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- Cardano ranks as the third largest blockchain
- ADA Price at the time of writing – $0.4451
- Vasil upgrade was successfully launched on the mainnet
On September 22, the mainnet saw the successful launch of the Vasil upgrade. Artano, a Cardano-based NFT project, published the results of extensive testing ahead of the much-anticipated upgrade. There was a reported cost reduction of over 75% and a script size reduction of over 90% when Plutus v2 was used.
Concerns are now being raised regarding the profitability of stake pool operators (SPOs), despite the fact that lowering costs overall is beneficial in bringing in new users of the blockchain.
Cardano’s staking reward of 3.62% does not attract like others.
With a staking market cap of $11.52 billion, Cardano is the third largest blockchain, according to staking rewards data. Despite the large stake, Cardano’s staking reward of 3.62 percent does not attract as many players as other games. Observers contend that the blockchain would not experience hyperinflation or inflation due to the low reward rate.
Sidechains solve this issue, Cardano founder Charles Hoskinson said in response to a user’s concerns regarding the profitability of SPOs in light of the Vasil upgrade’s significant reduction in transaction fees and low stake rewards. Maintaining the sidechains and receiving payment in native tokens will provide SPOs with multiple revenue streams.
Cardano’s community of blockchain enthusiasts and developers is steadily growing. Over 6.1 million native tokens and 1,107 projects are currently built on Cardano, according to recent IOG statistics.
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Sidechains for Cardano
Adding a sidechain to Cardano opens up opportunities for Ethereum developers who use the Solidity programming language. For instance, developing dApps based on Cardano is simple with the help of the Ethereum Virtual Machine (EVM).
Milkomeda and Wanchain are currently Cardano’s sidechains. As a ZK (zero-knowledge) rollup Layer 2 protocol, Orbis is an additional scalability solution being developed within the Cardano ecosystem.
This year, IOG intends to release a new permissionless EVM sidechain. Developers would be able to write Solidity smart contracts on Cardano as well as develop dApps and tokens that are compatible with ERC20 and the EVM thanks to the sidechain.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
