It’s been almost 3 years since we last took a deep dive into one of crypto’s sleeping titans, Cardano.
After years of BUIDLing heavily in the background, we’re here to unveil everything new and all you need to know about the Cardano blockchain and $ADA token!
Once upon a time, in 2015, a co-founder of Ethereum decided to part ways to take a break. After a couple of years, upon his return in 2017, Charles Hoskinson followed his own vision and launched a colossus of a blockchain we know as Cardano.
How Does Cardano Work?
Cardano runs on a Proof-of-Stake (PoS) consensus mechanism called Ouroboros, which strives to power a scalable, sustainable, interoperable, and energy-efficient network. The mission is to replace the traditional financial system with a fair, inclusive, decentralized and accessible financial ecosystem for individuals and institutions worldwide.
Crafted for many use cases, Cardano establishes itself as a key blockchain that plans to power supply chains, enable payments on a global scale, tokenize real-world assets (RWA), own and control digital identities, enhance the global education system and so much more.
Cardano Updates
In recent months, Cardano has been rolling out many network upgrades and has formed many new partnerships with Brave, FTI, and most recently, even a collaboration between the Cardano and XRPL ecosystems! The tie between these two powerhouses could drive millions of new users to their ecosystems, marking a historical moment for both $ADA and $XRP.
Cardano Ecosystem & Statistics
Although Cardano is only able to process an estimated 257 TPS, it focuses more on security rather than speed. Despite this, Cardano still has an active network of around 5.44M users, averaging between 25K to 35K transactions per day, with a combined transaction count of over 111.5M+ in total.
Respectively, we all know Cardano’s network isn’t as popular as Ethereum, Solana and other Layer 1s when it comes to DeFi, but they do, however, host a more inclusive network for governments, institutions, and enterprises worldwide. Nonetheless, Cardano still has DeFi protocols of all kinds for everyone to enjoy.
$ADA Token
As you all probably know, the native token driving the Cardano blockchain is known as $ADA, which serves many utilities. First and foremost, $ADA is used to pay for all transaction fees on the blockchain. $ADA is also used to secure the consensus through staking, enabling participation in governance, and allowing developers to build dApps.
Conclusion
At the time of writing, $ADA is currently ranked the 9th largest crypto by market cap at $30.85B with a price of $0.87 per token. In the last bull run of 2021, $ADA peaked at an ATH of $3.10. As one of the most popular tokens and blockchains in the world, can you see $ADA exceeding its previous all-time high?
Official Cardano Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
