The countdown is on: The Cardano Goguen mainnet draws closer
The countdown is on: The Cardano (ADA) Goguen Mainnet is getting closer
The release of the Cardano (ADA) Goguen Mainnet is getting closer day by day. Investors have high hopes for the biggest upgrade in Cardano history – what’s in store?
ADA’s share price has already grown by more than 400 per cent this year. The project has thus climbed to fourth place among Bitcoin Trader app the largest cryptocurrencies by market capitalisation. In the last 30 days alone, the Ethereum competitor gained almost 170 per cent.
ADA Cardano price
Within the last 24 hours, Cardano has seen a slight decline and as of press time, the ADA price is at $0.8240.
Expectations are high for Goguen
On 3 February, the Cardano development team Input Output Hong Kong (IOHK) has already conducted successful tests on the Goguen testnet. Therefore, the Cardano Foundation and IOHK are extremely optimistic that the Goguen Mainnet will be launched by the end of February. The Goguen Mainnet will transform the Cardano Blockchain into a so-called multi-asset network.
This means that once the upgrade is fully implemented, it will be possible to build smart contract applications and tokens on Cardano. In addition, non-fungible tokens (NFT) and decentralised finance (DeFi) protocols will also be able to use the Cardano blockchain. Unlike Ethereum, however, these applications should not be restricted by high transaction costs and long transaction times.
What makes Cardano different from Ethereum?
One big difference between the fourth largest cryptocurrency and Ethereum is that there will be no more execution fees on Cardano after the Goguen upgrade. This means that users of the ADA blockchain will not have to pay fees to execute transactions.
The recent bull market in Ether (ETH) and other Ethereum projects has led to extremely high ETH transaction fees and many retail investors are looking at alternatives for this reason. This has led to Decentralised Finance (DeFi) currently still going strong not only on Ethereum, but also on other blockchains. It is exactly this vacuum that Cardano wants to fill and especially in Decentralized Finance the project wants to expand massively.
Cardano Liquidity Mining on the Binance Smart Chain
The Binance Smart Chain (BSC) is booming and just recently we introduced you to five of the most promising BSC projects. Lending crypto project Venus (XVS) is the biggest DeFi application on the BSC right now. Venus has developed rapidly since its launch in November last year. In four months, the team has attracted over 18,000 users and about two billion US dollars in liquidity.
A few days ago, Venus announced in its 2021 roadmap that it plans to add Cardano to its platform. As a result, people will be able to use Cardano as collateral for borrowing and lending on Venus.
In addition, the Cardano team has already announced plans for its own lending protocol, to be called Liqwid Finance. As soon as the Goguen Mainnet is ready, initial work on Liqwid Finance can begin. However, if this project is delayed, ADA holders already have the opportunity to participate in the booming DeFi sector via the Venus protocol.