Cardano (ADA) Beats Binance Coin (BNB) for Third Place

Cardano (ADA) Beats Binance Coin (BNB) For Third Place

Source: Shutterstock

The coin, which analysts have been talking about for a long time, has demonstrated its power: Cardano (ADA) became the third in terms of capitalization, pushing down BNB.

Cardano is one of the projects that are honored for functionality. The Cardano blockchain was originally built on the energy-efficient Proof-of-Stake consensus that Ethereum is struggling to adopt. The project was developed by the Hong Kong company Input Output Hong Kong with some specialists in the team who early worked in Ethereum. While developing it was taken into account some problems of other older cryptocurrencies, including an emphasis on performance and the possibility of regulation by government regulators.

The blockchain has multiple layers. Specifically, the Cardano Settlement Layer (CSL) is for transactions, while the Cardano Computation Layer (CCL) is responsible for smart contracts. The result is a fast platform, with the possibility to launch smart contracts and support decentralized finance (DeFi). Several cases have already been implemented that use the Cardano blockchain to track food production from “from field to fork”. There are also systems for countering the distribution of counterfeit products and also registers of important documents.

Excellent proven functionality attracts large institutional investors to Cardano. It is happening due to the new investments that the price of ADA has now skyrocketed. Dubai-based investment firm FD7 Ventures announced that it is forming a $250 million fund to support Cardano developers and other similar projects. Other projects include the DeFi platform Polkadot (DOT), which is usually always named with Cardano and rises along with it.

FD7 Ventures Managing Director Prakash Chand said the company is revising its investment plans and will sell bitcoin. The top manager stated:

– Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless. Projects such as Cardano, Polkadot and Ethereum are the foundation of the new internet and Web 3.0.

Within a month, FD7 Ventures intends to sell its assets in BTC in the amount of $750 million. It’s not hard to guess how this will affect the market.