Cardano outdoes crypto rivals over unique blockchain developments

Cardano’s ADA token has risen 30% in the past seven days, beating its crypto rivals Bitcoin and Ether.

Bitcoin and Ether eked out meagre advances as compared with ADA that has surged in the past week amid some promising developments on its blockchain.

But Cardano’s gas fees — payments made by users to compensate for the computing energy required to process transactions — were around $75,400 compared with the latter’s $44 million over that period.

Cardano has had its ups and downs in recent months. For a time it was the third-biggest cryptocurrency, topped by only Bitcoin and Ether, and neared $100 billion in market value amid optimism about the addition of smart contract capabilities.

However, it dropped after that and is about 50% below its early-September record, even with the recent rally.

Recent developments on Cardano including in decentralized finance, non-fungible tokens and the metaverse, as well as progress on scaling, are likely contributing to the optimism around the blockchain, according to Vijay Ayyar, head of Asia-Pacific at Luno Pte.