- How Cardano will change the cryptocurrency market and how it’s driving the growth of cryptocurrencies as a whole.
- How much is ADA right now?
In the same vein, the world’s largest proof-of-stake cryptocurrency network, Cardano, has seen a significant uptick in the number of smart contracts written in its native programming language, Plutus. Smart contracts written in Plutus have increased over 200% from just over 300 in the middle of November to the present day.
IOHK carries out Plutus Pioneer courses before the launch of Plutus. These courses attract thousands of developers. These projects, some of which are highly skilled, are a testament to IOHK’s efforts to boost its popularity.
How Cardano will change the cryptocurrency market and how it’s driving the growth of cryptocurrencies as a whole.
The increase in activity is coming amid an ongoing series of upgrades to the Cardano blockchain, which introduced smart contracts capabilities. Since the introduction of smart contracts capabilities with the Alonzo upgrade in September, the Cardano blockchain has been awash with projects developing on the platform.
Currently, the front runner project of Cardano is SundaeSwap. It is a decentralized trading platform, developed in cooperation with the team of Cardano. They are working to address several issues and make improvements as they reach the main net launch.
SundaeSwap is an important test of the Cardano blockchain. It’s being billed to be a stress test for the Cardano network by IOHK, so far it looks like it’s holding up well to the test.
IOHK has been working on making Cardano more accessible to other blockchains by allowing them to connect to Cardano. They just announced the launch of the AGIX ERC-20 converter testnet. It allows other Ethereum-based cryptocurrencies to be connected to the Cardano network and vice versa.
How much is ADA right now?
Meanwhile, the price of the native token of the Cardano blockchain, ADA, is apparently not related to all the activity happening on the network. The price is down around 42.4% in the last 30 days, ranging from a low of $1.25 to a high of $2.27. ADA is currently trading at around $1.29, down 6.07% on the day.
But, there is no way to predict the direction of the market and which altcoins will outperform. Even the most successful coins in the market have faced price drops in the past week. The top ten cryptocurrencies by market capitalization are also in a dip both on the day and in the last week, with Solana recording the biggest percentage loss being down around 25.7%. Bitcoin, the benchmark crypto-asset has also been down around 15% in the past seven days.
Significance of Cardano Network
Cardano is an open-source blockchain network, built from scratch, that is driven by research and development. It was designed from the ground up to offer advanced functionality while at the same time delivering security. Cardano was launched in 2017 with a mission of providing a decentralized and scalable blockchain platform, offering features such as high transaction speeds, smart contracts, and enhanced privacy.
Cardano (ADA) is a new cryptocurrency that has emerged in the market. This crypto coin was developed by IOHK team. This new crypto coin is very different from the other cryptocurrencies that are available in the market today. They are trying to bring the blockchain technology in a better way than ever before. The team behind Cardano is working on making this cryptocurrency more user-friendly and easy to use for its users. As of now, it is not known whether the cryptocurrency will have a good growth rate in the market or not.
Featured photo source unsplash.com