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Cardano is trading in the red over the last 24 hours as the crypto market extended its declines on Saturday, compounding an earlier sell-off. The market crash shook out leveraged crypto futures bets worth $591 million in 24 hours.
Crypto prices remained under pressure as a partial government shutdown increased uncertainty in the markets.
In line with this drop, open interest (OI) in futures tied to most major cryptocurrencies has declined, with Cardano’s open interest falling 3.68% in the last 24 hours to $597.55 million.
As Cardano metrics remained in the red, an outlier lies in the derivatives market, with ADA futures volume skyrocketing 18,966.01% on the Bitmex crypto exchange to $285.69 million, according to CoinGlass data.
Cardano volume has broadly declined in the derivatives market, down 19.6% to $1.41 billion, according to CoinMarketCap data.
This week, Cardano founder Charles Hoskinson announced that USDCx, the non-EVM privacy version of USDC, is coming to Cardano, the latest delivery via Pentad and the community-funded Critical Integrations program.
Cardano’s Midnight (NIGHT) token can now be bridged to COTI Network through ChainPort, according to an announcement this week. Pondora launched Echo, the first non-custodial Hydra implementation that transforms smart contracts into Hydra participants.
Pulse, which is believed to be Cardano’s privacy DEX, has gone live on the Midnight public testnet. Fluid Tokens stated it is now in the final stages of completing the Bitcoin Cardano bridge.
Input Output Engineering’s Hydra team and Masumi Network announced a collaboration this week to deploy Masumi, an AI agent on Hydra.
Progress is currently being made toward node v.10.7 integration as Cardano prepares for an intra era hard fork to protocol 11 version.
Professor Aggelos Kiayias, IO chief scientist, was named 2025 Fellow by the Association for Computing Machinery, which is one of the highest honors in computer science.
