The Cardano blockchain is growing like never before. Its native ADA token has risen 30% in the past seven days, according to the pricing from CoinGecko. Meanwhile, Bitcoin, Ether, Solana, and Ripple have advanced less than 5%.
Cardano has seen quite an up and down in the last few months, as expected of the crypto market. For a time, it was the third-biggest cryptocurrency, just falling behind Bitcoin and Ethereum. Cardano’s market capitalization has surpassed $100 billion, owing to the addition of smart contract capabilities. However, it dropped after that and is about 50% below its early-September, 2021 record, even with the recent recovery.
While Cardano has detractors who are not impressed with the development, saying they’re just talks and no action, Cardano’s recent developments are likely to contribute to the blockchain’s optimism. Let’s see what these recent developments are –
Despite what naysayers say about Cardano, ADA is here to prove that they are going to stay at the top of the market and the entry into the metaverse might just be the start of that.
Cardano’s Recent Developments
With the recent domination of the crypto charts, Cardano is likely to be in the news in the coming weeks. Especially with the launch of Pavia.io as the first Cardano metaverse. The Pavia.io project is similar to Decentraland but built on proof of stake blockchain technology.
This metaverse project is named after Pavia, Italy, where Gerolamo Cardano, the mathematician who inspired Cardano’s moniker, was born.
Let’s dig deeper into Pavia – the one that brought the metaverse on the Cardano blockchain. Pavia is a gaming NFT metaverse that competes directly with Sandbox and Decentraland, two of the most popular crypto metaverses. The Pavia project began in September 2021, and the first land plots were sold by random allocation a month later. Pavia.io has a total of around 100,000 plots, each minted as a unique NFT with precise coordinates.
60% of these plots of land have been sold between October and November 2021. A final sale is scheduled for the first quarter of 2022.
Pavia, like all other metaverse projects, will use its own cryptocurrency, named $PAVIA, and not Cardano.
While the reasons for Cardano’s outperformance in comparison to most other cryptocurrencies are unknown, Pavia’s entry into the metaverse cannot be a mere coincidence.
In addition to that, Ethereum co-founder Vitalik Buterin set up a poll on Twitter asking, “You wake up in 2035 and 80% of all transactions and savings in the world are in one currency that is not ETH. Which would you prefer it to be?”
Cardano topped the results with 42%, which could have further contributed to their off charts performance in the market.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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