- The latest data reveals that the price of Cardano Ape NFTs has shot up in comparison to the popular Bored Ape NFTs.
- On-chain data shows that Cardano shark addresses have accumulated over 300 million ADA coins since the implosion of FTX.
The Cardano ecosystem has witnessed fast growth in the world of Web3 and non-fungible tokens (NFTs). Cardano blockchain is slowly becoming a go-to platform for different players to launch their non-fungible tokens (NFTs).
Interestingly, the demand for Cardano Apes has shot up recently driving the prices even higher. As per the latest details shared by wab.eth Cardano Ape Francisque sold for a massive $250,000 putting them in a direct comparison with the very popular Bored Ape NFTs. The interesting part is that such development comes at a time of a very strong bear market sentiment.
There are cardano apes selling for almost the same price as bored apes.
Honestly impressed by the growth of this ecosystem. People still fading. pic.twitter.com/qCtACJabAp
— wab.eth ❁ (@wabdoteth) December 23, 2022
NFT Projects launched on the Cardano blockchain have seen very good traction in recent times. The Ape Society, Cardano’s biggest NFT project has witnessed a strong user demand with the floor price of its NFTs reaching a record high of 10,000 ADA.
The volume of NFT transactions on the Cardano blockchain platform is also reaching a new high. Also, the key developments and upgrades taking place on the Cardano blockchain have facilitated the sale of NFTs in a much better way.
Although Cardano continues to make some major progress in the crypto space, the project isn’t getting enough coverage from peers in the same industry. Crypto exchange Coinbase recently published a report for its 2023 Crypto Market Outlook, however, there was no mention of Cardano in it. Cardano chief Charles Hoskinson expressed his disappointment over the matter.
Not a single mention of Cardano. Pretty low and pretty sad. I honestly expected better pic.twitter.com/0VHSdm5A2H
— Charles Hoskinson (@IOHK_Charles) December 21, 2022
However, Blockchain analytics firm Messari recently published a 168-page report dubbed “The Crypto Theses for 2023” wherein it talks of key crypto areas to watch for in the upcoming year. The report does have a mention regarding Cardano.
We got some cardano coverage. https://t.co/Kzj2WinVrF pic.twitter.com/exfrititkG
— Charles Hoskinson (@IOHK_Charles) December 23, 2022
Cardano Shark Addresses Accumulating ADA
Despite the recent developments in the Cardano ecosystem, it hasn’t been much reflected in the ADA price. In fact, Cardano’s native crypto ADA has been constantly under selling pressure in tandem with the broader market’s negative sentiment.
But on-chain data shows that ADA believers have been accumulating the cryptocurrency despite the current drop in its price. On-chain data provider Santiment noted that the Cardano shark addresses have accumulated 330 million more ADA coins ever since the implosion of the crypto exchange FTX. It added:
Key #Cardano sharks have been accumulating steadily since June. And they have taken this level of dip buying to a new level since the #FTX fallout in early November. Addresses holding 10k to 100k $ADA have added $83M worth of coins since November 7th.
Courtesy: Santiment
The Cardano foundation recently published a report sharing the highlights for the year 2022. The report notes that this year in 2022, the Plutus smart contract scripts jumped by 400% in comparison to the previous year. the total number of Plutus smart contract scripts this year has jumped to 4,445.
Ethereum supporters still believe in Cardano’s centralization and think it is ghostchain with no real transactions on it
Evan Van Ness, a popular Ethereum maxi, has once again mentioned Cardano blockchain in one of his tweets, calling it a “zombiechain,” referring to a new low number of transactions on the network and even comparing it to Uniswap, which, according to him, does substantially more transactions than Cardano.
The Ethereum maxi also brought up the valuation of the two networks. According to the provided data, Uniswap is valued at $6 billion, while Cardano’s valuation sits at $20 billion. However, the valuation does not help ADA to generate even half of the fees Uniswap does.
Let’s check in on the $ADA zombiechain
Not only does Cardano do less than one transaction per second…
Uniswap does substantially more transactions than Cardano pic.twitter.com/wg0fNoFPck
— Evan Van Ness
(@evan_van_ness) September 29, 2022
It is important to note that the network’s revenue is mostly formed by transaction and interaction fees. Cardano usually aims at bringing a cheaper and more scalable experience to users, while Ethereum-based projects may sometimes offer extremely expensive transactions when the blockchain is under a heavy load.
Some users also noted that it is inaccurate to compare Uniswap and Cardano as they both use different models: account-based and eUTXO. The eUTXO model is more robust compared to the account-based model that requires a state machine that will determine the state of an account at any given time. However, the main downside of the eUTXO model is its inability to fit multiple transactions in one block, which is a crucial feature for decentralized applications and services.
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Van Ness also added that the cheapness of the network is possible only because of its “centralized” nature and empty blocks. However, it is hard to objectively say that Cardano is more centralized than Ethereum.
Previously, we mentioned how only one entity that claims to be decentralized actually has some dangerous centralization signs while controlling more than 30% of the whole network.