Cardano wants to conquer the DeFi market

by in DeFi News


The explosive growth of the DeFi decentralized finance market in 2021 has attracted the interest of developers of almost all leading blockchains.

Cardano (ADA) has decided to compete with Ethereum and Binance Chain, which are popular among DeFi application creators.

Altcoin developers have announced the next update of the Alonzo blockchain. It should take place in four months. The corresponding statement was published on the blog of the IOHK team.

In addition to the general increase in bandwidth, the Cardano network should become part of the decentralized finance market. Startups will get the tools to easily launch smart contracts and applications focused on DeFi.

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The upcoming update is named after the American mathematician Alonso Church, who died in 1995. Cardano developers periodically update the network to keep up with their main rivals. The team is tasked with joining leading blockchains such as Ethereum, Tron, Binance Chain, and Zilliqa.

The underlying asset of the network, the ADA coin, is now in the top five altcoins according to CoinMarketCap.

The price of the cryptocurrency on Monday, April 12, increased to $ 1.31 (+ 7.74% per day). Its capitalization is now just over $ 41.77 billion.

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Note that in early February, Cardano was among the top three altcoins. Interest in ADA futures has grown fivefold since the beginning of the year, reaching a record $ 1 billion in mid-March.