Posted 9 months ago | by Catoshi Nakamoto
Cardano has been one of the best performing crypto assets of 2021. And with the Alonzo Hard Fork fast-approaching in just a matter of weeks, ADA holders are seeing their confidence in the project paying off in a serious way. There’s no doubt about it: Cardano is having its Simba moment. Because after years out in the development wilderness, it’s finally grown into a super strong, scalable, and lightning-fast blockchain, ready to claim its place as the King of Smart Contract Blockchains.
Let’s get it.
Welcome to BitBoy Crypto, home of the BitSquad, the largest and greatest crypto community in all the interwebs. My name is Ben. Every day on this channel I show you how to make money in crypto. If you like money and crypto, make sure to hit that subscribe button. In this video I update my price prediction for Cardano and give you the latest on what’s happening in the lands where the sun touches. ADA Land.
Before we get into it be sure not to miss out on our 5ETH to 5 Million giveaway. We’re growing the Bitsquad to 5 million across the interwebs and to celebrate I’m giving away 5 Ethereum and thousands of dollars in other crypto prizes. Click the gleam.io link in the description to get in on the action.
It’s no secret that we love Cardano here at BitBoy Crypto. In fact, it’s our third largest holding outside of Bitcoin and Etheruem. And to quote none other than De La Soul, three really is a magic number. Why? Well, after making smashing through all time highs Cardano has cemented its position as the 3rd largest crypto asset by market cap, and at the time of recording it’s currently sitting just of shy 3 dollars. Yep, for ADA holders things are pretty Hakuna Matata right now.
Well, most ADA holders, anyway. Because while price action’s been dominating headlines in recent days, the scammers have been out like a pack of hungry hyenas, coming up with a bunch of scams to steal your coins. These include a series of fake Youtube videos, unlicensed Apps on Google Play asking people to ‘restore’ their wallets with their private keys, and even Charles Hoskinson impersonators asking for people’s details. Remember folks, and never, ever forget it: don’t give your private key to anyone that asks for it. Never send your ADA to someone you don’t know. And if you come across a giveaway promising to double your ADA bags, remember the words of wise old Rafiki, and “look beyond what you see”. Because if it seems too good to be true…it is. So ‘Be Prepared’. I mean, you’d have to be seriously lacking in brain cells to think Charles was calling for $150 dollar ADA by the end of the year!
With Cardano marching towards September 12th, excitement about the Hard Fork is going parabolic. Adding to the hype is a major new market about to open up for ADA – Japan. It might look small on the map but don’t be fooled; Japan is the fourth largest economy in the world with a huge number of active retail investors. It also has some of the toughest rules for exchanges listings on earth, with ADA one of the few crypto assets making the grade. Not only is this is a huge vote of confidence in terms of international adoption, it’s also likely to bring a serious number of new buyers, stakers, and institutions rushing to pick up some ADA. Speaking of which: don’t forget that members of BitSquad can now stake their ADA and earn that sweet interest right here in the BitPool, the greatest staking pool there is. For more information about how to join, click the link in the description below.
One of the questions I’m getting a lot is whether now is be a good time to buy some ADA. Because let’s face it. People see a coin pump like this, they get restless. You know that feeling in your stomach? It’s called FOMO. And while I don’t believe the top is in for this bull cycle by any stretch, you really don’t want to be buying a crypto asset at the all time high. It could go up more, and maybe it will. But you might find yourself being eaten by a whale. So wait for the pullback. And when you hear that voice telling tell you ‘what if there isn’t one?’, well, just remember that’s a textbook case of FOMO playing tricks on you.
So here’s the play. If you really want to reap maximum benefits from Cardano in the coming months, then you’ve also got to expand your horizon. Because if you look out across the plains of the Savannah, you’re going to see a blossoming ecosystem of projects gearing up for an absolute stampede.
