By:Juliana Shane
Alex Svanevik, the cryptophile co-founder of Twitter may have a thing or two to say about the ADA. He took to twitter to wittily slam Cardano’s native coin.
By:Juliana Shane
Nansen CEO Mocks Cardano Bros As ADA Underperforms SHIB
Nansen CEO Mocks Cardano Bros As ADA Underperforms SHIB For a while, the price of ADA was underperforming the SHIB coin. However, since the Vasil hard fork, the ADA is down 81%. In this article, I will cover the current status of ADA and how the news aggregator NewsNow reports on it. Also, I will look at how ADA’s proof of work consensus algorithm has worked since the Vasil hard fork.
ADA is down 81% on a year-to-date basis
Alex Svanevik, the cryptophile co-founder of Twitter may have a thing or two to say about the ADA. He took to twitter to wittily slam Cardano’s native coin. The ADA is not known for its marketing or promotional efforts. Despite some hype about a possible future state of the art wallet, the ADA has not been seen as a viable alternative to the likes of the Ethereum and Ripple. A few notable developments in the ADA space include a proposed protocol transition and the launch of Shelley, a crypto prankster.
In the grand scheme of things, the aforementioned smart contract has only been rolled out once, and has not produced a major impact in the price department. Regardless, there is much to be said for the ADA’s foray into the mainstream. The ADA is currently ranked number six in terms of market cap and is the second most valuable asset in the IOHK portfolio. Similarly, the project is still under the wing of CEO Charles Hoskinson, the man behind the ethereum.
ADA uses a proof-of-work consensus algorithm
As the market continues to suffer from a bear cycle, many investors have been hit hard. One of the biggest cryptocurrencies in terms of market cap is ADA. It has also had a tough year in terms of price performance.
In addition to the usual slew of bear cycles, a massive FTX crash has weighed down the entire industry. The Cardano project has taken a tumble and lost out on its luster.
While the ADA is still one of the largest cryptocurrencies on the market, the hype and buzz surrounding the project has died down considerably. It has been unable to gain traction since the Vasil hard fork in September.
Despite its shortcomings, ADA still ranks among the top 10 cryptocurrencies in market cap and capitalization. However, it has not yet had the momentum to rival its main competitor, Ethereum.
The main problem with the Cardano project is its lack of a block explorer. Instead of creating blocks, the company uses a delegated proof of stake consensus algorithm. This algorithm differs from its network counterparts by allowing for a faster and more flexible consensus model.
ADA’s performance since the Vasil hard fork
Vasil is Cardano’s upcoming hard fork that will give more power to the ecosystem. Its expected benefits include an increase in throughput, security, and capacity. This upgrade will also improve smart contract features like Plutus. The hard fork will be available for developers on Sept. 27.
When the hard fork goes live, there will be more than 1,000 projects in development on the Cardano network. This includes projects such as Cardano Hydra L2.
Before the fork, the ADA asset was trading in the low 0.5 dollar range, but it is now trading in the high 0.5 to $0.6 range. While this is not a bad thing, it does mean that investors haven’t seen a strong price increase from the fork. However, the network price is still at its strongest support level of $0.43, which means that more buyers can push the coin toward new highs.
Since the fork, the ADA asset has declined by almost 10 percent, but it is still in the top 10 currencies by market cap. Still, the asset has been in dormancy for six months, and it may be responding to market forces.
ADA news aggregator NewsNow
NewsNow is a crypto news aggregator that collects news from reputable sources. This service offers two different subscription packages that allow subscribers to receive customised news feeds. In addition, the service also provides full-text searching for paid users.
The free version of the service allows readers to access the site and search the topics that they are interested in. Users can save up to ten of the most popular topics. Moreover, news articles are displayed in a pop up window or a new tab. Articles are delivered within 15 minutes of the original site. A subscriber can use advanced key-word profiles to filter articles based on specific words and phrases. Its subscription service is also available for companies that need a customized news feed.
There are two versions of the NewsNow website, one for the browser and one for the Opera Mini application. For users that want to receive news feeds directly in their email, they can choose between the subscription option and the free option.
