The Cardano (ADA) has had a solid start to the week! Despite the broader market slump, the cryptocurrency keeps rising, achieving another 8 percent. Cardano’s ADA is now trading at USD 1.60 with a market valuation of USD 53.4 billion as of press time. Cardano has also risen to the five major crypto-list. Furthermore, the Cardano blockchain has seen larger trading volumes than Ethereum.
According to Santiment, an on-chain data source, Cardano is among the few large capitalization crypto assets witnessing strong increases to start the new week.
The Cardano blockchain may have been the catalyst for further expansion in the NFT and Metaverse domains. The NFT market has discovered a gas-light method of transaction on the Cardano blockchain.
Hayden Hughes, CEO of Alpha Impact, a social-media network for cryptocurrency traders, told Bloomberg that a few are arguing that the gas light method of transaction will result in increasing gas fees. Also the method will result in congestion of the Cardano blockchain. But even after USD 5.31 billion worth of daily activities, they have not witnessed the situation to arise.
A few Cardano critics claim that there is too much talk but not enough action in Cardano which is causing delays in Cardano’s future improvements. The Cardano network, on the other hand, is ready for the Sundae Swap update, which will take place on January 20.
Another significant advancement is the Cardano blockchain’s introduction of its first metaverse-focused venture, Pavia which will be analogous to Decentraland but will be based on Proof-of-Stake blockchain technology. Pavia.io contains around 100,000 Land parcels, each of which is minted like a distinct NFT with coordinates.
