Cardano token becomes third largest cryptocurrency, developers cashing in on DeFi boom

NDTV Gadgets 360 Hindi

A much less popular digital token linked to the Cardano blockchain has become the world’s third largest virtual currency as network developers seek to cash in on the DeFi boom. The token, known as ADA, has been up almost 50 percent over the past week. This has raised hopes when new technological enhancements will allow smart contracts on Cardano beyond its stated target of September 12th.

This will enable its network to offer attractive services like DeFi, where Ethereum currently dominates. As of August 18, the price of ADA in India is running at Rs 163 while the price of Ethereum in India is running at Rs 2.40 lakh.

A rally met with skepticism by some big industry names, according to the CoinGecko tracker, saw the market cap of the ADA token exceed $69 billion (roughly Rs. On August 18, the price of bitcoin in India is running at Rs 35.4 lakhs.

Cardano aficionados have been waiting impatiently for what seems like an eternity for some news on smart contracts, said Antoine Trenchev, managing partner and co-founder of crypto lender Nexo. is struggling. It will be the leading blockchain offering smart contracts.”
ADA’s jump of over 1,400 percent over the past year has exceeded the returns of both Bitcoin and Ether.

Decentralized finance, or DeFi, ported financial functions to the digital ledger, allowing people to lend or borrow money and earn interest in an account such as savings, without the need for traditional intermediates like banks. Its growing popularity is part of a wider trend of increased blockchain usage.

Recent rallies in Bitcoin, Ether, ADA and other tokens helped vault the cryptocurrency market to a value of $2 trillion (about Rs 1,48,50,910 crore) over the weekend for the first time since May, when May was volatile. This market known for it had died.

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