• The firm that built the popular Cardano wallet, AdaLite, is now working on a DEX.
  • SundaeSwap's launch on Cardano was accompanied by failed transactions on the blockchain.
  • The Ethereum-killer network's on-chain activity hit 90% of the Cardano blockchain's capacity.
  • Analysts predict that Cardano price is at a make or break point, could reverse it's trend.

Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network. 

Cardano network prepares for the launch of Vaccumlab DEX

Recently SundaeSwap, Cardano network's first decentralized exchange, launched on the Ethereum-killer blockchain. Within the first few minutes of launch, transactions started failing. Smart contract execution on the Cardano network suffered network congestion with the launch of the first DEX. 

Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), is now awaiting the launch of Vaccumlab's DEX. Vaccumlab is a software development company that developed Cardano wallet AdaLite. 

AdaLite is one of the leading web-based Cardano wallets. Vaccumlabs, the developers of AdaLite, are a key development partner in the Ethereum-killer's network. The team is now working on the development of a DEX. 

The Cardano blockchain recently hit 93.19% capacity, as blocks filled rapidly and proponents noted a spike in on-chain activity. Despite the recent bloodbath, the total value locked on the Cardano network hit $80 million. The total number of Cardano wallets has crossed 3 million and rising. 

After hitting a key milestone in on-chain activity, the Cardano network now awaits the launch of its second DEX. 

Analysts have evaluated the Cardano price trend and predicted that the altcoin's price trend could reverse if it hit $1.17. @GertVanLagen, an analyst and trader, believes that Cardano's downtrend is tested and broken. 

FXStreet analysts have predicted that Cardano is primed for a relief rally towards $2.20. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Can Solana price enter a 50% relief rally?

Can Solana price enter a 50% relief rally?

Solana price is in the beginnings of a quick recovery rally that could propel it back to levels that were last seen nearly two weeks ago. Two technicals back the claim for why SOL could be ready for this ascent.

More Solana News

Ethereum Price Prediction: ETH will sweep the lows at $1,500

Ethereum Price Prediction: ETH will sweep the lows at $1,500

Ethereum price displays reasons to believe in a ‘sweep the lows’ event in the coming days. Traders should approach the smart contract blockchain with caution.

More Ethereum News

Assessing the possibility of a 40% upswing for Cardano

Assessing the possibility of a 40% upswing for Cardano

Cardano price is in a spot favorable for the bulls and short-term traders as a rally might be in the works. A minor retracement will allow interested buyers an opportunity to accumulate ADA at a discount before catalyzing an explosive uptrend.

More Cardano News

Bitcoin Weekly Forecast: The last rebound before capitulation

Bitcoin Weekly Forecast: The last rebound before capitulation

Bitcoin price is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the highier time frames suggests that the bottom is not in yet.

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP