Cardano
Why Cardano NFT Will Eventually Dominate The NFT Space?
NFT enthusiast Goofy Crisp believes that the Cardano network will one day dominate the NFT market. After activating smart contract capabilities just nine months ago, he claims that Cardano’s activity has skyrocketed. Since then, 1017 projects are under development, and 5.3 million tokens are now active on the blockchain.
2/18 Current Cardano activity
It has only been 9 months since the new era of smart contract capabilities on Cardano and there are already 5.3 million tokens on-chain and 1017 projects in development. Most related to NFTs, community & social, DEX, oracles, metaverse and gaming. pic.twitter.com/ZmmguoFJVQ
— $goofycrisp (@goofy_crisp) June 20, 2022
NFTs are the focus of a third of the projects currently under development, and Cardano currently ranks third in terms of NFT trade volumes. The largest NFT marketplace on the network, JPG Store, had a spike in user growth of 50% in only one month, surpassing only Solana and Ethereum in terms of transaction volume.
Due to Solana’s numerous failures and analysts’ predictions that Ethereum’s Proof-of-Stake transition may be postponed, Cardano may surpass Ethereum in popularity. New JPG Store features including characteristics and price filtering, NFT minting, and a “peer-reviewed open-source contract and new backend infrastructure” are other indicators of progress.
Technically, the network is said to go one step closer to becoming an NFT hub with the Vasil hard fork. Diffusion pipelining will speed up transactions, while inline datums will enhance the ability to store data on-chain for a better user experience.
“We may be in the middle of a bear market but the Cardano NFT space doesn’t feel like it. There are many improvements to come both on the blockchain and on the projects,” wrote Goofy Crispy. “I think it’s safe to say the next few months will be very interesting, buckle up.”
While other influencers are setting up shop in the network, celebrities including Snoop Dogg, Champ Medici, and Good Charlotte have partnered with some of Cardano’s NFT collections like ClayMates.
On the institutional front, Grayscale said that 32.33% of their Smart Contract Platform Ex-Ethereum Fund will be allocated to Cardano. A cryptocurrency custody company named Ledger also announced that Cardano has been integrated on their Ledger Live platform.
The advancements made in the NFT market can also benefit Cardano. The development of analytical tools has allowed users to examine trends and explore listings with ease. Improved Discord integrations and Chrome extensions for automated trade and sniping are more enhancements.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Original Source: https://news.coincu.com/103418-why-cardano-nft-will-dominate-nft/
Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.
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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