Connect with us

Cardano

Cardano Becomes Third Largest Futures Market with $580M Open Interest

Published

on

At the time of press, ADA has recorded $9.5 billion tradings in the last 24 hours, Litecoin on the other hand is just under $9 billion.

Cardano (ADA) has flipped Litecoin (LTC) as the third-largest futures market. The asset now sits only behind Bitcoin (BTC) and Ethereum (ETH) with $580 million future open interest. Cardano has been impressing on all fronts. In the latest, the digital asset has climbed to become the third latest futures market. In retrospect, in December 2020 Cardano had $81-million aggregate futures open interest. Now, this has climbed as high as $580 million. During the 30% pullback earlier this week, ADA recorded $125-million long contracts liquidations, around 19% of the total open interest. This rapid growth can be attributed to positive price performance and network growth.

Since the turn of the year, ADA has surged by 475%. The gains have since seen the digital asset climb as high as 5th in the crypto market. At the time of press, ADA is exchanging for $1.02, with a market cap of nearly $33B.

Advertisement

Cardano Took Lead over Litecoin in 2020 as Its Open Interest Is Growing

While bears and bulls are locked in a price war, the digital asset has been winning on other fronts. After drawing attention to its flip of Litecoin in the futures market, a further comparison has shown that Cardano has swiftly put miles between it and Litecoin. For starters, on top of flipping it on the market rankings, now Cardano is recording higher daily trading volume. At the time of press, ADA has recorded $9.5B tradings in the last 24 hours, Litecoin on the other hand is just under $9B. The higher volume suggests a higher interest in Cardano and a positive outlook for the digital asset.

A further look into on-chain metrics, it is clear why Cardano is on top. As of Nov 2019, the two networks had a similar level of transfer and value of the transfer. Cardano however began taking the lead in 2020 and now the difference has grown 5 times. This has further validated the recent flipping.

ADA Set for a Big Year

Data from Cointelegraph Markets Pro shows that social media activity is also swinging in Cardano’s way. Cointelegraph reports that unique accounts discussing Cardano is 24% higher than the 30-day average over the past 24 hours. This has been one of the key metrics that has helped navigate the current market with new interest suggesting an influx of new investment.

Advertisement
https://pro.cointelegraph.com/?_ga=2.9688242.685997696.1614239471-557817665.1613119648

Photo: CT Markets Pro

Throughout the year, the Cardano project has been undergoing a number of major developments. Earlier this month, Cardano upgraded to allow it to be multiasset like Ethereum. Since Cardano has been looking to become the go-to smart contracts platform. As it stands, Cardano is on track to achieving this, offering better scalability and lower fees. However, Ethereum 2.0 could turn the tables once again. In regards to price, ADA is a long way to overtaking Ethereum. At the time of press, there is over $150B separating the two assets in terms of market cap.

News Source

Advertisement

Cardano

What’s In-Store For Cardano, Ethereum, MATIC, and 4 More Altcoins

Published

on

The cryptocurrency market traded with mixed results as the market leaders Bitcoin and Ethereum retraced, leading to a loss of 3.45 and 1.18 percent, respectively. Meanwhile, Solana is among the top performers.

Austin Arnold, the host of Altcoin Daily, believes that six big altcoins are poised for massive rallies in the coming year. 

Polygon (MATIC)

As per the YouTuber Ethereum layer-2 (L2) scaling solution Polygon (MATIC) is gaining traction following a deal with the $20 billion gaming giant DraftKings.

Advertisement

Arnold quotes Paul Liberman, DraftKings’ head of global product and technology, who explains how the company is positioned itself to develop alongside Polygon in a statement. 

“Although The DraftKings Marketplace Is In Its Infancy, We Are Optimistic About The Opportunities That Blockchain, NFTs, Cryptocurrency, And Other Technologies Will Present As We Prepare For Web 3.0 With Polygon And The New Digital Collectibles Breakthroughs Ahead.”

Polkadot 

Arnold then examines Polkadot, a decentralised interoperability platform (DOT). He cites a recent tweet from Polkadot founder Gavin Wood, who stated that the DOT treasury currently has slightly under 19 million DOT tokens to sponsor community projects. 

