A lot of eyes are on Cardano today, as ADA is one of the few markets moving up. It is an intriguing development, although there is excitement behind the scenes too. Setting a new all-time high Cardano price is not out of the question either.
The Cardano Price Excitement
While the majority of crypto markets show less-than-interesting momentum today, the Cardano price is on a tear. Since surpassing $1.75 and $2 per ADA, the market has not lost its bullish tendency for long. Even today, there is some positive momentum, resulting in a 5% gain in USD value and a 6.9 improvement for ADA/BTC. A remarkable uptrend, given the overarching sentiment, but one that confirms there is more to Cardano than meets the eye.
As is often the case, it remains unclear if this uptrend can stay in place. Cryptocurrencies are incredibly volatile markets that can change course when people least expect it. Even the Cardano price, which is obviously in a bullish spell, can head in a different direction in a heartbeat. The current behind-the-scenes developments and growth may prevent that from happening for a while, though.
NFTs on Cardano
One of the more intriguing developments for Cardano is how this project will have an NFT ecosystem. Non-fungible tokens are the top trend in crypto today, it seems. Even though Cardano’s blockchain does not have smart contract functionality yet, there are some intriguing projects. Cardano Kidz, NFT Dao, Professor Cardano, and LoveAda are just a few examples.
Once the ecosystem gains support for smart contracts, users can expand NFT features and projects. However, the current lack of a native wallet capable of displaying NFTs is a downside that developers can resolve over time. Building a layer of trust for NFTs on Cardano will be the more significant hurdle to overcome. The coming months and years will provide a better insight as to what is possible in this ecosystem.
The Ethereum DeFi Migration Angle
Most enthusiasts will agree that Ethereum is home to many DeFi solutions. Unfortunately, it is also a somewhat inefficient blockchain for handling significant amounts of transactions these days. High gas fees and slow transactions – particularly during NFT drops – make this ecosystem lose some of its shine. For developers building products and services on Ethereum, that can pose issues in many different ways.
I just heard about an Ethereum Defi project who just hired multiple developers who have gone through the Plutus program. Why?
Because after burning a ridiculous $300k in gas just to test their platform, they are now getting ready to move to Cardano!
— Dan Gambardello (@cryptorecruitr) August 19, 2021
One way to resolve that problem is by porting existing projects to a different blockchain. For example, for Ethereum DeFi developers, Cardano can provide an alternative solution once its smart contracts go live. But, until then, there is no real reason to explore this option yet. That doesn’t mean one can’t build for the Cardano community, though, but functionality will be limited until the next major network upgrade.
DJED Stablecoin Gains Momentum
Every prominent blockchain appears to have one or multiple native stablecoins. Cardano is no exception, as its DJED stablecoin is of great interest. In addition, however, it appears that DJED may come to alternative blockchains, including Ethereum, Avalanche, Polygon, Rootstock, and Binance Smart Chain. It is a bit unclear what this will mean for the ecosystem, or the Cardano price, but it is an intriguing development to keep tabs on.
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