Here are the reasons why Cardano price is up 12% in the last 24 hours

Cardano price has gained an impressive 12% in the past 24 hours, at $1.42 at press time. At the time of writing, ADA is changing hands at $1.41.

here-are-the-reasons-why-cardano-price-is-up-12-in-the-last-24-hours

ADA/USD 4-hour chart | Source: TradingView

Cardano price spikes by 9% in 24 hours; here’s what might be fueling it

The positive sentiment can be attributed to a combination of factors, with new product launches being an important addition to the network.

SundaeSwap, a Cardano-based decentralized exchange (DEX), has announced that the mainnet launch will take place on 20 January. In December, IOHK chief Charles Hoskinson had said that DEX launches are imminent over the next few weeks on Cardano in some capacity on the mainnet. Currently, MuesliSwap is the first and only DEX operating on the Cardano ecosystem on DeFillama.

With that, VyFinance (VYFI), another DeFi protocol, made its debut on the network. This protocol aims to bring Neural Net AutoHarvest & KYC-Hedge Fund Staking into Cardano. We should also note that Pavia.io has also officially launched On Cardano as the first Metaverse after NFT gained traction on the blockchain.

“Hot on the heels of projects like Decentraland and the Sandbox Game on Ethereum, the Metaverse comes to the Cardano blockchain in the form of Pavia.io,” comparing it to the metaverse OGs, the company noted.

With that said, Cardano has announced that it is still aiming to solve the “classic” problems of scalability, security, and decentralization by 2022.

“Parameter adjustments, improvements, enhancements, and other innovations will all play their part in steadily increasing Cardano’s capacity & throughput during 2022”, With the brand new journey of “smart” Cardano, IOHK noted in its recent blog post.

The chain has released a list of on-chain and off-chain solutions that Cardano will focus on in the coming year. It will include increasing the block size to verify more transactions over time. Cardano is also focusing on improvements to the Plutus script that forms the foundation of dApps.

“With initial Plutus capability now deployed, we continue to evolve the expressiveness of the Plutus language and the overall proposition, in collaboration with a growing community of developers,” IOHK stated.

With that, Hoskinson reiterated that more Cardano dApps are being rolled out this quarter. ADA is now on track to surpass Solana (SOL), another prominent “Ethereum killer,” and win back its place in the top five.

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