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August is proving to be quite a busy month for Cardano and its cryptocurrency ADA, as it is busy breaking new ATHs every second day. ADA‘s price is up 60% since the start of this month after the team announced its smart contract launch date. It is currently undergoing final testing of the smart contract upgrade — Alonzo, which will be released on September 12. Cardano's price has risen significantly as a result of the commitment to a certain date. Cardano has broken the $2 mark for the first time since the crypto price peaked in May, according to CoinMarketCap data. Over the weekend, it hit a high of $2.25, close to its all-time high of $2.46 set on May 16. Moreover, the price has just reached a new all-time high of $2.85.
The long-awaited smart contract debut will reassure investors, who will now be watching Cardano, which is available on all major cryptocurrency exchanges, to ensure it meets its deadline. Some believe Cardano's method of taking things slowly and steadily is the finest long-term strategy. On the other hand, others in the crypto community are impatient and frustrated with the time it has taken to write this critical piece of code.
Cardano's growth has become so popular that a cryptocurrency betting site called Polymarket has launched a market on whether it will deploy smart contracts before the end of October. The odds were 71% to 29% against in July. Now they are 82% to 18% in favor of Cardano meeting the deadline. And because of this increase in popularity, there are talks in the crypto space that Cardano might overtake Ethereum.
Cardano: A Better Blockchain Than the Others
Cardano is built to communicate with other blockchains. Cardano's network can work efficiently across blockchain networks, which is known as interoperability. Older cryptocurrencies have a difficult time doing this.
Cardano, on the other hand, has missed out on Ethereum's first-mover advantage. Hence, it's difficult to say how big of a difference this will make. Despite its poor transaction speed and large carbon impact, Bitcoin (the first cryptocurrency) continues to lead in terms of price and market capitalization.
Cardano is a cryptocurrency that is good for the environment too. Cardano uses a fraction of the energy needed to keep Ethereum running until Eth2 is released. Cardano will be able to process around one million transactions per second (Ethereum currently processes around 15 TPS). And because of these various reasons, it is no surprise that Cardano has several blockchain projects lined up. This article will help you with the top projects built on the Cardano blockchain or launching soon. The aim is to give you a clear idea of the potential of each project.
Wolfram Alpha
Wolfram Alpha is a search engine that uses computation to get results (sometimes referred to as an "answer engine"). The user interface resembles that of a traditional search engine, except that queries typed into the search box yield answers to particular questions rather than a list of websites that might be relevant to the inquiry.
Natural language input in the form of keywords, phrases, or sentences, as well as mathematical equations, are accepted in the Wolfram Alpha search box. The outcomes are calculated in real-time. To assist in developing smart contract-based applications with the purpose to enable blockchain-based commerce and business model transformation, IOHK is working with WLB.
Last December, the company integrated data from the Cardano blockchain. That makes Cardano the next blockchain to integrate with the world’s largest answer engine in 2021. In this part of the partnership, WBL will integrate Cardano’s blockchain data into Wolfram Alpha, which will allow developers to integrate external data into Cardano’s smart contracts.” The new partnership specifically addresses work on the so-called “avant-garde oracles,” which the companies believe are a necessary part to build advanced smart contracts.
The announcement also said that WBL and IOHK will be rolling out the functionality in 2021, planning to release the integration later this year.
The CEO of IOHK, Charles Hoskinson, gave his thoughts on the cooperation, adding that they are honored to be among a small set of blockchain platforms picked by WLB to integrate into their platform. He went on to say that the alliance "promises to bring value to both reputable firms' products."
WBL's Jon Woodard remarked as part of the agreement:
"We are pleased with Cardano's vision and progress, and we are excited to extend Wolfram Technology's tools to help their goal."
WBL course materials will now include Cardano-based information to help developers learn how to use Wolfram tools and Oracles for the Cardano Blockchain.
CHARLI3
CHARLI3 is a Cardano Network open-source decentralized oracle. CHARLI3 is a blockchain data platform that provides and verifies data (originally focused on blockchain economic values). Furthermore, CHARLI3 believes in decentralization and open access to correct information that can be obtained safely and quickly. Contracts and updates will be available to the general public. For node operators that validate data, CHARLI3 will use blockchain-based rewards.
While many decentralized oracles are blockchain agnostic, there is still a lag and barrier to entry when oracles deal with chains that they aren't familiar with. Decentralized Oracle X, for example, has a strong network on the Ethereum blockchain and interacts with Ethereum-based projects. However, there is a further hurdle to both integration and acceptance when interacting with Cardano.
Within the Cardano ecosystem, CHARLI3 finds a home. It will have the lowest barrier to entry for operating as the standard decentralized oracle of all Cardano-based projects because it is native to the Cardano blockchain.
Apart from this, CHARLI3 has several projects already launched or arriving soon. To talk about one, the team has announced a data integration relationship with PARIBUS, which will use Oracle services to help with lending and borrowing.
Within any financial structure, the domain of loan and borrowing is a vital function of the ecosystem as it is the cornerstone of user experience and growth. PARIBUS will use CHARLI3's oracle services to ensure that its price feed data is reliable and trustworthy, initially for synthetics and liquidity positions and later for VR land and NFT sales.
