Despite a complicated period for the company, Robinhood has just announced that it has listed Cardano and its ADA token. A new asset added to the star trading app offering in the US.
Robinhood responds favorably to its customers
Robinhood announced the news on Twitter. The ADA token is now listed on its trading app.
—Robinhood (@RobinhoodApp) September 1, 2022
In response to customer demand, the company is therefore adding a new project to its crypto offering. Cardano is one of the biggest blockchains of the ecosystem. The project has been firmly anchored in the top 10 apps for several months.
Touted as an Ethereum competitor, this infrastructure blockchain allows for the deployment of decentralized protocols and applications. Like Ethereum, which will make its transition from proof-of-work to proof-of-stake in the coming days, Cardano continues to implement new features.
Cardano continues its development
This week, the creator of the blockchain Bob Hoskinson, Ethereum alumni, update on the project. In particular, he returned to the Vasil’s hard forkthe Cardano developer community has a new story to look forward to beyond.
Just like the Merger, this novel has been postponed. Originally scheduled for June, it should still happen very soon. For Hoskinson, it’s only a matter of weeks before the latter takes effect:
Things are moving very quickly. Extensive testing is still being done by the community and ourselves. A lot of integration work is done behind the scenes, to make this change happen smoothly. We can expect the implementation to happen in September, unless something is discovered or a significant delay occurs somewhere.
The hard fork is Vasil a a milestone in the development of Cardano. This step aims to improve ease of use but also the scalability of the Cardano network. This hard fork is broken down into five more or less important implementations.
Among these novelties, we can see the process of “Piping“. This is an evolution of Cardano’s consensus mechanism. A new feature that reduces the propagation time between nodes and block validation. So there is the Network will gain in speed and performance.
A development that some people consider to be too slow
So Cardano continues to develop even if the latter is too slow for many observers. Based on an academic and scientific approach, this project usually increases the time required for each stage of its development. In a world like the blockchain where everything is going very fast, sometimes Cardano seems out of time.
Proof of this is that it was only a few months ago that we finally saw the arrival of the the first DEXs on the network. Protocols like SundaeSwap have emerged but this is small compared to blockchains like Avalanche, Solana or Ethereum.
According to figures from DefiLlama, only the total value of assets is locked on Cardano $83 million! This is far from the 1.46 billion on Solana, the 1.82 billion on Avalanche and the 34.8 billion on Ethereum. Cardano is only 28th among blockchains with the largest TVL.
Subdued performance for ADA
Cardano’s native blockchain token, ADA, is also the year 2022. After an ATH in May 2021 at almost $3, it is now trading around $0.46, ie drop of almost 85%. It is currently in a range and has been stagnating for several weeks around $0.5.
Despite all this, ADA is still the 8th largest crypto market capitalization according to CoinMarketCap.
At the heart of his promise, scalable, Cardano continues its development. The latter is done by a a speed that may seem too slow. This may be one of the reasons why some investors are put off.
This listing on Robinhood is good news for the project which will benefit from greater exposure on one of the Most used trading app in the world.
To learn more about Merge Ethereum, find our full article here.