Think of it like this: in some ways, Cardano is where Ethereum was in 2018. In others, it’s light years ahead. And considering the exponential growth of Ethereum-based projects in recent years, I believe we’re about to see all that with Cardano and, who knows, maybe even more. Sure, you might want to grab some ADA on any future dips, but there are also huge gains to be made by picking out some of the best projects its orbit. I’m not exaggerating here: we’re about to witness a supernova of a whole new smart contract ecosystem. I’m talking DeFi. NFT’s. Web 3.0. A whole galaxy of Cardano projects chomping at the bit. So while ADA might be the leader of the pack, you don’t want to sleep on the next big movers. Things like Charlie3. OccamFi. Gero Wallet. The smaller projects with potential for the biggest gains. And, of course, that means DEX’s.
One decentralized exchange in pole position to lead the charge is SundaeSwap. And you’ve got to hand it these guys. I mean, thought Sushi crushed the DeFi branding, but Sundae have raised the bar and taken it to new, delicious heights. This week, Chief Information Officer for Sundaeswap, Pi Lanningham did a live stream with one of our favourite crypto Youtubers, Crypto Capital Ventures. Not only did we get a look at the incredible user interface running on a private testnet, he also demonstrated the first ever swap of native tokens. I mean don’t you just want to eat them? For anyone who hasn’t seen the demo, I highly recommend you check it out because it lays out what a great job SundaeSwap are doing to become the number one DEX on Cardano. It also goes into the next stages of the roadmap in advance of a potential October launch, major partnerships, as well as laying out the different ways you can get Sundae Tokens, either by participating in an ISO or providing liquidity to the platform. Whether or not Sundae emerges as the top DEX, only time will tell. But one thing’s for sure: you’re not going to find a better looking exchange anywhere in crypto. And combined with it’s sleek features and seamless interface, it’s going to go a long, long way.
Talking of sleek features, A Cardano DEX went live this week that looks super cool but is almost certainly a scam. FlanoSwap, with it’s graphics straight from the 90’s, a non existent team page, and a litepaper that appears to be a direct copy of the Raydium Protocol. Has all the hallmarks of a scheming bunch of Hyenas. Not to draw attention to what could be a shady project, but it’s just a reminder for anyone looking to jump into the ADA ecosystem to do their due diligence beforehand.
One project that looks like a DEX to be reckoned with is ErgoDEX. A decentralized exchange built on top of both Ergo and Cardano, allowing a quick, effortless and secure transfer of liquidity between the networks. For anyone unfamiliar with Ergo, they have a long standing relationship with Cardano due to the overlapping technologies and also communities. Ergo uses an extended UTXO system with smart contracts thanks to something called the Sigma Protocol, making it the only non out-sourcable Proof of Work system with no mining pools. Something Charles Hoskinson has called a technological marvel, the spiritual successor to Bitcoin, and which he thinks should make it a top ten project by market cap instead of around 124…. Well, if Charles is proved right on that, then ERG token could have some face-melting upside potential.
The eUTXO model shared between Ergo and Cardano makes it possible to share liquidity cross-chain among different types of exchanges in both ecosystems. And one of the things that makes ErgoDEX such a promising play is that it doesn’t just use an Automated Market Maker protocol, it also allows shared liquidity between order-book and AMM exchanges. This gives users the ability to make instant swaps as well as limit orders, and even Atomic Swaps. On a side note, they also have one of the coolest looking teams around. But they’re not just shades and brooding looks, they’re also nerds. Because ERGO DEX is packed full of awesome features, liquidity incentives, can facilitate massively improved ‘ICO’ thanks to time-released swaps and buy-back guarantees, and looks set to achieve an incredible user experience combining maximum privacy with minimal fees.
The point is this. Cardano is just getting started, it’s only just grown it’s luxurious mane, and we’re already seeing some serious contenders emerging in the DeFi ecosystem. So much so it’s hard to know where ADA’s price action’s going to stop. I’ve already given predictions around the 8 dollar mark, but even I’m wondering if that’s too low. Could it go to ten, twelve dollars? It seems more and more possible and that doesn’t even seem too outlandish given the strength of what we’re seeing. But I wouldn’t bet my Lambo on it. And I’ll definitely be taking profits long before it gets there.
That’s all I got. Be blessed. Bitboy Out.