After moving sideways for weeks together, Cardano’s native cryptocurrency ADA was back in action over the weekend gaining more than 10% on Sunday, January 16. With this, Cardano seals its place once again in the top-five crypto-list.
As of press time, ADA is trading 9.10% up at a price of $1.47 and a market cap of $49.2 billion. The recent price surge in Cardano comes following strong transaction volumes and just before the Sundae Swap later this week. As per data from Messari, the Cardano blockchain had the second-highest network activity trumping Ethereum.
In the last 24 hours or so #cardano has had similar or higher transaction volume compared to #ethereum.
The fees on cardano totalled a mere $66,000 to process all of it. Over 4 billion in transaction volume.
Ethereum cost over 44 million dollars in fees.https://t.co/nm5fOb2L5O
— Ed n’ ₳ltcoins (@EdnStuff) January 16, 2022
Another major development is that 70 new smart contracts have been launched on the Cardano blockchain over the last month between December 13 – January 13. After an initial good start post the Alonzo upgrade in September 2021, the launch of smart contracts slowed down on Cardano that also resulted in a negative perception. Explaining the same, Cardano founder Charles Hoskinson stated:
“We had to rewrite the software three times; there were major changes in architecture and vendors. There were approaches taken that didn’t work out; there were, of course, delays”.
He further added that delays are the nature of the game for Cardano. One of the major important upgrades to the Cardano network is the launch of Sundae Swap ahead this week on Thursday, January 20.
Details of the Cardano Sundau Swap
As said, the launch of the Sundae Swap on the Cardano blockchain will happen later this week as a fully-functional beta decentralized exchange (DEX). Soon after the launch, yield-farming for SUNDAE will begin. The official announcement notes:
Yield farming will be available for at least the first six months of the SundaeSwap DEX, and during this period, LP tokens staked to yield farming contracts in eligible pools can earn additional SUNDAE rewards.
The recent rally could result into sustained price gains ahead this year in 2022.
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Source: https://coingape.com/cardano-back-in-top-5-as-ada-rallies-over-10-following-strong-transaction-volume/