One of the most active blockchains
Cardano (ADA) is currently held in over one million wallets around the world. Cryptocurrency is becoming increasingly decentralized and its followers are implementing rewards to encourage ownership.
These include the introduction of the ADA reward token, ADACash which had reached a capitalization of $30 million and more than 10,000 holders in less than a month. A number of similar projects took Cardano back above $1 in mid-March.
New initiatives are under development, including the NFT marketplace CNFT and many Cardano-based DEXs.
The Hydra upgrade is coming
The “Hydra” upgrade, which is due later this year (September according to many sources) and will significantly improve the speed of transaction processing on the Cardano network. Its blockchain will be considerably more competitive in the DeFi sphere.
Hydra, it will also be a reduction in transaction fees which will be almost zero for Cardano users. This long-awaited Tier 2 scalability solution will be developed on the existing Tier 1 blockchain.
The forerunner of 3rd generation blockchains
As the first 3rd generation blockchain, Cardano maintains a certain edge over competitors like Solana Where Avalanche. It should be noted that Cardano uses a proof-of-stake (PoS) mechanism which is much more energy efficient and environmentally friendly than the proof-of-work systems of Bitcoin and Ethereum (the latter is gradually turning to PoS).
Given that Ethereum and Cardano both have the same co-founder, it is hardly surprising that Cardano has risen to the top spot in the crypto market so quickly. It is one of the safest staking platforms for investors generating around 5% passive income.
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