Why is Adadao (ADAO) crypto gaining attention?

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Why is Adadao (ADAO) crypto gaining attention?

Why is Adadao (ADAO) crypto gaining attention?
Image source: © Kanawat | Megapixl.com

Highlights:

  • Adadao describes itself as a decentralized finance (DeFi) protocol on the Cardano blockchain that facilitates the creation of collateralized stable coins.
  • The ADAO token is available on exchanges like MEXC, PancakeSwap (V2), etc.
  • It reached an all-time high of US$0.1332 on March 21, 2022.

Although the broader crypto market was trading lower on Friday, several crypto assets saw considerable traction. The market fell 4.12% to US$2.07 trillion, but its trading volume grew 25.08% to US$141.83 billion in the last 24 hours to Friday morning.

The Adadao (ADAO) crypto is among the top gainers on Friday. Its price was up over 5%, and the one-day trading volume rose more than 40% at the same time.

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What is Adadao (ADAO) crypto?

Adadao describes itself as a decentralized finance (DeFi) protocol on the Cardano blockchain that facilitates the creation of collateralized stablecoins by leveraging Native Cardano Assets. It claims to function as a decentralized autonomous organization (DAO).

Adadao helps create stablecoins using the AUSD protocol. The Adadao foundation claims to be taking care of the project's initial development but has plans to offload the duties to the governance gradually.

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ADAO is the utility and governance token of the Adadao ecosystem, which allows users to decide how the protocol should function and the share of the fees they should receive.

Users must have a Cardano-supported wallet to receive the tokens as both ADAO and AUSD are Cardano Native tokens. ADAO is available on MEXC, PancakeSwap (V2), etc.

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Why Was Ada-dow (ADAO) Crypto Gaining Attention?

Why is it rising?

The ADAO token has been drawing attention since its IDO on March 21. It has been trending on crypto platforms like Coinmarketcap.com. Additionally, the news of its listing on the BitMart crypto exchange on March 31 might have contributed to its gains on Friday.

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Adadao (ADAO) crypto price and performanceSource: *Data provided by CoinMarketCap.com

Bottom line:

The ADAO token was priced at US$0.05257 at 8:28 am ET on April 1, up 5.59%, while its one-day volume jumped 40.69% to US$2.79 million. Its total supply is 500 million, and the self-reporting circulating supply is 18 million.

The token has a market capitalization of US$937,878, and its fully diluted market cap is US$26.30 million. ADAO saw the highest price of US$0.1332 and the lowest price of US$0.0475 in the last 30 days. It reached an all-time high of US$0.1332 on March 21, 2022.

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