The cryptosphere’s sixth largest cryptocurrency has fallen prey to the bears. Which has resulted in the price of Cardano’s native currency ADA catching the market’s wind. The week has been in the name of Cardano, with its DEX SundaeSwap’s launch, its metaverse Pavia, and routine developmental events.
Cardano’s DEX SundaeSwap, which had taken the crypto town by storm, has successfully ventured into the business. The DEX has been registering praiseworthy metrics, despite the congestion in the network.
While, savvies from the industry did expect ADA price to carry forward its bullish stance. The crypto has failed to keep up its pace in the midst of the market crash.
Did SundaeSwap Turn Cardano Into Buy The Rumor Sell The News?
The much-awaited DEX from Cardano is now finally live for users. SundaeSwap has made it despite the critics griping about the network congestion. Which did hamper the protocol’s adoption to a certain level, as several users did witness longer waiting periods for transactions to complete. Which the firm has confirmed, and it is expected to occur around the launches of DEX’s & large NFT drops.
Howbeit, SundaeSwap pushed TVL to the highs of $43 M in a day’s time as suggested by DeFi Llama. The TVL of the Cardano ecosystem is now over Over $85M as reported by the same firm.
According to some sources, the dominance of SundaeSwap did grow to 94.20%. Which is a applaudable feat.
The SundaeSwap launch did push Cardano towards a surge of 7.5% from $1.32 to $1.42. However, the crypto market’s downfall took ADA prices to around $1,20.The digital asset is currently priced at about $1.04 with gains being negative by 15.1% at press time.
What’s More In Cardano’s Sack?
Cardano’s metaverse project Pavia has performed remarkably well, and could persuade more projects to be built out of Cardano.
According to some sources, The value for land plots on Pavia trades as high as 30,000 ADA on CNFT, which is Cardano’s NFT marketplace.
On the contrary, Cardano ranks 2nd with highest active developer count in an ocean of rivals.
The developmental events are continuing at a routine rate, in a recent update, The protocol’s new Plutus fee estimator, uses real-world information from the transactions of Plutus.
The new tool enables developers to view the cost to execute smart contracts. In order to maximize the efficiency of scripts, while minimizing cost.
Source: https://coinpedia.org/altcoin/cardano-seems-dead-will-ada-price-remain-range-bound-at-1-this-year/