After moving sideways for weeks together, Cardano’s native cryptocurrency ADA is back on track over the weekend with a gain of over 10% on Sunday, January 16. With this, Cardano once again holds its position. position in the top five cryptocurrencies list.
As of press time, ADA is trading up 9.10% at a price of $1.47 and a market cap of $49.2 billion. The recent price increase in Cardano comes after strong trading volume and just before the Sundae Swap this weekend. According to data from Messari, the Cardano blockchain has the second highest network activity compared to Ethereum.
In the last 24 hours or so #cardano have the same or higher trading volume as #ethereum.
The fee on cardano is just $66,000 to process it all. Trading volume is over 4 billion dong.
Ethereum costs over $44 million in fees. Https://t.co/nm5fOb2L5O
– Ed n’ ltcoins (@EdnStuff) January 16, 2022
Another big development is that 70 new smart contracts were launched on the Cardano blockchain last month from December 13 to January 13. After an initial good start with the Alonzo upgrade in September In 2021, the launch of smart contracts has been slow on Cardano. also lead to a negative perception. Explaining the same thing, Cardano founder Charles Hoskinson said:
“We had to rewrite the software three times; there have been major architecture and vendor changes. There are approaches taken but not working; Of course there were delays.”
He added that delays are the essence of the game for Cardano. One of the major major upgrades to the Cardano network is the launch of the Sundae Swap before this week on Thursday, January 20.
Cardano Sundau Swap Details
With that said, the launch of the Sundae Swap on the Cardano blockchain will take place later this week as a fully functional beta decentralized exchange (DEX). Immediately after the launch, yield farming for SUNDAE will begin. Official announcement notes:
Profit farming will be available for at least the first six months of SundaeSwap DEX and during this time LP tokens staked to yield farming contracts in eligible pools can earn additional rewards SUNDAE.
The recent bull run could lead to sustained price gains before this year in 2022.