By Solomon Odunayo
As a report has it, Cardano (ADA), the 6th largest cryptocurrency by market capitalization, will soon go live on the decentralized algorithmic money market, Venus.
Venus passed this latest development across via its official Twitter handle a few hours ago. It came in a thread of announcements that was started on 17th February 2021 by Venus on the microblogging platform Twitter.
Back then, the platform announced that Venus Improvement Proposal 9, which is slated for deployment this week will enable Cardano (ADA) to be listed on Venus for holders to participate in the liquidity mining program, earn interest, or used as collateral for loans.
Venus tweeted, “Venus Improvement Proposal 9 (VIP-9) will deployed this week and will enable Cardano ADA to be added as an asset to Venus where users can participate in the liquidity mining program (farming), earn interest, or use ADA as collateral to borrow other assets.”
Two days later, Venus announced that Venus Improvement Proposal 9 (VIP-9) has been deployed on the Venus mainnet in readiness to add Cardano (ADA) as an asset on its platform.
“VIP-9 has been deployed on the Venus mainnet…”
VIP-9 has been deployed on the #Venus mainnet #BSC $XVS
Changes:
💴 Add $ADA to Venus
🏦 Lower VAI’s #XVS Emissions Rate
(Reducing overall Venus inflation) https://t.co/u6geS2A8ch— Venus (@VenusProtocol) February 18, 2021
Read Also: Fundamental Reasons to Be Bullish On Cardano (ADA)
Cardano (ADA) On the Verge of Becoming an Asset on Venus
In a recent update concerning the development, Venus stated that the awaiting Venus Improvement Proposal 9 (VIP-9) is now successful and it will be implemented soon.
According to the report, the development will give room for Cardano (ADA) to go live on the decentralized algorithmic money market, Venus.
Venus announced, “VIP-9 has passed and will be executed soon! Cardano will become an available digital asset on Venus!”
VIP-9 has passed and will be executed soon! @Cardano will become an available digital asset on #Venus!
Get started: https://t.co/cAsPHdzOlQ https://t.co/KCgHWRPlfB
— Venus (@VenusProtocol) February 23, 2021
Altcoin Markets Crash Along With Bitcoin (BTC)
The cryptocurrency market has been in the red zone over the past couple of hours. Virtually all cryptocurrencies in the market are experiencing a huge dump along with Bitcoin (BTC).
Over the last 24 hours, BTC has lost relatively 20% of its value, likewise the second-largest cryptocurrency by market cap, Ethereum (ETH).
Cardano (ADA) is also dumping significantly. At the moment, no one can ascertain the bottom of this bear’s perpetration. At the time of writing, ADA is trading at $0.9241, with about a 13% price plummet in the last 24 hours.
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