What is Cardano (ADA) crypto and why is it gaining attention?

May 04, 2022 10:25 AM PDT | By Rupam Roy
Follow us on Google News:
  • Cardano is a proof-of-stake (PoS) blockchain platform.
  • The ADA token is the native token of the Cardano ecosystem.
  • The ADA coin is available for trading on several major exchanges like Binance, OKX, etc.

The Cardano (ADA) is one of the most popular cryptos, holding 9th rank on CoinMarketCap.com. Its price was up over 4%, while its volume for the last 24 hours jumped more than 50%. 

Why is Cardano (ADA) crypto garnering traction? 

Cardano is a proof-of-stake (PoS) blockchain platform that focuses on allowing "changemakers, innovators, and visionaries" in bringing a positive global change.  

With an objective to become the internet of blockchains, Cardano is an open-source project that intends to redistribute powers to individuals from the unaccountable structures while contributing to making a society that would be more secure and transparent. 

Also Read: PLD to SPG: Can these 5 REIT stocks provide hedge against inflation? 

The ADA token is the native utility token of the Cardano ecosystem, which is mainly designed for ensuring the owners’ or holders' participation in the network's operation. It also enables the holders or the users to have the right to vote on any proposal for changes to the software.  

Cardano, founded by Charles Hoskinson in 2017, was named after the Italian polymath Gerolamo Cardano. On the other hand, the ADA token was named after the mathematician Ada Lovelace. 

The ADA coin is available for trading on several major exchanges like Binance, OKX, Bybit, etc. 

It is one of the leading blockchains claiming to be successfully utilizing a PoS consensus mechanism, which is also less energy-intensive as compared to the proof-of-work mechanism of Bitcoin. 

Also Read: Is Petoverse (PETO) crypto the new big name in the metaverse industry? 

The Cardano blockchain focuses on privacy features to help individuals rely upon the ecosystem and spend seamlessly without any concerns. Meanwhile, many users of the platform have prioritized the privacy of Cardano in the blockchain's official forum.  

Having said that, the founding body of Cardano, EMURGO, is exploring opportunities to enhance the network's privacy through a new partnership. 

On May 3, the blockchain firm announced a strategic partnership with a layer-1 public blockchain protocol, Partisia. It would help in Cardano's decentralized privacy features on-chain.  

Also Read: Is Flux (FLUX) crypto rising on Terra (LUNA) news? 

Through the partnership, the developers and users of the decentralized applications on Cardano would be able to leverage Partisia blockchain's privacy-preserving zero-knowledge (ZK) and multi-party computation. 

In addition, the Partisia team would develop customized smart contracts for the developers of Cardano. The first full version of Partisia's privacy-focused smart contract programming language is expected to be launched in mid-2022. 

These developments may have triggered the recent gains in the ADA coin while gaining attention from various investors. 

Also Read: Crypto-centred Decrypt raises US$10 mn after spin-off from ConsesSys 

Cardano (ADA) crypto price and performance                                                           Data Source: CoinMarketCap.com 

Bottom line

The ADA coin was priced at US$0.8236 at 11:03 am ET on May 4, up 4.13%, while its volume for the trailing 24 hours surged 50.77% to US$1.01 billion. It has a market cap of US$27.78 billion, and its fully-diluted market cap is more than US$37.05 billion. 

The token has a max supply of 45 billion, a total supply of 34.27 billion, and its current circulating supply is 33.74 billion. The token saw the highest price of US$1.22 and the lowest price of US$0.7424 in the last 30 days. 

Also Read: Why is L-1 blockchain Fantom (FTM) crypto rising? 

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage because of your trading or your reliance on the information shared on this website. 


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.