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Coin Market Cap - Cardano [ADA] Price & Analysis on July 1, 2021 [CoinMarketCap]. Cardano smart contracts will launch in the near future, and ADA holders are staking more than $30 billion with the cryptocurrency.
The Cardano Alonzo smart contract will launch with more than $31 billion in ADA staked. Alonzo is the anticipated hard fork Cardano announced earlier this year. The crypto community has been anticipating the launch since then. It is estimated that the long-awaited hard fork will launch by the end of August if preliminary plans are carried out as planned.
ADA holders hold $31 billion, equivalent to 71.29 percent of total cryptocurrency supply, according to Cardano PoolTool. Cardano crossed 600,000 addresses milestone early in June, and it has been staking addresses more quickly since then. As of right now, the PoolTool shows that the total stake addresses have increased by more than 11 percent, reaching 670,125. There are also 2,665 active pools that split the stake addressed.
Meanwhile, ETH 2.0 currently has 5,946,466 stakes. ETH is currently valued at $12.5 billion when valued at $2,118. ETH 2.0 won't require proof-of-work (PoW) anymore, it's a Proof-of-Stake (PoS) consensus model. Ethereum's network will get faster and the gas fees will go down with the launch of ETH 2.0. Gas fees are a challenge facing ETH: 45% of platforms built on Ethereum say their scaling issues and high gas costs keep them from gaining mass adoption.
Cardano is already on the PoS model as opposed to Ethereum, which seeks to make the switch. In addition, Cardano is a significant contributor to addressing a number of the Ethereum blockchain's scalability and transaction processing issues.
Moreover, Cardano is positioning itself as a rival to Ethereum with plans to launch a converter that would allow ERC20 tokens to run on its PoS blockchain. According to a press release from Input Output Global (IOHK), Cardano's parent company, the ERC-20 converter will be posted very soon. Currently many Ethereum developers are exploring the Cardano network because of the converter.
Tokens may be used for transactions like payments in Daedalus wallet after the migration.
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