Category: Cardano blockchain

Cardano Loses 3rd Spot On Crypto Top 10, Why It May Drop Even More

Cardano Loses 3rd Spot On Crypto Top 10, Why It May Drop Even More

Cardano has now lost its spot at the 3rd place on the crypto top 10 as its price had refused to move in accordance with the broader crypto market. While other altcoins had rallied alongside bitcoin, ADA had remained mostly stagnant.
Despite the hype created around the project when smart contracts capability was launched last month, support has dwindled for the asset. Its race above $3 had seen it overtake Binance native token BNB to clench the top 3 spot. But ADA has once again surrendered this position as it dropped to 4th place while BNB surged past, beating ADA by $9 billion in market cap.
ADA May Still Suffer Losses
The Cardano project has not had any market-moving news in recent times. There has been news regarding the project investing in smaller Cardano-focused startups. However, nothing has created hype around the project.
Related Reading | Cardano Investors In Japan Come Under Fire For $6 Million In Underreported Taxes
Its foray into the decentralized finance (DeFi) space has been delayed because although the blockchain is now capable of supporting smart contracts, building the protocols required to provide decentralized finance services to users takes time to build. Developers have been working hard on deploying their decentralized applications (DApps) on the network and the Cardano Foundation has provided support to these projects, but it will take a while before there are enough working DeFi protocols on the blockchain to draw in users to carry out DeFi activities on the network.

ADA price trading at $2.13 | Source: ADAUSD on TradingView.com
If the digital asset does not see any significant improvement in support and momentum, then ADA may run the risk of falling below $2. Its community boasts some of the strongest hold sentiment with over 70% of its total supply currently staked. However, without significant amounts of money coming into the asset, it is likely to continue a downtrend that may see the price retest the $1.7 range.
Cardano Founder Begins Africa Tour
Bitcoinist reported last week that Cardano founder Charles Hoskinson was getting ready to begin a tour through Africa. Hoskinson confirmed that the tour had kicked off on October 15th when he posted a tweet that showed him appearing on a panel in South Africa, where the tour was scheduled to begin.
Related Reading | SpaceBudZ Marks First NFT Sale Above $1 Million On Cardano Network
Hoskinson, in conjunction with the Cardano Foundation, plans to visit various startups on the continent that are building on the blockchain. They will provide funding and education, as needed, to this project and help to guide them through deploying on the Cardano network.
This has although not been the kind of needle-moving news that the digital asset needed because, despite the kick-off of the tour, ADA’s price has not recorded much upward movement. Momentum remains down as the price continues to struggle around the $2.1 price range.
Featured image from Euronews, chart from TradingView.com

SpaceBudZ Marks First NFT Sale Above $1 Million On Cardano Network

SpaceBudZ Marks First NFT Sale Above $1 Million On Cardano Network

NFTs have been live on the Cardano network for a while. Before smart contracts capability had debuted on the network, users were able to mint and sell NFTs without needing a smart contract address. This has been one of the pulls towards the network and users have taken full advantage of this capability to trade their NFTs on the blockchain.
However, compared to leading NFTs blockchain Ethereum, Cardano NFT sales have been minute. Where the Ethereum network has seen NFTs sold for as high as $69.3 million in the case of Beeple, Cardano had yet to see its first million-dollar sale. This is mostly due to the network rolling out NFT capability later than Ethereum and having less interest from buyers.
Related Reading | Cardano Investors In Japan Come Under Fire For $6 Million In Underreported Taxes
SpaceBudz Sells First Million-Dollar NFT
The NFT market on Cardano has boomed ever since smart contracts capability was introduced on the blockchain. Although these smart contracts are not required for minting NFTs, they brought more users to the network, which, in turn, brought more interest into NFTs minted on the platform. Various artists have released and sold their NFTs on the blockchain, and now, SpaceBudz has successfully recorded the first Cardano NFT sale above $1 million.

