Over the past 7 days, Cardano (ADA) has been one of the best performers among the top 10 cryptocurrencies by market cap. With Bitcoin and others standing behind, Proof of Stake networks seem to be leading the market. ADA has gained close to 15 percent in the last seven days. So, what was behind the rise? Here are the details…
ADA price gains momentum: So why?
ADA’s price increase is thought to have been fueled by rumors about the potential implementation of a burn mechanism for Cardano. The news was shared by WatcherGuru on Twitter and there was a reaction from the ADA community. The source of the rumor could be a tweet by Clark Alesna, the developer and CEO of a company called SAIB Inc. Alesna accepted a “challenge” from Cardano founder Hoskinson and said she would start creating a smart burning contract for ADA, using the following statements:
It seems that no one took part in the challenge to create the coin burn smart contract that Charles Hoskinson introduced a while ago. So, I take the reins and start planning and coding this weekend. I will update you soon.
But her tweets and replies show that Alesna is just joking. The message, taken seriously by some media outlets, prompted a response from Hoskinson himself. The inventor of Cardano shared the following meme in response to these news.
Cardano ecosystem expands
The ADA community seems to agree that a burn mechanism will never be implemented in Cardano, classifying the rumors as “misleading”. Most users seem to agree that this system will bring disadvantages to the network. cryptocoin.com As we have also reported, the ADA ecosystem continues to expand. The data shared by Hoskinson shows that the Cardano ecosystem has expanded since the implementation of smart contract capabilities.
As seen above, there are more than 500 projects built on this network according to Hoskinson. Currently, non-fungiable tokens (NFTs) seem to dominate the development in this network. NFTs are followed by DEXs, GamiFi, and wallets, which are decentralized exchanges.
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