May 18, 2022

Will This Event Send Cardano To The Bears Again? Or Will Cardano Jump On The Bull-led Bandwagon? – CryptoPassion


The cryptoverse is curious about a major event, this time from the Cardano stable. The curiosity is justifiable as it comes from one of the top blockchains in the industry. Which has been in the dark for much of the last quarter, due to its Alonzo hard fork upgrade. Which was kind of a buy the rumor sell the news event. Successively, sections of supporters of the protocol have been expressing their concern about a similar event and possible congestion. Predominant traffic induced after the launch of SundaeSwap. However, the other half has been optimistic as IOHK reveals its Basho-era scaling solutions.

Will SundaeSwap be a boon or a bane for Cardano?

SundaeSwap the DEX on Cardano is ready to go live on January 20, 2022, which is only a day away. The launch of SundaeSwap has created excitement in the business. And it has significantly increased the price of ADA and transaction volumes, which would otherwise have been dormant for a short time. DEX is expected to bring significant traffic to the network. However, there are concerns about network congestion. Blockchain supporters have raised concerns about congestion on the network, which advocates believe is timed to occur. In addition, experts hope that Alonzo-like consequences will not arise. While congestion would make network metrics difficult, advocates believe it’s short-term as the team is on the warpath with scaling solutions. Successively , IOHK in a post they have cited that, as the platform enters the Basho era. The team’s focus would be more towards optimization and scalability. Which has been the goal of the era, the team has formulated “11 ways” to scale Cardano. Ways include increasing block size, pipelining, input backing, memory efficiency, Plutus script, disk storage, and node enhancements. Other forms include sidechains, Hydra, off-chain computing, and Mithril. In contrast, the Emurgo and Cardano foundation in a collective effort have launched a project. Develop a community generated and maintained tool stack. That will support the ecosystem and speed up the development of dApps. Another feather in the Cardano cap comes as Ravendex, a non-custodial DEX on Cardano, is in the works. When it launches, Ravendex will be the first AMM-powered DEX on the network. In short, the congestion prevailing from the influx of SundaeSwap users will have to be dealt with in the short term. However, the worst part would be minor, as the creators of Cardano would leave no stone unturned. Which is a lesson learned from the Alonzo event. On the other hand, the joint initiative of the Cardano foundation and Emurgo will be a welcome sign for new dApps.

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Will This Event Send Cardano To The Bears Again? Or Will Cardano Jump On The Bull-led Bandwagon? – CryptoPassion