Cardano’s Hoskinson Claims Gargantuan Billions In ADA Inflows Are ‘Just Getting Started’ — And Here’s Why
The cryptocurrency markets have been giving mixed signals, but Cardano (ADA) has managed to have a positive day. Read the full article by Brenda Ngari “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”
We have not been seeing too much action out of many tokens to begin the year but in recent days we have seen one start to move a bit. Cardano was one of the biggest gainers in 2021 and even jumped high into the top 10. With a slow start to the year, just like every other project, ADA dropped out of a top 5 spot that it had been in comfortably for some time. They are still poised to be one of the standouts in 2022.
Today, ADA is up over 9% so far as it carried over from a nice weekend and officially reclaimed that number 5 spot at a current price of $1.54. One reason the price might be shooting up is due to the hype around the mainnet launch of SundaeSwap (SUNDAE). This will be the first fully-functional decentralized exchange launching on the Cardano blockchain.
The team behind the project is confirming that the date of launch of the beta will be Sunday, January 20th. The beta release will allow other projects to create trading pools using their tokens. This is another step towards Cardano eating away at Ethereum’s market share.
An example of how efficient Cardano can be in comparison to ETH is looking at the transaction volume and fees over the last 24 hours. Cardano has had $7 billion in comparison to ETHs $5.5 billion in transaction volume. Cardano users; however, have paid a total of $66,000 in fees as opposed to $44 million in fees paid on ETH in the same time frame.
Cardano has plans of releasing more upgrades throughout the year that will increase its scaling capability by increasing the block size as well as increasing the number of transactions per second. The big upgrade that IOHK is intending on releasing this year is Layer 2 Hydra which is a scaling solution that will introduce side chains. All of these factors are a reason for optimism for Cardano as a whole going forward.