A Look at the Recent Achievements in the Cardano Landscape

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By A D

In the rapidly evolving landscape of cryptocurrencies, Cardano (ADA) has emerged as a prominent blockchain platform with a focus on scalability, energy efficiency, and decentralised finance (DeFi).

Cardano’s staking value has exceeded 430 million ADA, highlighting the significant participation and support from the community. Furthermore, the Total Value Locked (TVL) in Cardano’s staking pools has reached 161 million ADA, signifying the trust and confidence users have in the platform. Cardano has climbed the ranks to become the ninth-largest decentralised exchange (DEX) chain in terms of trading volume.

Through Cardano’s staking mechanism, ADA owners can assign their tokens to a pool and receive rewards based on their stake. Users who stake contribute to the network’s decentralisation and security while earning passive income via ADA prizes. Staking has gained popularity among cryptocurrency supporters as an alternative to traditional mining, which typically consumes a lot of energy and processing power.

tvl increase on Crdano presented graphically

With a staggering 230% increase in TVL in 2023, Cardano’s DeFi ecosystem showcases its potential to attract users and capital, contributing to the overall growth and adoption of decentralised finance.

Read: Cardano ‘s Q1 Growth Driven by DeFi TVL and Technological Advances

Cardano’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism has brought notable advantages to them. By adopting PoS, Cardano enhances its energy efficiency and reduces its carbon footprint, aligning with the global push for sustainable blockchain solutions. Moreover, the PoS model enables scalability, ensuring Cardano’s potential to handle a significant increase in transactions.

Cardano has attracted investors searching for more environmentally friendly alternatives to proof-of-work (PoW) networks due of its dedication to sustainability. The platform utilises a unique consensus algorithm called Ouroboros, which is based on Proof-of-Stake principles. Ouroboros has been rigorously researched and developed, aiming to provide a secure and sustainable blockchain infrastructure.

Cardano has been eagerly anticipating the implementation of smart contracts functionality through the Alonzo upgrade. With smart contracts, developers will be able to build decentralised applications (DApps) and expand the platform’s capabilities, opening up new opportunities for innovation and growth.

“SNEK,” a meme token built on the Cardano platform, has seen surge of 200%. It is now trading at around $0.0017, definitely an upgrade from a low of $0.0004. Cardano brought out this meme token as meme coin season picked up. Within a month, SNEK, “the chillest meme coin on Cardano”, has garnered a market cap of $30.7 million.

Cardano has actively pursued partnerships with various organisations, governments, and institutions worldwide. Cardano’s strategic partnership with Acredius, a Swiss fundraising giant accelerate the growth of small and medium-sized enterprises (SMEs) by leveraging Cardano’s blockchain technology. This partnership not only strengthens Cardano’s position in the market but also signifies its potential to revolutionise traditional sectors through blockchain adoption.

Cardano’s has witnessed a remarkable surge in transaction volume’s , contributing to the improvement of ADA’s price performance. ADA’s 24-hour trading volume stood at $159,261,041, as the altcoin traded at $0.3751. Cardano reportedly records 26 billion ADA transactions every day.

Read: Cardano ‘s Explosive Network Developments Fuel Speculation for $1 ADA Price Milestone

Could RenQ Replace Cardano?

Although Cardano and Polygon are well-known projects, RenQ Finance has the power to upend the market and challenge these heavyweights. It appears as though, whatever platforms like Polygon and Cardano offer, RenQ does it better.

the logo for renq, an "r" with circles around it and an arrow in the middle
RenQ has created quite a hype in the crypto world. Image Source

RenQ Finance provides a cross-chain asset exchange network for scalability and interoperability, enabling smooth communication across various blockchains.
With RenQ’s governance architecture, decentralisation and democracy are elevated as users interact with the ecosystem in a more active and engaging way.
RenQ also boasts of a self-contained ecosystem that includes a variety of DeFi protocols. This may attract many consumers who seek the convenience of having more opportunities on one platform.

RenQ’s presale buyer holding incentive and their buying competition are two key aspects that have contributed to the buzz around the company. RenQ encourages token holding by rewarding presale participants who keep their tokens after launch for a predetermined period of time. This effectively encourages long-term holding and gives the RenQ community stability.
For their buying competition, based on the volume of RenQ purchase, the RenQ offers ETH awards.

RenQ has had a remarkable presale, recording 175% profits. Following its much anticipated launch on Uniswap on 22 May, and announcement of listings on more exchanges, investors are eagerly tuned in. Infact, RenQ is predicted to score 20x gains by the end of 2023.

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