And along with this, because of the fact it belongs to Cardano’s blockchain, it has the agility of the network and has a low transaction ecosystem. CHARLI3 is a clear choice for any project building on the Cardano Blockchain.
Cardstarter
Cardstarter is a swapping platform or launchpad that enables crypto initiatives to get started on Cardano. It primarily serves as a decentralized link between Cardano innovators and donors.
The platform allows donors and investors to get early access to projects while also providing a financial channel for the developer teams. Cardstarter is one of the most well-known initiatives on the Cardano network, supporting project creation and hosting events such as hackathons.
One of the most appealing features of Cardstarter is that it offers investors low-risk options by insuring their investment against the risk of financial loss connected with vaporware and DeFi exploits. It accomplishes this through its insurance treasury, in which each project that launches on Cardstarter is required to contribute to give community funders a sense of security in the event of a project failure. Furthermore, the site employs a verification process to ensure that only real cryptocurrency projects are accepted. This is a must-do for investors looking for crypto options with high growth potential and little risk. Cardstarter makes it easy for crypto projects to raise capital without deployable contracts using vouchers.
Apart from this, members of the community have secure access to sales of Cardano projects that have been vetted by their team through their exchanging platform. Holders of the $CARDS token are guaranteed access to seed rounds, presales, and public sales of projects launching on the platform. Thanks to a tiered system.
CardStarter safeguards the community backers against presale dumps by creating individual caps and a fair distribution scheme. The goal is to ensure that projects have a long-term growth path and to protect regular investors from being burned by whales who sell for a quick profit as soon as they are listed on an exchange.
SundaeSwap
SundaeSwap is the first decentralized exchange (DEX) that is built on the Cardano blockchain. It enables blockchain users to supply liquidity and create a market where others can trade their native tokens. Swappers pay a nominal charge in exchange, and liquidity providers get a return on their investment. This and subsequent whitepapers will detail a first product based on the Uniswap protocol, with various novel Cardano blockchain adaptations.
While the end product and user experience will be relatively the same, the new DEX's implementation will be significantly different. This is because of Cardano's unique accounting approach. eUTXO, which is an expanded implementation of the Bitcoin network's "unspent transaction output" paradigm, is used by Cardano instead of Ethereum's accounting approach. The custody of assets on the blockchain is tracked as unspent transaction outputs in this architecture. These unused outputs are used as inputs into new transactions, resulting in further unused outputs.
The project also had some recent developments in its network. In July, the team announced a partnership with Cardano project accelerator CardStarter to support the development and liquidity of the SundaeSwap DEX, which it plans to launch once smart contract capabilities on the Cardano blockchain are released. The agreement will pave the way for the construction of what is presently the largest DEX on the Cardano blockchain in terms of total value locked and community size.
Through SundaeSwap, the CardStarter community will have faster access to a smart contract-enabled Cardano DEX. SundaeSwap, according to CardStarter, is the right platform for channeling its accumulated and rising liquidity.
ADAX
ADAX is a decentralized and non-custodial automated liquidity mechanism that supports trading inside the Cardano ecosystem. We remove all intermediaries, complexity, and time-consuming procedures from the equation, giving users unrestricted freedom to trade without fear of censorship or losing control of their assets. Users have complete ownership over their tokens and are not obliged to hand up their private keys for their orders to be logged, as they would on a centralized exchange.
Cardano is probably the best ecosystem that can support ADAX as the site says,
“Cardano is widely anticipated to become the new crypto standard-setter. Investors recognize the network’s potential to challenge the embedded status quo of monopolistic and bureaucratic power structures within the world of crypto.”
It's made utilizing Cardano's ERC20 Converter, a tool that allows token issuers (organizations that want to migrate their tokens to Cardano) and users (token holders) to migrate their ERC20 tokens to the Cardano network. Users can convert their Ethereum tokens in a few clicks, and these tokens will be ‘translated' into a specific native token on Cardano that has the same value and functions similarly to an ERC20 token when moved across. Additionally, Cardano provides two-way convertibility, allowing users to shift their tokens back to the source network by burning them on the Cardano network.
More is on the way for ADAX, as the company continues to build strategic alliances with people like Mate Tokey, one of the co-founders of Bitcoin.com, and Roger Ver, dubbed "Bitcoin Jesus" by many. Partnerships with Black Dragon and CHARLI3, the decentralized open-source oracle for Cardano, have also been made to expand the platform's reach. These companies have helped with marketing, innovation, and technology.
As a result, ADAX is coming forward to provide a suite of Cardano-tailored DeFi solutions and a trading platform that enables token swaps, and NFT trading.
The team behind ADAX aims to create a benchmark of a liquidity/swapping solution that the Cardano community could easily adopt and re-used for future projects.
Conclusion
The above-mentioned projects are just the tip of the iceberg for the number of technologies Cardano is hosting at this point. Cardano has taken a deliberate and methodical approach to its growth. Before deployment, the team believes in conducting extensive study and testing. It may surprise you to learn that this is not the standard in crypto; in the race to make the most of blockchain technology, many currencies launch goods first and then develop them over time. Cardano's technique will almost certainly result in a more secure, scalable, and robust solution in the long term. Therefore, if you are thinking of investing in ADA, then with all these projects lined up, this is the right time to do so.