ADA price trading at $2.11 | Source: ADAUSD on TradingView.com
SpaceBudz is an NFT platform that is built on the Cardano blockchain. The SpaceBudz consists of 10,000 unique NFTs which users can personally own after they purchase it. The project broadcasts its sale on Twitter via a bot that reports every listing and sale of a SpaceBudz NFT.
On Tuesday, the SpaceBudzBot account reported that SpaceBud #9936 had been sold for 510,000 ADA. Going by ADA’s current price of $2.11 at the time of this writing, the NFT sold for $1,076,100. A record sale on the Cardano network.

SOLD – SpaceBud #9936 was bought for 510000 $ADA https://t.co/E3605AnMs0 #spacebudzsold pic.twitter.com/W6Jml5mbHt
— SpaceBudzBot (@spacebudzbot) October 12, 2021

Cardano Celebrates Ada Lovelace
Cardano’s native token ADA is named after one of the earliest programmers on record. Ada Lovelace is one of the women who pioneered software programming after the first computers were used in the 1940s. Members of the community refer to themselves as Lovelaces, an ode to the mathematician.
IOHK joined the scientific community in celebrating Ada Lovelace Day, which commemorates the contributions and achievements of women in STEM fields.

Today is Ada Lovelace Day – celebrating one of the earliest tech pioneers & programmers!
It is an international celebration of the achievements of women in science, technology, engineering & math, to increase the profile of women in STEM #Cardano https://t.co/bp1X6rC79z pic.twitter.com/tCgcvaoZHZ
— Input Output (@InputOutputHK) October 12, 2021

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Cardano Foundation has been making marked contributions to innovation and growth in the science and technology sector, and founder Charles Hoskinson is set to tour the continent of Africa as the foundation invests in startups building on the blockchain in the region. The Africa tour is scheduled to start in South Africa but a departure time has not been announced yet.
Featured image from The Cryptonomist, chart from TradingView.com

Grayscale Report Shows The Good, The Bad, And The Ugly Of The Cardano Network

Grayscale Report Shows The Good, The Bad, And The Ugly Of The Cardano Network

Cardano featured in the latest release of the Grayscale Building Blocks, a monthly publication from one of the leading crypto funds in the world. The report focused solely on the third-largest cryptocurrency by market cap. An exposé of sorts. The report went through various aspects of Cardano, including its creation, leadership, community, and so forth.
Cardano is the third-largest holding of Grayscale in its GDLC Fund (Grayscale Digital Large Cap Fund). This is why the asset manager has taken a vested interest in the asset and is educating its investors on one of its largest crypto holdings. In the report, the pros and cons of the network are outlined. Along with the upgrades which are being carried out on the network to put it in a favorable position to compete with other large cryptocurrencies in the market.
Competing With The Market
As time went on, the way the Cardano network was structured had unveiled a flaw in its design. Once decentralized finance gained popularity, it became obvious that the blockchain would not be able to compete on the same level as Ethereum due to its lack of smart contracts capability. Developers had then begun to work on launching smart contracts capability on the network, which became a reality on September 12th, 2021. But it came years behind other leading smart contracts networks.
Related Reading | Charles Hoskinson To Launch Three-Time Grammy Nominee Paul Oakenfold’s Album On Cardano
With smart contracts capability present in the Cardano ecosystem, the question becomes if users will adopt it. There already exist blockchains with booming decentralized finance markets. So they would need a compelling reason to move over to Cardano.
“The trade-off of Cardano’s approach has also resulted in its biggest weaknesses, which include: a historical lack of smart contract capabilities, an unproven track-record for how well dApps will function, a still maturing third-party developer ecosystem, lack of widespread mainnet dApps, ad lower transaction fee revenue.”

