Cardano Avoids Being Affected By The FTX Crash
The Cardano coin is still doing exceptionally well even though the crypto winter has been particularly harsh and the FTX disaster has occurred. The volume of transactions carried out on the Cardano blockchain has surged by more than 400%. This comes as a surprise considering that the majority of token values and trade activity have both dropped significantly during this time span.
According to Charles Hoskinson, the Chief Executive Officer of Cardano, the FTX meltdown that had an effect on the state of the market did not have a significant influence on Cardano. He went on to express his delight at the fact that Cardano was the only major token that had not been listed on the FTX exchange before it fell, and had therefore suffered only minor damage as a result.
The lone Twitter account for the Cardano Blockchain is called Ada Whale, and it celebrates the current situation of Cardano in the market crisis while also inviting other companies to engage and work with this heat-resistant blockchain.
The holder of the Twitter account also informed the general public that Cardano's most successful days are still in front of it.
SundaeSwap, the Cardano Decentralized Exchange (DEX), gives users and investors the assurance that the funds they have on deposit will be secure despite the widespread failure of exchanges. It asserts that it is completely immune to the turmoil that has been affecting the FTX market and that it is well-prepared for the future of DEFI on the Cardano Blockchain.
Before the cryptocurrency market crash, the state of Cardano (ADA)
A fall in Cardano's market sales and trading activities had already begun prior to the FTX issue. Due to the blockchain's poor performance, investors completely disregarded it as a viable investment option. As a direct consequence of this, Dogecoin is now ranked higher than Cardano coin on the list of the top 10 cryptocurrencies maintained by Coinmarketcap.
However, because it was not listed on the FTX exchange before the crash, it was not subject to the value reduction that occurred as a result of the sudden dive that shook the entire market.
More than that, FTX Alameda Research had previously been accredited as a seed investor in the SundaeSwap market. The bankruptcy filing may result in the sale of all Alameda shares; nevertheless, this action will not have any impact on the exchange.
Due to the fact that the SundaeSwap exchange has said that Alameda Research does not have any control over the lab's finances or tokens and that the exchange has never had access to FTX, it can be assumed that they will not be impacted in any way, regardless of the results.