Cardano Overthrows Terra and Solana to Rank 7th-Largest Cryptocurrency Amid Favorable Developments

Cardano Overthrows Terra and Solana to Rank 7th-Largest Cryptocurrency Amid Favorable Developments

Cardano Overthrows Terra and Solana.

Things appear to be going smoothly for Cardano enthusiasts this week, as the cryptocurrency project brought smiles to the faces of investors once again after enduring a terrible start to the year. 

Despite the launch of decentralized applications on Cardano mainnet, the price of ADA still fell below $1 for most part of last month, with all efforts to push it above a dollar seemed futile. 

Cardano Records Major Win This Week

Interestingly, Cardano picked itself up from the dust this week after Grayscale announced that it would launch a smart contract platform fund for the crypto project alongside other cryptocurrencies like Solana. 

Less than 24 hours after the announcement was made, the volume of staked ADA coins skyrocketed by 72.15%, representing an inflow of institutional investors from the Grayscale offering. 

The development saw a whopping $1.4 billion worth of ADA staked across different Cardano pools, including the ones launched by decentralized exchanges on the network’s mainnet. 

Meanwhile, Coinbase also included ADA in its staking program. ADA staking is now live on Coinbase. It can be Bad for pool decentralization. But, it will probably make Cardano very attractive to Coinbase users who don’t realize they can get a better return in decentralized pools.

ADA Surges 17% in 24 Hours

At the time of writing this line, a unit of ADA is trading at $1.14, which represents a 17.4% surge in the last 24 hours. 

The surge saw ADA overtake Solana (SOL) and Terra (LUNA) to become the seventh-largest cryptocurrency with a market capitalization of $35.8 billion. 

Cardano’s Total Asset Surge

Recall that Cardano enabled smart contract functionality last year, a move expected to lure developers thus causing a massive spike in ADA value. 

However, things did not work out as planned during the initial stage as only a handful of developers were reported to be building on the blockchain. 

While many thought the deployment of smart contract functionality was not yielding positive results as expected, recent events show that there are nearly four million assets on the Cardano network. 

Charles Hoskinson, Cardano’s CEO, and founder took to his Twitter account to celebrate the milestone, saying: 

“Remember when I predicted thousands of assets and DApps on Cardano? Well, I was wrong, there are now millions of native assets issued and DApps are now in the hundreds. slow and steady.”   

More feats are expected to be recorded in the coming months as the Cardano team continues to build the project to rival other popular blockchains like Ethereum and Solana. 

According to reports, the Hydra upgrade is tipped to be released before the end of the year, which will boost Cardano’s transaction processing speed by a huge margin. 

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