After years of fine-tuning its technology, Cardano has finally launched its first DEX on January 20, called SundaeSwap. On the day of its launch, its TVL reached $4.3 million. Cardano’s token, ADA, rose 10% the previous week in anticipation.
Has Cardano’s time finally arrived?
What is Cardano
Founded in 2015, Cardano calls itself Blockchain 3.0. It aims to combine the best of Bitcoin and Ethereum to solve problems related to scalability, interoperability and sustainability.
Cardano’s strength lies in its academic and scientific philosophical foundation.
IOHK is one of Cardano’s development foundations and is responsible for working with teams of academics around the world to research and review updates to the protocol to ensure it is scalable.
Cardano has a great long-term vision for cryptocurrencies. It believes that the new technology of blockchain should be at the service of businesses or financial systems. It wants to create a chain that can support thousands of transactions per second, a platform that allows governments and businesses to track information about the system, and even enable democratic governance.
Controversy surrounding Cardano
ADA is currently ranked seventh in terms of market cap and 15th in terms of 24h trading volume.
Footprint Analytics – ADA Price and Volume
Despite its high market cap, Cardano is a polarising project. Here’s why some people it is grossly overrated.
The development of Cardano has been slow… Cardano only launched its first smart contracts in September, 2021, about six years after the mainnet went live.
While there are over 170 projects on the Cardano chain that say they are under construction, only five so far are live. One of those is SundaeSwap.
Footprint Analytics – Protocols on Cardano
ADA tokens lack application scenarios… ADA’s current role is only for staking and the price is influenced by FOMO. Compared to other chains with strong ecosystem development, ADA’s token price growth has grown slowly over the past year.
Footprint Analytics – Top Chain Token Price Thrend
Concerns about its technical design and implementation… A number of issues have been raised in the community which may indicate that Cardano’s TPS, transaction fees, and scalability are not as perfect as they should be. SundaeSwap, the first Dex on Cardano, experienced network congestion and was unable to trade when it went live.
The main premise of Cardano is that its super-slow development will be justified by best-in-class performance and security. Whether it can accomplish this remains to be seen.
The case for Cardano
In the face of questions about the dApp launch and technical implementation, proponents argue that Cardano is future-proof. Cardano aims to work with governments and financial institutions, so it takes longer to prepare a more secure solution.
Here are the main arguments for Cardano:
Advanced technical concepts: Cardano’s unique consensus algorithm, Ouroboros, holds the possibility of achieving millions of TPS through a two-tier network architecture.
Professional review: Cardano was the first peer-reviewed blockchain project, meaning that Cardano’s code was subject to professional peer review to ensure the viability of the technology before it was launched.
Strong community: Cardano has a strong and enthusiastic community, bringing together many professionals, researchers, professors, developers, and investors.
Financial strength: Cardano currently has a fund of $160 million, which will provide strong support for subsequent ecosystem-building.
Proponents also believe that the Alonzo upgrade as the starting point for Cardano’s ecosystem to explode. As the ecosystem expands, ADA will have richer application scenarios and prices will see an increase.
Will Cardano explode in 2022?
There is no denying that Cardano’s vision is aspirational and comes at the perfect time, with congestion and high costs plaguing Ethereum.
However, there are more strong competitors on the market than anyone likely imagined five years ago.
After the DeFi Summer, dApps have exploded. Other chains are also competing extremely hard to carve out a slice of the DeFi market. If anyone can survive, it will be the products that meet users’ needs as they evolve.
Big whales don’t care about gas fees, they care about liquidity. They need to get money in and out quickly with as little price impact and slippage as possible.
And liquidity is something that needs to be provided by a large number of users. This is an important advantage for Ethereum, which is firmly in the lead among public chains thanks to its first-mover advantage in liquidity.
In other words, for all of its aspirations, Cardano needs to put its advanced concepts and technologies into practice.
Cardano will be a safe bet only when more dApps are implemented to ensure the proper operation of on-chain applications and users can participate in ecosystem construction, not just token trading.
What is Footprint Analytics?
Footprint Analytics is an all-in-one analysis platform to visualize blockchain data and discover insights. It cleans and integrates on-chain data so users of any experience level can quickly start researching tokens, projects and protocols. With over a thousand dashboard templates plus a drag-and-drop interface, anyone can build their own customized charts in minutes. Uncover blockchain data and invest smarter with Footprint.
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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