Tradeo ceased offering trading services last year in May. Trading and ancillary will not recommence, and the brand/platform will be permanently discontinued.
For the clients with remaining balances, kindly send a withdrawal request through your login or via chat or email. If there are any queries or concerns relating to your account or any other matter, please email us at [email protected]
Cardano’s cryptocurrency ADA climbs 25% to find itself as the third-largest cryptocurrency in the world. Eclipsed only by Ether and Bitcoin, the token surpassed the Binance Coin and Tether in 4th and 5th place, respectively.
ADA leapt as high as $2.58 on Friday last week, cementing its all-time high. The rally was fueled by an upcoming upgrade that will be able to process smart contracts on the blockchain. This upgrade would also put the cryptocurrency in direct competition with Ethereum.
Cardano aims to solve real-world problems by utilizing blockchain technology. Its most recent partnership with the Ethiopian government goes to show that. Cardano will track the educational progress of 5 million students on its network and award each student with a tamper-proof academic record upon conclusion.
The Alonzo upgrade will introduce smart contract functionality to the network, expanding and offering more solutions to real-world problems. Some of the most common uses for smart contracts are decentralized finance (DeFi) applications, Non-fungible tokens (NFTs), and gaming applications.
Unlike many other cryptocurrencies that release a product and then work on improving it, Cardano opts to test before implementation. Naturally, this means that Cardano’s product will be more stable and robust in the long run. However, in the short run, this means that many other cryptos that have launched quickly already captured a significant portion of the market share.
As things stand now, Ethereum dominates the dApps development. Reportedly, the interface allows for easy and quick launches and has a sizeable community of developers. However, it also comes with the downside of being slow. Ethereum’s platform is struggling with speed because it cannot meet the high demand. For now, users accept the high fees and network congestion, but it’s likely that many will move to a more efficient Cardano network once it launches.
Investors “were hyped on the optimism that a supposedly superior blockchain infrastructure with the possibility to support the next generation of smart contracts is on the horizon,” commented Konstantin Anissimov, executive director of CEX.IO.
The crypto market crashed earlier this year when Elon Musk highlighted Bitcoin’s heavy environmental downside.
However, this was positive for ADA, which surged to new highs as investors flocked to the more environmentally sustainable token. Reportedly, the founder of the token, Charles Hoskinson, has claimed Cardano uses just 6-gigawatt hours of energy annually—not even 0.01% of the 115.85 terawatt-hours Bitcoin is estimated to use.
ADA has climbed 1,300% since the beginning of the year, making it one of the best-performing cryptocurrencies.
Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. UR Trade Fix Ltd accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Past performance does not constitute a reliable indicator of future results and future forecasts do not constitute a reliable indicator of future performance.
It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests when providing our services.