The cryptocurrency market has plunged roughly 40% since reaching a high in early November, shedding $1.2 trillion in less than three months. But Cardano (ADA -0.75%) has been hit even harder. The price of the ADA coin has fallen about 60% from its all-time high. Even so, it still ranks as the sixth-most-valuable cryptocurrency, with a market cap of almost $40 billion.
More importantly, Cardano’s evidenced-based approach to blockchain development has won the project a loyal fan base, and many enthusiasts see significant upside after the recent sell-off. In fact, some investors are calling for ADA to hit $25 by 2025, a forecast that implies a 2,200% gain from its current price. Is that realistic?
Let’s dive in.
Cardano’s innovative blockchain
In 2015, Ethereum co-founder Charles Hoskinson left the project and started Input Output Global (IOG), a blockchain research and engineering company. In doing so, he hoped to advance the industry by improving upon Ethereum’s lack of scalability and its energy-intensive proof of work (PoW) consensus mechanism. In 2017, Hoskinson took the first step in realizing that vision when IOG launched the Cardano blockchain.
Cardano’s key innovation is the proof of stake (PoS) consensus protocol Ouroboros. In addition to being more energy-efficient than PoW solutions, Ouroboros is also the industry’s first peer-reviewed and verifiably secure consensus protocol. In other words, it has been rigorously examined in an academic setting.
Since then, evidenced-based development has become a core part of Cardano’s DNA. IOG frequently publishes academic research regarding technical updates to the blockchain, and the Cardano project itself is divided into five distinct phases, each focusing on a different set of features. In order, those phases address Cardano’s foundation, decentralization, smart contracts, scalability, and governance.
Cardano is currently in the third phase of development, as smart contract functionality went live on Sept. 12, 2021 . That means developers can now build decentralized applications (dApps) and decentralized finance (DeFi) services on the blockchain. And because those products require transaction fees paid in the native cryptocurrency, the resulting demand for ADA should drive its price higher as Cardano becomes more popular.
Of course, Ethereum is the clear leader in the industry, with more than 2,900 dApps deployed and $150 billion invested in DeFi products on the blockchain. But some 4,000 developers have worked with Cardano’s test network in the past, according to CoinMarketCap.com, and CardanoCube lists over 280 dApps and smart contracts that are already live. Cardano is also gaining momentum in the DeFi space, as investors have already poured $74 million into financial products on the blockchain.
Looking forward, the next phase in Cardano’s development is particularly important, as it involves an upgrade to the Ouroboros consensus protocol. Specifically, Hydra is a scaling solution that will enable multiple side chains — additional blockchains that will connect to the core chain — thereby dividing the network load more efficiently. Ultimately, Ouroboros Hydra could boost throughput to 1 million transactions per second (TPS), while allowing for instant confirmation of those transactions.
For context, Ethereum currently handles a maximum of 14 TPS, and those transactions take six minutes to reach finality. That lack of scalability has been a significant problem, because network congestion has caused transaction speeds to slow and fees to rise. For that reason, Ouroboros Hydra is critical to Cardano’s future, and the upgrade could take place sometime in 2022, according to IOG software engineer Sebastian Nagel.
Cardano’s price target
Price targets are inherently speculative, and that’s especially true in the crypto market. Stocks have been around for centuries, but cryptocurrencies are a new asset class, and they don’t generate revenue or profits like publicly traded companies. Also noteworthy, if ADA does indeed hit $25 by 2025, Cardano’s market cap would exceed $830 billion. Only Bitcoin has ever achieved a higher valuation.
However, Cardano promises much more utility than Bitcoin, and it is certainly possible for ADA to hit that price target. After all, meme tokens like Shiba Inu have generated much greater returns in much less time. That being said, a lot of things would need to go right for Cardano to achieve a market value of $830 billion.
First and foremost, the implementation of Hydra must be successful. If Cardano can distinguish itself in terms of scalability, more developers would be incentivized to learn Plutus, the programming language used to create smart contracts on Cardano. At that point, those developers would need to build an engaging ecosystem of dApps and DeFi products, and those products would have to go viral with consumers and investors. Assuming all of those stars align, demand for the ADA token could drive its price to $25.
However, even if that doesn’t happen, Cardano is an interesting blockchain project with a lot of potential, and this cryptocurrency could still be a rewarding long-term investment.
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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