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Cardano: A Formidable Competitor to Ethereum with a Thriving Ecosystem

2023-06-08 04:03:10

Recently, SNEK has sparked a wave of Meme craze, bringing Cardano, a long-established public blockchain, back into the spotlight. Once regarded as one of Ethereum’s most competitive rivals, Cardano has been steadily progressing along the path set out in its roadmap with a prudent and dedicated approach, which has gained support and trust from plenty of users. According to Minswap, the trading volume of Minswap, the largest DEX in the Cardano ecosystem, has skyrocketed from slightly over $1 million in early May to $16.98 million on June 7, and a significant portion of the increased volume came from SNEK, a Cardano-based Meme coin.

SNEK is now available on CoinEx, a long-standing global exchange. Data from CoinMarketCap shows that CoinEx ranks among the top five exchanges in terms of the number of listed coins. Identifying promising and innovative cryptos for global users, the exchange now provides over 700 quality trading pairs.

top cryptocurrency spot exchanges

Source: coinmarketcap.com 

Since the mainnet launch of Cardano, CoinEx has provided the ecosystem with vigorous support and listed ADA, MILK, API3, ERG, COTI, SUNDAE, and SNEK, all of which have gained immense popularity.

CoinEx has listed ADA, MILK, API3, ERG, COTI, SUNDAE, and SNEK

Source: www.coinex.com/

Imagine better, think bigger

Cardano is a groundbreaking PoS blockchain network that launched its mainnet in September 2017. It is the first blockchain network founded on peer-reviewed research and is developed through evidence-based methods. Considered a third-generation blockchain, Cardano uses the Haskell programming language, which is regarded as one of the most secure programming languages and provides robust security and formal verification capabilities.

Cardano prioritizes sustainability, scalability, and transparency. The network, powered by the Ouroboros PoS consensus protocol, is a fully open-source project that aims to deliver an inclusive, fair, and resilient infrastructure for financial and social applications on a global scale.

Key features of Cardano:

  • It is a decentralized blockchain platform that supports DApp and smart contract development and functions as a multi-asset distributed ledger;
  • It employs the Ouroboros PoS consensus protocol;
  • It is backed by a versatile selection of DApps and a vibrant community of developers;
  • It is jointly supervised by the Cardano Foundation, IOG, and EMURGO.

Vibrant ecosystem development

As the number of users in the Cardano ecosystem keeps growing, the network has recently beaten Ethereum in terms of developer activity. According to Santiment, Cardano’s developer activity ranked third on June 1, outperforming Ethereum by seven places. The active developers have also brought more leading innovative crypto projects to Cardano, with over 300 projects running in the ecosystem.

top 10 notable Github asset activity

Source: Santiment

Data from DeFiLlama suggests that, as of June 7, Cardano’s TVL is estimated at $174.96 million, ranking 15th and leading the Bitcoin ecosystem.

Cardano’s TVL

Source: DefiLlama

Here are some trending projects in the Cardano ecosystem with unique features:

  • Minswap

Website: https://minswap.org/

As the largest DEX on Cardano in terms of TVL, Minswap allows users to trade cryptos with low fees and aims to be the No.1 liquidity provider on the market by integrating the best asset pool models from across the DEX ecosystem into one protocol. As of June 7, Minswap dominated the ecosystem with a project TVL that accounts for 34% of the total Cardano TVL, according to DefiLlama.

Minswap TVL

Source: DefiLlama 

  • SundaeSwap

Website: https://sundaeswap.finance/

SundaeSwap is a scalable DEX and automated liquidity provision protocol. As an AMM platform similar to Uniswap, the project enables the peer-to-peer trading of ADA assets in a decentralized manner. SundaeSwap offers an elegant and user-friendly interface, with sufficient liquidity to meet the needs of most traders. Its native token, SUNDAE, is currently available on CoinEx Exchange.

SundaeSwap DEX
  • COTI

Website: https://coti.io/

COTI is a payment solution based on a directed acyclic graph (DAG) similar to the IOTA network. Offering high transaction throughput at low fees, the platform allows for approximately 10,000 transactions per second. Through a unique combination of distributed ledger technologies and traditional payment systems, COTI intends to set up a next-generation decentralized payment system for the global crypto industry.

COTI
  • Snek

Website: https://www.snekcoinada.com/

Snek (SNEK) is a Meme coin launched on Cardano in April. Since then, its market cap has surged from $50,000 to over $600 million, which started a craze that many refer to as the “Cardano Meme Coin Season”. Investors can now trade SNEK on CoinEx Exchange.

Snek (SNEK) Cardano Meme Coin

The Cardano ecosystem has made huge strides since its launch, with on-chain projects covering categories that include wallet, DEX, NFT, and GameFi. However, there is still considerable room for growth. Overall, Cardano represents a promising crypto ecosystem, and as more people join Web3, Cardano, one of the major innovations in the blockchain space, is likely to reach even more impressive records. Let’s wait and see.

* The article offers no financial advice

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