The cryptocurrency market has witnessed a surge in the use of Cardano, a blockchain platform that has become the preferred destination for investors. This development is in contrast to Ethereum, whose gas fee has skyrocketed to $187, making it more challenging for investors to use.
The rise of Cardano can be attributed to its recent launch of Hydra, a layer 2 protocol that has made the ecosystem more attractive to investors. Hydra has addressed the scalability problem, making it more convenient for users.
Additionally, Cardano has implemented several initiatives to upgrade its network, including the February Valentine upgrade, which added more support to a curve called SECP256k1. This change improves compatibility between Cardano and other leading blockchains such as Bitcoin, Ethereum, and Binance Coin.
Cardano is currently at 94% load!
Only 6% left until Cardano is at max capacity
What does that mean, and how can you be prepared 🧵 pic.twitter.com/1TZsIUg10N
— Sebastien Guillemot (@SebastienGllmt) May 8, 2023
In addition to interoperability and scalability, Cardano has also placed great significance on sustainability, seeking to make the blockchain more decentralized. DJED, a stablecoin added to the space of decentralized finance offerings in January, has attracted 27m ADA in backing and has unlocked DeFi opportunities in the Cardano ecosystem. To further improve the network, Cardano has increased its training course to benefit programmers and other users with no programming knowledge.
As Cardano continues to gain popularity, it remains to be seen how Ethereum and other blockchain platforms will respond to this challenge. However, for now, investors seem to prefer Cardano, which offers a more scalable, interoperable, and sustainable blockchain ecosystem.
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