Cardano (CRYPTO:ADA) has now become one of the fastest-growing cryptocurrencies in the crypto world. In fact, Cardano is now ranked sixth in terms of largest cryptocurrencies by market capitalization.
Indeed, the fact that Cardano is up there with sought-after cryptocurrencies like Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) is a big deal. This digital currency, whose ticker symbol gets its name from English mathematician Ada Lovelace, aims to be more sustainable and scalable than its mega-cap crypto peers. Cardano has been quite successful in becoming a leading network for crypto enthusiasts of late.
This success has been reflected in an astronomical increase of 2,000% in ADA’s value over the past year. Let’s dive into why investors may want to continue to buy into Cardano at a $67 billion market cap.
Faster than its competitors
One of the biggest problems for most cryptocurrencies is scalability. The largest crypto tokens such as Bitcoin and Ethereum can process around 4.6 and 15-20 transactions per second (TPS), respectively.
However, in terms of speed, Cardano is right up there with the best. This network was tested in 2017, showing the ability to handle 257 transactions per second. That’s heads and shoulders above most of its peers.
Transaction speed is a metric that’s being watched closer by investors. That’s because micropayments and microtipping will become possible on the Cardano network, once its Hydra protocol is fully implemented. This protocol has taken five years to develop, however experts believe this could allow Cardano to process as many as 1,000 transactions per second. Thus, the scalability argument with this cryptocurrency network remains strong.
To put this level of speed in context, the Visa network processes approximately 1,700 transactions per second. Cardano could, at least in theory, give some major incumbents a run for their money in terms of facilitating transactions swiftly and effectively, at extremely low cost.
Cardano’s versatility is enticing
Given the fact that Ethereum and Cardano share a founder, it’s perhaps unsurprising to see Cardano rise to prominence so quickly. After all, the ability to utilize smart contracts on a given network is game-changing. Smart contracts are digital contracts between two parties, which automatically execute when certain conditions are met. These are the building blocks of the decentralized finance (DeFi) and decentralized application (dApp) movements.
Cardano’s versatility in providing a real innovative and disruptive threat to sectors such as finance, healthcare, and law is notable.
However, another key factor investors note as a reason to own Cardano is the network’s proof-of-stake protocol. Unlike Bitcoin and other proof-of-work miners, proof of stake mining allows investors in Cardano to stake their tokens to validate the blockchain. This requires much less computing power than the traditional PoW model and is appreciated by environmentally conscious investors.
Another side effect of proof-of-stake validation protocols is these allow for relatively low transaction fees and improved transaction times, along with less energy usage. The fact that Cardano was one of the early adopters in this validation model has propelled this cryptocurrency up the market cap list rather quickly. Other cryptocurrencies are expected to follow Cardano’s lead over time.
Cardano supply is limited
Unlike some other cryptocurrencies whose supplies aren’t capped at a certain limit, Cardano has a fixed supply. This cryptocurrency has followed Bitcoin in this regard. Unlike Bitcoin, which capped its total token supply at 21 million, Cardano chose an arbitrary value of 45 billion for its supply cap. Currently, there are approximately 31 billion ADA tokens in circulation today.
Accordingly, investors in ADA know that approximately 70% of all ADA tokens that will ever exist already exist today. By limiting supply, investors have a theoretical floor underneath the price of ADA, assuming supply and demand fundamentals remain intact.
As with other cryptocurrencies, supply and demand are important factors in Cardano’s valuation. Right now, this remains a highly sought-after cryptocurrency. However, risks related to how capital continues to flow into the cryptocurrency market, as well as the amount of leverage used, remain. Investors ought to be wary of these risks.
Risks to consider
Certainly, there are a number of great reasons to consider Cardano right now. However, even with these positives, there are risks that investors need to consider.
Cardano is still a relatively young cryptocurrency. The entire crypto world is still growing fast — and remains in its infancy, for that matter. However, the extent to which Cardano succeeds at remaining a top cryptocurrency for investors depends on how competitive the Cardano network is over time. In this regard, Cardano seems like a strong bet.
That said, the crypto market remains highly volatile. Investors buying any cryptocurrency ought to be aware of this fact and size positions accordingly. Despite Cardano’s appeal, there’s significant risk with investing in any asset class that has shown this level of volatility over an extended period of time.
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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