Cardano ADA Token Becomes World’s Third-Largest Cryptocurrency

Cardano ADA
Cardano ADA Becomes Third-Largest Cryptocurrency Globally

Cardano ADA Token Becomes World’s Third-Largest Cryptocurrency – As network developers attempt to capitalize on the decentralized finance boom, a little-known digital token linked to the Cardano blockchain has recently become the world’s third-largest virtual currency.

With the ADA token surging approximately 50% in the last week, there is growing hope that significant technological advancements will allow Cardano to support smart contracts by September 12. As a result, its network will be able to provide profitable services like DeFi, which Ethereum dominates.

The ADA token now has a market value of more than $69 billion (approximately Rs. 5,12,360 crores), surpassing all rivals except Bitcoin and Ethereum in a surge that has been met with skepticism by some substantial industry giants. Over the last year, ADA has increased by more than 1,400 percent, outperforming both Bitcoin and Ethereum.

“The Cardano aficionados have been awaiting – some impatiently – for what seems like an eternity for some news on smart contracts,” said Antoni Trenchev, managing partner and co-founder of crypto lender Nexo. “Cardano is tussling with no. 2 crypto Ethereum to be the preeminent blockchain offering smart contracts.”

Also Read: An Elevation in Dark Web Usage of Cryptocurrency

Cardano ADA
Source: Bloomberg

“Most people outside of crypto have never ever heard of Cardano,” Trenchev added, “and here it is with a market cap that exceeds many S&P 500 index contributors.”

Decentralized finance (DeFi), involves transferring financial functions to digital ledgers, allowing users to perform things like lend or borrow money and collect interest in a savings account without the use of traditional middlemen like banks. Its rise in popularity is part of a larger trend of rising blockchain adoption.

Over the past few days, recent rises in Bitcoin, Ether, ADA, and other tokens pushed the cryptocurrency market to surpass $2 trillion in value for the first time since May when the highly volatile sector had a crash.

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