In this episode of the BeInCrypto video news show, host Jessica Walker will discuss Cardano (ADA), its recent flock of supporters and projects gaining momentum in preparation for its Alonzo update, which will enable smart contracts on the blockchain.
Unlike most other cryptocurrencies, cardano was largely unaffected by Tesla announcing it would suspend accepting bitcoin (BTC) as payment. In fact, ADA rallied, pushing about $2 for the very first time.
Increasing appeal of Cardano
Investors seeking greener alternatives to bitcoin could be one of the reasons for Cardano’s rally. Unlike bitcoin, ADA utilizes a much less energy intensive proof-of-stake (PoS) consensus mechanism. The fact that fellow PoS crypto Polygon also saw a boost lends credence to this theory. This appeal has led to a growing number of partners for the Cardano ecosystem.
Cardano also now includes crypto stalwart Mark Cuban as one of its supporters. Cuban has recently started a Twitter thread asking about the utility of certain cryptocurrencies. In response to this thread, Cardano founder Charles Hoskinson aired a video about Cardano’s plans for the future. After an exchange of tweets with Hoskinson, Cuban ultimately said that he’s rooting for the project.
Alonzo upgrade and enabled projects
Despite ADA’s price declining at the time of recording, several interesting developments could strengthen the long-term prospects of Cardano. First and foremost is Cardano’s Alonzo upgrade, announced in April. This will enable support for smart contracts on Cardano by August. This upgrade paves the way for dApps and decentralized finance (DeFi) applications and provides developers with tools for creating business applications.
First among them is DeFIRE, which is a Cardano-based smart order routing platform. The firm announced it had successfully raised $5 million ahead of its up-and-coming Initial DEX Offering. It will be the first fiat on-ramp and swap solution for Cardano native tokens, allowing token holders to swap one Cardano token for another directly. It is designed to support massive liquidity from institutional order flow originators and retail traders.
Revuto is the next project that has been attracting attention, as it will be the first public token sale on the Cardano platform. Anyone can participate and reserve a spot on the sale by signing up for their Whitelist. Revuto provides users with a simple solution to manage their subscriptions to certain services, such as Netflix and Microsoft, among others. Additionally, Revuto reduces costs, has protection against hidden fees and free trial “traps,” and takes full advantage of Cardano’s newest features.
We also noticed a strong interest in CardStarter. This Cardano project accelerator is up over 40,000% since launching in mid-April, catapulting from a price of $0.15 at launch to a high above $60 on May 11. CardStarter also offers projects building on Cardano the option to crowdsource early funding from a community of donors on its platform.
Holding the CARDS token guarantees early allocation to vetted projects that utilize the CardStarter platform to CARDS holders. Growth has been fast and it already has a market cap of over $100 million.