The value of ADA, the native cryptocurrency of the Cardano network, has grown by more than 25% in the last week, as the launch of the SundaeSwap DEX approaches.
SundaeSwap, the new decentralized exchange (DEX) which is about to be launched in the blockchain Third generation Cardano, is driving up the price of ADA in the market. Over the past 7 days, ADA has grown by 25,7%, trading at around $1,52 per unit at the time of this writing. The Cardano crypto community is eagerly awaiting the arrival of SundaeSwap, which was announced for launch next Thursday, January 20. Cardano's new DEX and AMM will offer a permissionless and non-custodial space where network users can exchange different tokens and cryptocurrencies, efficiently, easily and safely.
Source: CoinGecko
Cardano is a third-generation blockchain that is developed from the ground up based on scientific advancements and peer review, which is why it is known as the first scientific blockchain in the crypto space. Although the network has had a slow development in recent years, something that has cost it strong criticism from some members of the crypto community, in 2021 the developers of this blockchain announced important updates and changes, which brought Cardano to the new center of attention. According to data According to blockchain analytics provider Santiment, Cardano was the blockchain with the highest level of development on GitHub last year.
All this attention and the implementation of new updates to the network, such as Alonzo, which activated the smart contracts As of September 2021, they have pushed the value of ADA up more than 300% in the last 12 months.
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What is SundaeSwap?
Sundae Swap Cardano is the first native DEX and Automated Market Maker (AMM) protocol on the Cardano network. It is a decentralized exchange and automated liquidity provision protocol that will enable efficient cryptocurrency transactions. The protocol is backed by major crypto investors and venture managers such as Alameda Research, Double Peak, and cFund.
Next Thursday, the developers of this protocol will carry out the official launch in beta version. Since yesterday, cryptocurrency projects can create liquidity pools within SundaeSwap. On the other hand, through a publication In a blog post, the developers reported that all SundaeSwap smart contracts have already been audited and that in the future, they will decentralize the governance of the protocol so that it is completely in the hands of the user community.
SundaeSwap's ISO (Initial Stake Pool Offer) will be launched on Thursday and will be available from epochs 316 to 320, the developers reported.
Cardano's trajectory in 2021
2021 was an interesting and exciting year for many cryptocurrency projects, including Cardano. At the end of last year, this blockchain and cryptocurrency reached a new milestone of 20 million transactions processed since its launch; a figure that highlights its high level of use and adoption. Another important milestone for the scalability network is that it has not suffered any kind of interruption or downtime since it went live.
Cardano (ADA) adoption also saw a major boost during 2021. For example, a partnership with Flexa brought ADA payments to more than 40.000 locations within the United States at the end of December. For his part, its founder, Charles Hoskinson, is confident that the protocols developed within this blockchain will be as ubiquitous as the Internet, thanks to the potential for innovation offered through this blockchain network.
With a current market cap of $48.950 billion, ADA ranks as the fifth largest and most important cryptocurrency on the market. ADA trading volume exceeds $3.800 billion per day.
Continue reading: Cardano enters the ecosystem of decentralized applications and DeFi
