Hoskinson says Massive ADA Influx is Just the Beginning

Cardano (ADA) has had a good day despite the volatility of the cryptocurrency market. On Monday, the cryptocurrency increased by over 9%, while the bulk of other cryptocurrencies either declined or stayed stagnant.

This rise comes due to Cardano (ADA) having an increased transaction volume, surpassing Ethereum (ETH). Per Charles Hoskinson, IOHK founder and CEO, the influx is just getting started.

Cardano (ADA) put in a strong showing over the weekend after a string of poor performances. In 24 hours, Cardano (ADA) has incurred a surge of 9.07%, trading at $1.54 at the time of writing. 

Cardano (ADA) has reclaimed the 5th rank in the list of the biggest cryptocurrencies by market capitalization after the spike, surpassing both the USD Coin and Solana (SOL)

The rise corresponds with the impending debut of the SundaeSwap (SUNDAE), Cardano’s first completely operational decentralized finance exchange.

On Sunday, the team of developers issued a confirmation on their blog announcing the January 20 mainnet launch. Even though the launch is merely a beta that does not have all the features, from Tuesday onwards projects will be able to create trading pools for their cryptocurrencies

Crypto investor Lark Davis took to Twitter to point out that after Bitcoin (BTC), Cardano (ADA) has the second biggest blockchain in transaction volume. Charles Hoskinson responded by saying it is still only January so it is just the beginning. 

In terms of the future, IOHK has unveiled fresh 2022 plans for network scaling. A block size growth, input indorsers to enhance the number of transactions per second, and the inclusion of pipelining to reduce block propagation times are some of the primary changes targeted.

Input-Output Hong Kong also plans to implement a Layer 2 Hydra scalability solution as well as sidechains, which will enable tokens from one chain to be used on another. The overarching purpose of these scaling projects is to boost the throughput of the network by modifying various parameters and introducing innovative solutions to cope with the DApp ecosystem’s massive expansion.

IOHK said that this will enable Cardano (ADA) to accommodate millions of new users on the blockchain, from users from developing nations to DeFi enthusiasts. 

Recently, Cardano (ADA) took the title as the best cryptocurrency alternative to Ethereum (ETH), in a Twitter poll posted by Vitalik Buterin.

Also read: 

Mercedes-Benz Joins the Metaverse By Launching G-Class NFTs

70% of Jamaicans To Embrace the Use of CBDC in The Next Five Years 

Retail Giant Walmart Plans to Launch Its Own Cryptocurrency and a Collection of NFTs

Cardano (ADA) Price Prediction January 2022: Cardano Rises By 45% As It Tests Resistance At $1.59

The Mayor of Brazil Will Invest 1% of The City’s Funds in Bitcoin