Any DOT that is not used is burnt. According to Gavin Wood, the Polkadot treasury is now burning 239,988 tokens every month.

Advertisement

The DOT token is becoming increasingly rare when it is burned or used. The price of DOT has just increased. This could be tied to impending interesting developments, like the upcoming parachain launch and slot auctions, which will also remove DOT from the market. 

With the first 11 parachain auctions coming to Polkadot next month, as well as the 100 or so available spots to be filled, Polkadot’s influence in the crypto sector might be boosted, and the multichain system’s rising status could be cemented.

Vechain

The supply chain management protocol VeChain is the third coin Arnold examines (VET). VeChain has announced a cooperation with large logistics business DHL for enterprise NFT (non-fungible token) issuance, according to the trader. 

Advertisement

“One Of The First Things Users Will Be Able To Do With This Collaboration With DHL China Is Designed The DHL Mascot And Then Mint It As NFTs On The VeChainThor Blockchain Technology.” 

Cardano

The smart-contract platform comes next. Cardano appears to be gaining pace, according to Arnold, after establishing partnerships with television satellite provider DISH and announcing a $100 million investment in Cardano-related projects in Africa.

Simply Put, There Are So Many People In More Developing Areas Of The World That Don’t Have Financial Stability, And That Can Be Changed With Cardano With Blockchain.”

Chainlink

Chainlink, a decentralized oracle network, is another coin on Arnold’s list (LINK). Despite the token’s poor performance in recent months, he feels there is still significant upside for LINK in the market, as partnerships continue to grow month over month, with 84 integrations in September alone. 

“I Understand, But Chainlink, In My Opinion, Still Has A Lot Of Room To Expand.” Consider This: Chainlink Already Has A Slew Of Exclusive, High-Profile Collaborations – Google And Oracle, To Name A Few – And Its Technology Is Used By Over 75 Distinct Blockchains, As Well As Several Data Feeds, Including USD [US Dollar] Currency Pairs.

My Speculation Is This: Over These Next Few Years, As DApp [Decentralized Application] Platforms Like Ethereum [ETH], Cardano, Solana [SOL], Polkadot, Elrond [EGLD], Etc. Continue To Fight For Market Share… Chainlink Is Integrating With All Of Them… Something To Think About.”

Ethereum

Finally, the crypto trader believes that Ethereum, the premier smart contract platform, is poised for a massive 2022. He points out that Ethereum developers announced in May-June 2022 that ETH will move to Ethereum 2.0, which will convert the blockchain to a proof-of-stake system. 

Advertisement

“Around February 2022, The Code Should Be Ready.” At The Earliest, The Merge To Mainnet, To ETH 2.0, Will Take Place In June 2022. The Year Of ETH Will Be Celebrated Next Year. That’s Where DeFi And NFTs (Networked Financial Technologies) Reside.”

News Source

Continue Reading

Cardano

Cardano-based ADALend Pioneers “Green Blockchain” Practices in DeFi

Published

on

Here’s how ADALend, one of the first DeFis on Cardano, is implementing eco-friendly practices in decentralized segment.

ADALend is a multi-purpose decentralized finance protocol on the largest proof-of-stake (PoS) network, Cardano (ADA). Its team stresses its commitment to the values of “green blockchain.”

ADALend and “green blockchain”

ADALend promotes itself as a decentralized finance protocol governed by its community through DAO (decentralized autonomous organization). ADALend offers its users a wide range of services that are set to replace classic banking tools, such as lending/borrowing, asset collateralization, flash loans and so on.

Advertisement

ADALend is going to accomplish all the milestones of its ambitious roadmap in an eco-friendly manner. Its representatives are certain that all mainstream blockchains of the future will be carbon-neutral. Their consensuses will work to consume a negligible amount of electricity for node synchronization and block creation.

Therefore, ADALend chose Cardano (ADA) as the technical framework for its development. Cardano (ADA), with its proof-of-stake (PoS) system, consumes 1.6 million times less energy than Bitcoin (BTC) does. Moreover, it is much more resource-efficient than its competitors in the PoS segment.

