Katraar - AR Rahman’s Web3 spin🎶

And Cardano Comeback?

Author

Nisha Ramesh
January 10, 2023

Good Morning, Switchers 🌞

👋Welcome to Switch Daily.

Yo! Wassup. How’s your day looking? Musical 🎶. As I was unwinding for the day with my earpods listening to ‘Urvashi, Urvashi’ composed by the music legend A.R Rahman—Yep, 90’s kid, don’t judge 🙈—an interesting notification popped on Twitter. 

Turns out, ARR, India’s favorite music director, is bringing the metaverse to Indian musicians. The music industry has been thriving in the Web3 space internationally, but this is kinda the first time an Indian music celebrity is dipping their toes in the metaverse.  

He’s calling it Katraar, which means learned folks in Tamil. The goal is to build a global community of music lovers & artists to share their common passion for creativity. 

BTW, if you like reading this newsletter, give us a shout-out on Twitter and get your friends to subscribe. It will mean a great deal to us!

Here’s what we’ve got for you today: 

  • Market pulse

  • What’s up with Cardano?

  • Steaming news

  • Meme of the day

Market pulse 📈

The market is as still as ice 🧊

A late breakout on Sunday continued into Monday's session, resulting in the crypto market gaining $8.71 billion to end the day at $806.51 billion. Market bets of a 25-basis point Fed interest rate hike in February, along with updates from China regarding the removal of COVID-19 restrictions, supported the session. 

Despite the significant gain from the top cryptos by market cap, it was a mixed session, with ADA leading the way and BTC ending the day at $17,000. However, BNB struggled. 

Cardano’s wild ride 🎢

Is 2023 the year of crypto? We don’t know yet.

Here’s what we know. 

Just ten days into the new year, the crypto market is starting to look greener. But, while the rest of the market is moving at the speed of a Maruti 800, two crypto assets have fueled up and are racing at the speed of an F1 race car. Yep, we’re talking about Solana and Cardano. 

In the past week:

  • Solana ▲ 41.6%

  • Cardano ▲ 23.19% 

Tradingview

We talked about why Solana has been gaining value so quickly very recently. Check it out!

Is Cardano’s gain sustainable?

Cardano has been doing well in the crypto market over the past week. It is registering never-seen-before gains and has surpassed Dogecoin to take eighth place in the crypto market. 

Now, there are a few reasons why this could be happening: 

🚀Despite the harsh crypto winter, Cardano continues to BUIDL. According to Santiment, Cardano's key network activities increased significantly in 2022, with its smart contract feature increasing 394% over 2021 and native tokens on the platform increasing 192%. Cardano transactions increased 139% to 56.9 million.

🚀Cardano intends to launch its own stablecoin, the Djed, later this month. That stablecoin will help Cardano become a more prominent player in the world of DeFi protocols.

🚀The community is laying out plans to offer real enterprise-level solutions. For example, Financial services firms can use Cardano to improve their client onboarding processes, or it can be used in the supply chain space, etc. 

🚀Cardano founder Charles Hoskinson has announced the opening of his new hospital, "Hoskinson Health & Wellness Clinic," where customers will be able to pay for medical services using ADA, the Cardano ecosystem's native token.

Considering all the positive developments around the Cardano ecosystem, the market reaction to its native token ADA does not come as a surprise. 

However, the market is still a bit shaky, and it is difficult to know if this rally will continue further. So, just make sure to DYOR before you jump the gun! 

Note: None of this is financial advice, and we’re not financial advisors. We’re merely your fellow investors who share information on the go. 

What’s brewing? ☕

Shares of publicly traded Bitcoin miners rose on Jan. 9 as traders piled into equity markets, betting that the US Federal Reserve would soon be able to ease up on its aggressive anti-inflationary policies.

Apple's first major step into the metaverse—a high-end, mixed-reality headset—will reportedly be unveiled to the world for the first time this spring after several years of development.

A month after the release of Trump NFTs, the NFT trading card project has hit new lows as trading demand continues to dwindle. Sunday's sales total was more than 99% lower than the peak day in December, indicating that the short-lived demand bubble has burst.

Meme of the day!

Thank You,

See you later, folks. 👋

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