Over the past 7 days, Cardano (ADA) has been one of the best performers among the top 10 cryptocurrencies by market cap. With Bitcoin and others standing behind, Proof of Stake networks seem to be leading the market. ADA has gained close to 15 percent in the last seven days. So, what was behind the rise? Here are the details…
ADA price gained momentum: Well, why?
ADA’s price increase is thought to be fueled by rumors about the potential implementation of a burn mechanism for Cardano. The news was shared by WatcherGuru on Twitter and there was a reaction from the ADA community. The source of the rumor could be a tweet by Clark Alesna, the developer and CEO of a company called SAIB Inc. Alesna accepted a “challenge” from Hoskinson, the founder of Cardano, and said she would start creating a smart burning contract for the ADA, using the following statements:
It seems like no one has ever put forward Charles Hoskinson’s a while ago did not participate in the challenge to create the coin burn smart contract. So, I take the reins and start planning and coding this weekend. I will update you soon.
However, her tweets and replies show that Alesna is just joking. The message, taken seriously by some media outlets, prompted a response from Hoskinson himself. The inventor of Cardano shared the following meme in response to these news.
Cardano ecosystem expanding
ADA community, Cardano He seems to agree that a burning mechanism will never be implemented in . and classifies the rumors as “misleading”. Most users seem to agree that this system will bring disadvantages to the network. As we have reported as Kriptokoin.com, the ADA ecosystem continues to expand. The data shared by Hoskinson shows that the Cardano ecosystem has expanded since the implementation of smart contract capabilities.
As seen above, there are more than 500 projects built on this network according to Hoskinson. Currently, non-fungiable tokens (NFTs) seem to dominate the development in this network. NFTs are followed by DEXs, GamiFi, and wallets, which are decentralized exchanges.
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