Advertisement

Recently, Cardano (ADA) inked a long-term strategic partnership with the Veritree community. With this collaboration, Cardano (ADA) will support “The First Global Cardano Impact Challenge,” a world-level initiative focused on investing money into replanting trees across the globe.

ADALend and security of Cardano (ADA)

ADALend’s team is also laser-focused on improving its security. As such, Cardano (ADA), with its codebase written in Haskell, is a natural solution: all products on Cardano (ADA) can be easily audited.

Thus, Cardano (ADA) offers a proactive layer of security for all of its decentralized applications (dApps), including ADALend.

Advertisement

Right now, ADALend is going through a private sale funding round for its ADAL token. As covered by U.Today, its seed funding round was oversubscribed.

On Sept. 9, 2021, ADALend raised a total of $540,000 from a clutch of high-profile VC funds and angel investors.

News Source

Advertisement
Continue Reading

Cardano

Cardano Is Basically Dead, Stagnant ADA Price Action Aggravates Holders!

Published

on

The most dominant asset has created a lot of media buzz ever since the approval of Bitcoin futures ETF approval. Bitcoin price has skyrocketed from below $40k to ATH of $66,600. While the predominance of the crypto space is currently in the green, it appears that Cardano price is lagging behind the majority of the altcoins.

It seems ADA is giving a tough time for token holders. With no significant gains despite the launch of its much-awaited smart contracts. The digital token in spite of profits lost its 3rd position for Binance coin with a massive drop in its total market cap and trading volume. Surprisingly, other altcoins are chugging up to outstrip Cardano. 

Cardano’s Transaction Speed Would Slowly Ruin its Reputation!

Cardano is one of the most inventive types of blockchain experiencing late growth. Two months ago, the ecosystem underwent an Alonzo hard fork upgrade to bring revolution to smart contracts space. Followed by the launch, a huge chunk of traders boarded on the platform in greed to earn profits. Yet the altcoin failed to reach the expectations despite started losing its original value and reputation. 

Advertisement

Holders are referring to this token as a sleeping giant and upgrades are outdated. However, heated debate across the market believes that smart contract functionality launched by Cardano is just a basic feature. Which the majority of the altcoins have already adopted. Moreover, the community expressed their frustration over loopholes associated with transaction speed and outdated user experience. 

It seems ADA is giving a tough time for token holders. With no significant gains despite the launch of its much-awaited smart contracts. The digital token in spite of profits lost its 3rd position for Binance coin with a massive drop in its total market cap and trading volume. Surprisingly, other altcoins are chugging up to outstrip Cardano. 

Cardano’s Transaction Speed Would Slowly Ruin its Reputation!

Cardano is one of the most inventive types of blockchain experiencing late growth. Two months ago, the ecosystem underwent an Alonzo hard fork upgrade to bring revolution to smart contracts space. Followed by the launch, a huge chunk of traders boarded on the platform in greed to earn profits. Yet the altcoin failed to reach the expectations despite started losing its original value and reputation. 

Advertisement

Holders are referring to this token as a sleeping giant and upgrades are outdated. However, heated debate across the market believes that smart contract functionality launched by Cardano is just a basic feature. Which the majority of the altcoins have already adopted. Moreover, the community expressed their frustration over loopholes associated with transaction speed and outdated user experience. 

Why Portion of the ADA Community is Still Bullish!

A portion of the community expresses their hope towards Cardano. Traders believe the upcoming Basho upgrade and POOP (Proof of Opinion Popularity) consensus mechanism in 2022 will resolve the glitches associated with transaction speed and scalability. Speculations say that the POOP protocol would handle infinite transactions and never run out of fuel.

Collectively, creating enough hype and interest is indeed to fuel the crypto projects but needs to survive for the long term. Cardano’s slow growth surely impacted its holders, because the altcoin didn’t live up to the generated hype. However, if the upcoming upgrade could able to solve the prevailing problems, then it would bring great profits to its holders as well as to the platform. 

Advertisement

News Source

 

Advertisement
Continue Reading