The cryptocurrency markets have been giving mixed signals, but Cardano (ADA) has managed to have a positive day. The cryptocurrency soared by over 9% today while the majority of other cryptocurrencies remained either flat or down.
This comes as ADA positions itself ahead of Ethereum in terms of transaction volume. And according to Cardano creator and CEO of IOHK, Charles Hoskinson, this is just the beginning.
ADA Is Back In The Top Five
After a lackluster performance for weeks, Cardano enjoyed an impressive run over the weekend. Its price has risen nearly 9.07% over the past 24 hours to trade at $1.54. With this upsurge, Cardano has climbed back to the No. 5 spot among the largest cryptocurrencies in the industry by market cap after outpacing Solana and the USD Coin.
The uptrend coincides with the imminent planned launch of the first fully-functional decentralized finance exchange on Cardano, the SundaeSwap (SUNDAE).
The team behind the project confirmed in a blog post on Sunday that they will launch its mainnet on January 20. While the launch is just a beta rollout with limited features, it will allow projects to create trading pools for their tokens beginning Tuesday.
The recent rally in ADA also follows robust transaction volumes.
It’s Just Getting Started: Grand Scaling Plans Ahead
As ZyCrypto reported, Cardano posted a transaction volume of $7.02 billion, effectively trouncing Ethereum which had a volume of $5.4 billion. Interestingly, users on the Cardano network paid a total of $66,000 to process all the transactions over the last 24 hours, while a whopping $44 million in fees was paid on Ethereum. The two altcoins are neck to neck in terms of adjusted transaction volume, as per Messari.
According to a tweet from Lark Davis, a crypto investor from New Zealand, Cardano was the second largest blockchain in transaction volume, only behind bitcoin. In response, Hoskinson noted that Cardano is just getting started as it’s only January.
Looking ahead, IOHK has revealed new plans regarding how it will scale the network in 2022. Some of the key upgrades targeted include an increase in the block size, the introduction of pipelining to cut block propagation times, input indorsers to increase the number of transactions per second.
Input-Output Hong Kong also intends to introduce Layer 2 Hydra scaling solution and sidechains that will allow tokens from one chain to be used in a different chain. The overall goal of these scaling initiatives is to increase the network’s throughput by adjusting different parameters and unveiling new innovations in order to be able to deal with rapid growth in the DApp ecosystem.
This, according to IOHK, will allow Cardano to “onboard first hundreds of thousands, then millions of new users,” ranging “from DeFi degens to citizens of developing nations.”
That said, Cardano recently won Vitalik Buterin’s Twitter poll for the best Ethereum alternative. The majority of respondents see Cardano becoming the dominant currency 13 years from now.
Check live crypto rates here
Start trading today – See our list of exchanges
Hey there! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My weblog looks weird when browsing from my iphone. I’m trying to find a theme or plugin that might be able to resolve this problem. If you have any suggestions, please share. Thank you!
Wow, superb blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your web site is fantastic, let alone the content!
You really make it seem so easy with your presentation but I in finding this topic to be actually something which I think I might never understand. It seems too complex and extremely wide for me. I’m looking ahead in your next submit, I will attempt to get the dangle of it!
I’m not that much of a internet reader to be honest but your sites really nice, keep it up! I’ll go ahead and bookmark your site to come back later. Many thanks
It’s hard to find knowledgeable people on this topic, but you sound like you know what you’re talking about! Thanks
I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post…
I do not even know how I ended up here, but I thought this post was good. I don’t know who you are but definitely you are going to a famous blogger if you aren’t already 😉 Cheers!
Its such as you read my thoughts! You seem to understand a lot approximately this, such as you wrote the guide in it or something. I think that you just could do with some p.c. to pressure the message house a little bit, however instead of that, this is fantastic blog. A fantastic read. I’ll certainly be back.
I?¦ve been exploring for a little for any high-quality articles or weblog posts in this kind of house . Exploring in Yahoo I at last stumbled upon this web site. Reading this info So i am glad to exhibit that I have a very good uncanny feeling I came upon just what I needed. I so much undoubtedly will make sure to don?¦t disregard this website and provides it a glance regularly.
Today, I went to the beach with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!
I do consider all of the concepts you have offered on your post. They’re really convincing and will definitely work. Still, the posts are very quick for beginners. May just you please extend them a bit from next time? Thanks for the post.
I love your blog.. very nice colors & theme. Did you create this website yourself? Plz reply back as I’m looking to create my own blog and would like to know wheere u got this from. thanks