ADA price maintains position above $2 | Source: ADAUSD on TradingView.com
Since the network is yet to be tested, there is still skepticism in the community as to how well decentralized applications will work on the blockchain. Developers obviously have their work cut out for them.
Cardano Competitive Advantages
The Grayscale report also outlines the advantages of the blockchain over others. Its leadership remains one of the strongest components of the project. The Cardano community has always remained loyal to founder Charles Hoskinson, who has continued to share his vision for the project with the community at every turn. As such, inspires continued support for the asset no matter how the price may be doing.
Decentralization is also an important feature of the Cardano blockchain. A fully open-source project, the Shelly upgrade had spread the core network consensus amongst thousands of participants. Its native token, ADA, is held by millions of people around the world and can easily be bought and sold on exchanges both big and small.
Related Reading | FinTech Behind Cardano’s First Stablecoin Launches Bank Accounts And Visa Debit Cards
Last but not least, the blockchain has strong funding sources. Its treasury balances currently sit at $1.6 billion, giving the network a competitive advantage when it comes to growing and upgrading its ecosystem as technology in the crypto space changes.
Featured image from CryptoPotato, chart from TradingView.com

Cardano Summit Sees Launch Of Exciting New Partnerships

Cardano Summit Sees Launch Of Exciting New Partnerships

The Cardano Summit has now officially come to an end. Saturday and Sunday saw live and virtual events from around the world, while notable figures in the crypto space spoke at the event, including the founder of Cardano Charles Hoskinson. The event brought a lot of excitement to the space and allowed community members to interact with one another from around the world. But most notable has been the announcements of new partnerships made at the event.
Related Reading | Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off
In the weeks leading up to the event, the founder, developers, and individuals involved in the Cardano project had teased a lot of exciting new partnerships coming to the blockchain. Some of these announcements had been anticipated by the community. Mostly ones related to decentralized finance projects debuting on the network. But a couple of others were completely new to the space.
Cardano Partners With Veritree To Fight Climate Change
Climate change and crypto’s contribution to the problem is one that no doubt has to be addressed. In response to this, Cardano announced at the summit that it is taking proactive steps to fight this growing problem. Veritreeis a subsidiary of Tentree, a company that makes sustainable apparel by planting 10 trees for each clothing item sold. Using Veritree, the company aims to track its tree-planting efforts around the world.

Veritree which has planted 68 million trees in the past ten years has had a hard time keeping track of the trees it has planted. And using Cardano’s blockchain technology, Veritree can provide “immutable, transparent and audible blockchain-based report on all of Veritree’s afforestation and reforestation efforts — using a fraction of the carbon footprint of other blockchains.”
DeFi, NFTs, Staking, And More
Given the fact that smart contracts were deployed on the Cardano network not too long ago, announcements were expected on this front and the project did not fail. Developers behind the project announced various partnerships to this end, ranging from NFTs to staking.
NFT marketplace Rival joins the long list of new partners of the network to enable the creation and distribution of NFTs. As well as allowing NFTs to be redeemed in exchange for physical goods and distributing marketplace-based royalties. This will help improve the experience of users when minting and using NFTs on the Cardano ecosystem.
Related Reading | Why Cardano Bull Trend Isn’t Over And 91% Increase Is Imminent, deVere CEO Nigel Green
Another partnership with UBX, a UnionBank fintech venture studio, brings public stake pools to the public. This will allow users to earn rewards for staking their ADA tokens to help maintain and secure the blockchain. Furthermore, a partnership with AID:tech brings decentralized finance identity solutions to the blockchain. Using AID:tech, users can easily verify ownership, allowing a large number of transactions to be processed in a short time.
Other partnerships include a deal with cable provider and Fortune 500 company Dish Network/Boost Mobile to integrate its telecom services with the Cardano blockchain. And another partnership with Chainlink will give developers who are building on the blockchain to develop smart contracts and other solutions on the network.
Speaking on these recent partnerships, the founder of Cardano, Charles Hoskinson, explained, “We have to do a lot of science, a lot of innovation, and a lot of engineering.”
Featured image from Medium, chart from TradingView.com

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