended Unspent Transaction Output, eUTxO.

Hoskinson specifically pointed to an earlier post from TxPipe, an open-source protocol and infrastructure technology provider, discussing the reputation of Cardano and eUTxO.

Charles Hoskinson on Cardano eUTxO

The TxPipe post reiterated that Cardano and eUTxO have a reputation for being networks with which to work at the development level.

The protocol wrote this statement compared to the more friendly EVM and the account model.

“TxPipe mission is to change this. We want devs to choose Cardano because of its DevEx. All of our open-source work converges into one: Tx3 – An UTxO development toolkit,” TxPipe wrote on X on April 24.

Hoskinson reacted to this post, expressing his excitement towards the new development.

According to him, this simplified development model can supercharge Decentralized Applications (DApp) built on the Cardano network.

Meanwhile, TxPipe mentioned the absence of a well-defined interface as a shortcoming of the UTxO tool. As a result, it becomes challenging to describe a DApp from a user’s perspective.

Furthermore, it boasted in its Tx3 that it can describe transactions as functions with intent, even though it is not a smart contract language.

This Tx3 is more of an abstraction layer above the UTxO validators that run on-chain. It can describe the entirety of the interface for a user’s DApp.

Cardano News: Midnight Network Update and Relevance

Apart from the update on the DApp innovation on Cardano, there are other key updates in the ecosystem.

This month has been quite significant for the Cardano blockchain regarding major releases. The network welcomed the Midnight Indexer, a modular, high-performance indexing service.

The design of this tool allows it to optimize how blockchain data flows from a Midnight node to end-user applications.

Beyond this function, it also offers a retrieval service, recouping block history.

The new Indexer, which is written in Rust, can process data and make it available via a flexible GraphQL API that supports queries, mutations, and real-time subscriptions.

In the long run, the goal is to have Midnight Indexer replace the legacy Scala-based Indexer.

This service will significantly improve the Cardano ecosystem, improving performance, making deployments across local and cloud environments easier, and enabling robust wallet integration.

In addition to this development, Midnight.js 1.0.0 went live recently. Midnight.js 1.0.0 is the official TypeScript client library for interacting with smart contracts and building private, composable DApps first on Midnight testnet.

ADA Price Prediction

The broader crypto market has seen a notable recovery in the prices of several crypto assets.

ADA, the native token of the Cardano network, surged by 10.59%, coinciding with the period when Cardano bulls appear to be in control of the cryptocurrency market’s momentum.

However, a defined consolidation soon crept in as some traders took profit.

At the time of this writing, ADA price, the native token of the Cardano network, traded at $0.7183 following a 2.12% price surge in the last 24 hours.

While this may seem like a slight price increase, it is a notable increase from the coin’s price level a few weeks ago. Experts and market watchers have hinted at the likelihood of the cryptocurrency hitting new levels.

These entities expect ADA to record new levels, aligning with the price of gold. Gold’s recent parabolic price movement on monthly charts could signal a significant bullish catalyst for cryptocurrency markets.

Popular crypto analyst Dan Gambardello pointed out this sentiment, as a bold forecast to a short-term range of $1.25

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