ADA is one of those coins I wish I'd paid more attention to earlier, but better late than never, and I think better NOW (or a few days ago in my case) rather than in a week's or a month's time to stack a little more (not financial advice of course, purely for the entertainment value here!).
I did quite well given the recent 25% increase in price....
The main reason I bought some more ADA a few days ago was because of the recent news that Smart Contracts are soon to be released on the Cardano network, meaning the potential of DEFI on another blockchain.
Having recently diversified into Cosomos via Osmosis, which is working out very nicely, I like the thought of having another small pot of passive over on another chain.
There's also the fact that the more I dig into Cardano, the more I like it, and there's a lot to like, confirming my prior conclusion that this is one of those 'boring but important chains'!
Cardano is very decentralised....
ADA has over 3000 nodes running which makes it just about the most decentralised blockchain out there, although NB many of those 3000 nodes are run by a smaller amount of companies.
This medium post summarises the situation quite nicely.
Staking is easy and flexible and the returns reliable.
I finally got around to installing a Yoroi wallet today, and it was very easy and relatively cheap (around 2 ADA) to stake some ADA to my chosen node, for a 5% return.
A screenshot of the very easy to use Yoroi wallet.
While 5% isn't particularly appealing by crazy DEFI standards, it's a reliable return, on a par with some of the more sensible ETH pools.
There's a significant focus on social and environmental development
Many of the nodes aren't just about the profit, they actively support social development too, in fact I opted to stake to one of these nodes recently rather than the one with the highest return
You might also have heard of IOHK's partnership with the Ethiopian ministry of Education - they're using ADA to create digital identities for students and teachers to track their performance
(Of course it's debatable whether this kind of partnership with a State is progressive or not, but it certainly shows ADA's utility-potential.)
70% of ADA is staked
Interesting fact: ADA has the largest amount staked by dollar value of any crypto, so in terms of the big crypto projects, this is the least liquid.
NB the only new coins today (more or less) come from staking rewards, which just adds to the illiquid nature of the token.
A research first approach
Cardano has prioritised research over deployment, which is probably why it's so far behind with the Smart Contract deployment - it's been focussing on getting everything else robust first of all, which is why they should be well set for the.....
Smart Contract role out due this September
The Alonso Hardfork due this September brings with it Smart Contract deployment on Cardano...
There's one project called Sundae Swap I've got my eye on that's aiming to release a DEFI app on Cardano in Q3 this year - run by a total Geek called Pi who describes himself as a mathematician by passion and coder by trade.
Just a shame about the name, but I guess it's no sillier in form than Pancake Swap, but with better math and more decentralisation.
might be a scam - the woman in the linked video flags up the fake profiles of the teams, and they've since removed the 'teams' information from the site altogether - says big red NO flag to me!NB - Beware of FlanoSwap, one of the things @trumpman shilled for the referrals recently, it
And There's no chance of FUD over the Environment!
Apparently the FUD over Bitcoin energy use resulted in some institutional money moving into ADA as it's less energy intensive - so not only is it better for the environment, there's one less angle than Bitcoin for a FUD dip, lest people suddenly develop a very selective environmental consciousness again.
ADA: Find Out More.....
This guy from (or who rather 'is') Coin Bureau is also pretty bullish on ADA....
And although he is just some guy with some half decent video skills whose branded himself to make himself look pseudo-official I'm with him on ADA, there's a lot to like about it!
Posted Using LeoFinance Beta
I just remember reading a couple big break-downs that @dantheman did of Cardano back when it first launched, and he pretty thoroughly convinced me of the lacking tech.
Now, 3-4 years later ADA still doesn't have a working product, is still just living off the same hype that Dan picked apart, and is saying "smart contracts soon," while there are literally dozens of smart contract platforms that have spun up and been running in that time.
I feel pretty confident that, while it may have a hype-pump here soon, it is almost impossible that it doesn't crash back down to the $0.50 or lower level - unless they pull off a lot of magic. Currently COSMOS, DOT, SOL, MATIC, HIVE, NEO, ZIL, and SOOOO many others seem like working versions of what ADA wants to be, at a fraction of the market cap.
There is a lot of competition for sure, but I've ruled out a few on that list already.
Obviously not Hive!
It's amazing how far a bit of Hype can get you. I'm sure BTC and ETH bot benefit!
Sounds like you did a lot of research on this. Much more than I did when I first started buying :). I started picking up about $20 per month worth of ADA a while ago. I do it right in Coinbase so the tokens are tied up in that wallet, but I might look into moving them out if they open up some DeFi options eventually.
Posted Using LeoFinance Beta
Sounds like a good move, you can stake with the Yoroi browser wallet, it's pretty easy.
Okay cool. I am going to have to take a look at that. Thanks for the tip!
Posted Using LeoFinance Beta
Nice to know, at least this gives more assurance of less sudden dumps happening.
I mean after so much time taken on development due to research. The price should be something to write home about at some point.
I’m not hopping aboard the ADA ship yet but I wish you goodluck
Posted Using LeoFinance Beta
Maybe it's a case of slow and steady wins the race!
I lost track of Cardano 2 years ago and now it's looking promising with the upcoming Smart Contracts, I hear that they hope to compete very heavily to Ethereum Smart Contracts, if that is a reality, Cardano will be a no brainer to invest in.
I know it used to be known as 'the ethereum killer' don't know if that title still applies!
I desperately wanted to buy #ADA when it was traded at $0.1 but unfortunately I didn't have money. Now, when the price went up 2000% i feel stupid and drained. The worst part is that most of my family members who I told to invest in cardano didn't even think about it, and now they're asking me for advice. - should i buy cardano now? hahaha
Like what can I say, perhaps it's still early, but I'm hesitant.
I think we've all got those kind of tales, for me it's worth buying now for sure!
Where do you stack 'em?
I'm just putting them in my Yoroi wallet.
Congratulations on making this decision. I wish never sold my Ada. I will buy more stacks at any chance I get.
This looks really great cryptocurrency to invest in. I'm following cardano for a long time. I remember when it did very well in 2018 when we had that big bull run !
I think everything did well back then!
You have done a lot of research. Good article.
To add ADA is actively developing and adding features. Smart contracts are the most awaited of them.
If we look into github development history, ADA is the most active project, so it has good community support.
And its CEO is very transparent on what is going on makes it a very good project for the long term
Luckily, someone in the community told me to get into ADA at 0.09, which was a blast. Sadly, I had little money, but still it was a blast. Now I stake it and forget about it, as it has a lot of potential in the mid-future.
Posted Using LeoFinance Beta
$0.09 was a steal! Nice one!
Sangat menarik
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
this information about Crdano is very interesting.. thanks for sharing
I'm holding a small amount of ADA. I've been waiting for Celsius to make it available for deposit, which will happen August 19. I would rather put it there for yield than lock it up.
Posted Using LeoFinance Beta
I didn't realise Celcius were adding it, mind you I fell out of love with Cefi when I had to wait for someone to authorise my withdrawal, errr: no!
Congratulations on making this decision. I wish never sold my Ada. I will buy more stacks at any chance I get.