The release of the Cardano (ADA) Goguen Mainnet is getting closer day by day. Investors are expecting a lot from the biggest upgrade in Cardano history — what’s ahead?
ADA’s share price has already grown by more than 400 percent this year. The project has fought its way up to fourth place among the largest cryptocurrencies by market capitalization. In the last 30 days alone, the Ethereum competitor has grown by almost 170 percent.
In the past 24 hours, Cardano has seen a slight decline, and at press time , the ADA price is at $ 0.8240.
On February 3rd, the Cardano development team Input Output Hong Kong (IOHK) already carried out successful tests on the Goguen Testnet. The Cardano Foundation and the IOHK are therefore extremely optimistic that the Goguen Mainnet can still be launched by the end of February. The Goguen Mainnet transforms the Cardano blockchain into a so-called multi-asset network.
This means that after the upgrade is fully implemented, it will be possible to build smart contract applications and tokens on Cardano. In addition, non-fungible tokens (NFT) and decentralized finance (DeFi) protocols should also be able to use the Cardano blockchain. In contrast to Ethereum, these applications should not be restricted by high transaction costs and long transaction times.
A big difference between the fourth largest cryptocurrency and Ethereum is that there will be no more execution fees on Cardano after the Goguen upgrade. This means that users of the ADA blockchain do not have to pay any fees for executing transactions.
The recent bull market in Ether (ETH) and other Ethereum projects has led to extremely high ETH transaction fees and many small investors are looking for alternatives for this reason. As a result, Decentralized Finance (DeFi) is currently not only developing strongly on Ethereum, but also on other blockchains . Cardano wants to fill this vacuum and the project wants to expand massively, especially in decentralized finance .
The Binance Smart Chain (BSC) is booming and just recently we presented you with five of the most promising BSC projects . The lending crypto project Venus (XVS) is currently the largest DeFi application of the BSC. Venus has developed rapidly since its launch last November. In four months, the team has attracted over 18,000 users and approximately $ 2 billion in liquidity .
A few days ago, Venus announced in its 2021 roadmap that it would like to add Cardano to its platform. As a result, Cardano can be used as collateral for borrowing and lending on Venus.
In addition, the Cardano team already has plans for its own lending protocol announced that Liqwid to say Finance. As soon as the Goguen Mainnet is ready, the first work on Liqwid Finance can begin. However, should this project be delayed, ADA owners already have the opportunity to participate in the booming DeFi sector via the Venus Protocol.
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