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As January 2022 comes to an end, the cryptocurrency market seems to have gone as cold as the winter.
There is lots of talk on whether the cryptocurrency market is over amid fear of the price decline, which started around the 20th. But there are still many people who still have faith in the cryptocurrency market.
Former Goldman Sachs CEO Lloyd Blankfein happens to be one of them. In a recent interview with CNBC, the former CEO, who viewed cryptocurrency negatively, indirectly expressed that the cryptocurrency ecosystem is maturing.
In a downtrend market, it seems that only cryptocurrencies that have fundamentals based on technology are re-evaluated. Whereas meme coins, considered "fun coins," are starting to lose their hype.
Today, we will be discussing Cardano (ADA), one of the leading players in technology
Cardano has recently shown a rapid price rise, reaching another ATH before the start of the decline. The fact that the system update 'Hydra' will be carried out within the second quarter of this year is the dominant factor driving the recent price rise in Ada. Cardano conducted a hard fork to separate the chain in September of last year completely. ADA soared to approximately 193% at the time, reflecting expectations. According to Xangle, a virtual asset information provider, Cardano currently has 250 transactions per second (TPS). However, if the Hydra update is carried out this year, it is expected that it will be possible to reach 500,000 to 1 million TPS in theory.
Cardano’s Ada transactions are fast and cheap, making them a better cryptocurrency than most with low transactions. Thanks to the PoS protocol, Cardano is said to be environmentally friendly and secure in the white paper.
The main selling point of the Cardano blockchain is that the proof-of-stake algorithm (PoS) has no scalability limitations. Even if the number of transactions increases, Cardano says it can remain stable. Proof of Stake is a more sustainable solution to Proof of Work's performance and energy use problems. Rather than relying on ''miners'' to solve complex computational equations to create new blocks, Proof of Stake selects participants and creates new blocks based on the stakes they control.
Let's take a look on Cardano-based services.
As the transaction of the first Cardano-based metaverse project, 60% of the 100,000 NFT virtual land issued by Pavia, expectations for a promising Cardano-based project are said to have contributed to the rise in Cardano prices.
RavenDex is the first non-custodial decentralized exchange based on Cardano and is planning to issue approximately 10,000 NFTs. The plan is to utilize the eUTXO model, which has a relatively low fee, and users can acquire RAVE tokens as a reward by staking RAVE-linked NFT, Ravendex's token.
SundaeSwap's AMM is a market maker method proposed by Vitalik, and is already being used in existing DEXs such as UniSwap and SushiSwap.. SundaySwap operates with the same mechanism as Uniswap V2 based on its whitepaper. Sunday Swap is meaningful because it is Cardano's first DApp using Haskell development language. Rather than bringing other open sources and copying pasting them, developers have to change into Haskell language before developing. Therefore, Sunday Swap's official release symbolizes the release of a dApp developed in the Haskell language.
However, Cardano is by no means technically perfect. Before the Hydra update, the current scalability and inter-chain speed were very low compared to other platforms such as Solana and Avalanche. It indeed takes several hours to complete SundaySwap transactions. It may be theoretically possible that several papers have been published through the Cardano white paper, but the practical implementation is a different story.
Cardano has a strong community where the Cardano treasury is steadily rising upwards. When the scalability and performance described in the white paper are implemented, it can exceed Ethereum.
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