The algorithms and analytic programs for cryptocurrencies are rising in number which in return gives traders a better understanding of cryptocurrencies. This helps in predicting and analyzing particular cryptocurrencies which assists traders to watch those tokens keenly.
Since the last quarter of 2021, the market has delivered a bearish-pattern until the first two-weeks of the new year. On the other hand, some altcoins have performed well which gathered the attention of investors. However, Cardano comes under this category which began to recover from its bearish-trend recently while attempting to grab investors’ attention.
Significantly, the arrival of Cardano’s SundaeSwap seems to be the prime reason for the recent upward momentum with a 13% hike. SundaeSwap will operate using smart contracts to match token trades between users and distributors. Additionally, a certain percent of trading fee is in return to investors in the form of yield farming. The developing team of Cardano stated:
“SundaeSwap will debut as a fully functional beta decentralized exchange (DEX). While the DEX’s smart contracts have been thoroughly reviewed and the DEX will exceed all industry security standards, full decentralized governance will not be achievable right away due to the Cardano blockchain’s current transaction size constraints.”
DeFi protocols are in a state of development for launching on the Cardano blockchain network. Additional development is that Cardano’s Defi hub Ardana has partnered with DApp platform NEAR Protocol in a business partnership. This collaboration will aid in the creation of a bridge between Cardano and NEAR, allowing for the frictionless movement of assets.
As a part of development, Cardano’s parent company IOHK has announced the on-chain and off chain solutions. Additionally, the next update from the network is Cardano’s Hydra scalability solution which will go live on the testnet. At the time of writing, ADA was trading at $1.38 which has surged up over 7% within the last 24-hours. Furthermore, the continuous developments and updates from the Cardano network will certainly lead ADA to reach new ATH.