Cardano Soars 13% On Rumors Of Burn Mechanism Rollout, Charles Hoskinson Reacts

Name	Symbol	Market	Market Cap ($)	Algorithm
Avalanche	AVAXUSD	Crypto	13,400,232,299	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Avalanche

AVAXUSD

Crypto

13,400,232,299

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.060	0.17%	35.60	35.59	35.61

Price Change

Price Change %

Current Price

Bid Price

Offer

0.060

0.17%

35.60

35.59

35.61

High Price	Low Price	Open Price	Prev. Close	52 Week Range
35.82	35.18	35.54	35.54	8.62 - 65.38

High Price

Low Price

Open Price

Prev. Close

52 Week Range

35.82

35.18

35.54

8.62 - 65.38

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	11:39:29	0.849203	35.60	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

11:39:29

0.849203

35.60

USD

Price x Volume	Volume	Base Symbol	Related Pairs
3,695,678.67	103,941.57	AVAX	AVAXEUR	AVAXGBP	AVAXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

3,695,678.67

103,941.57

Cardano Soars 13% On Rumors Of Burn Mechanism Rollout, Charles Hoskinson Reacts

19/03/2022 6:52pm

NEWSBTC

In the last 7 days, Cardano is one of the best performers on the crypto top 10 by market cap. Proof-of-Stake networks lead the market, as Bitcoin and others stand in the back. Related Reading | Cardano (ADA) Takes A Tumble After Hoskinson Is Accused Of Falsifying Credentials Avalanche (AVAX) records almost 30% in profits, as Ethereum (ETH) records 16% and Cardano (ADA) 13% profits over the past week. ADA’s price trades at $0.89, as of press time, and could see further gains in the short term as the market experiences further gains. ADA’s price appreciation could be fueled by rumors about the potential implementation of a burn mechanism for Cardano. The news was shared on Twitter by WatcherGuru triggering a reaction from the ADA community. The source of the rumor could be a tweet from Clark Alesna, developer and CEO of a company called SAIB Inc. Alesna accepted a “challenge” from Hoskinson and said he will start production of a burn smart contract for ADA. Alesna said: It seems like no one really took Charles Hoskinson challenge to build a #Cardano $ADA burn smart contract challenge that he put out some time ago. So, I’m taking matters into my own hands and started to plan and code it this weekend. I’ll update you guys soon. However, the tweet and its replies suggest Alesna was simply joking. The message by taken seriously by certain media outlets which triggered a reply from Hoskinson himself. The inventor of Cardano shared the following meme as a response to these reports. https://t.co/f9qU9xW5gl pic.twitter.com/KfaZEEBXrw — Charles Hoskinson (@IOHK_Charles) March 19, 2022 The ADA community seems to agree a burning mechanism will never be implemented on Cardano and classified the rumors as “misleading”. Most of the users seem to agree this system will bring disadvantages to the network. A pseudonym user said: Misleading information. There will never be layer 1 chain burns. You can’t burn utxo protocol just like bitcoin. Token means layer 2 blockchain on Cardano may require burns. Have to get this clear. Why eth burn? Because they build very differently in terms of accounting model. We shall not talk about them as they are struggling to roll out decentralised proof of stake. The Cardano Ecosystem On Fire Data shared by Hoskinson suggest the Cardano ecosystem has been expanding since the implementation of its smart contract capabilities. As seen below, there are over 500 projects building on this network, per Hoskinson. Currently, Non-Fungible Tokens (NFTs) seem to be dominating development on this network, native marketplaces for these digital assets follow at a much smaller scale, with Decentralized Exchanges (DEX), GamiFi, and wallets. Related Reading | Cardano (ADA) Attains 9th Position in Market Valuation During Ecosystem Inflows He hinted at the continuation of this trend, as Cardano deepest into its third era of development, known as Basho. Hoskinson said: “Moving the chains. A large wave will come after June when the Vasil hardfork happens”. This could potentially support the continuation of the current bullish trend for ADA’s price.

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

AVAXUSD Avalanche