Cardano has become the third-largest cryptocurrency in the world as network developers increasingly invest in decentralized finance.
With the price of ADA-Cardano jumping 50% over the past week, optimism is rising that new technological enhancements will allow smart contracts on the Cardano blockchain by its announced goal of September 12. That will enable Cardano’s network to offer lucrative services like decentralized finance, where the Ethereum blockchain currently dominates.
The ADA-Cardano digital token now has a market value of more than $69 billion U.S. -- bigger than all cryptocurrencies except Bitcoin and Ethereum. The more than 1,400% jump in ADA-Cardano over the past year exceeds the returns of both Bitcoin and Ethereum.
Decentralized finance, or DeFi, ports financial functions onto digital ledgers, allowing people to do things such as lend or borrow funds and earn interest in a savings-like account without the need for traditional intermediaries such as banks or brokerages.
Recent rallies in Bitcoin, Ethereum and ADA-Cardano helped the cryptocurrency market move back above $2 trillion U.S. in value last weekend for the first time since May of this year.
