Moving ‘horizontal’ for a while Cardano (ADA), managed to break this horizontal movement on January 16, and managed to rise more than 10%. This rise of ADA also changed the list of the top ten cryptocurrencies in terms of market capitalization. ADA found itself in fifth place again.
Cardano’s native token, ADA, is currently trading at $1.51, up 11.40%, with a total market cap of $50,988 billion. Cardano’s latest price surge followed by strong trading volumes, ahead of this week’s Sundae Swap. According to data from Messari, cardano Its blockchain has the second highest network activity, surpassing Ethereum.
In the last 24 hours or so #cardano has had similar or higher transaction volume compared to #ethereum.
The fees on cardano totalled a mere $66,000 to process all of it. Over 4 billion in transaction volume.
Ethereum cost over 44 million dollars in fees.https://t.co/nm5fOb2L5O
— Ed n’ ₳ltcoins (@EdnStuff) January 16, 2022
Another important development was the launch of 70 new smart contracts on the Cardano blockchain between 13 December and 13 January. Introduced in September 2021, the Alonzo upgrade caused smart contracts to slow down and create a ‘negative’ perception on the Cardano blockchain. Cardano founder Charles Hoskinson said:
“We had to rewrite the software three times; There have been major changes in architecture and vendors. There were approaches that didn’t work; Of course there were delays,” he said.
He also added that delays are the nature of the game for Cardano. One of the most important updates on the Cardano network will be the launch of Sundae Swap this week on Thursday, January 20.
Cardano, Sundae Swap Details
As we just mentioned, the launch of Sundae Swap on the Cardano blockchain will take place later this week as a fully functional beta decentralized exchange (DEX). Shortly after launch, crop farming will begin for SUNDAE. The official announcement drew attention to the following:
“Yield farming will be available for at least the first six months of the SundaeSwap DEX, during which LP tokens staked to secure farming contracts in eligible pools can earn additional SUNDAE rewards.”