Cardano’s TVL Hit $250M, VanEck Gives Solana Prediction, While Bitcoin Spark Introduces Smart Device Mining
The recent crypto market rally has sparked excitement among investors, with Cardano, Solana, and Bitcoin Spark topping the news. While the TVL of Cardano has crossed $250 million, VanECK has given a strong Solana prediction. Meanwhile, Bitcoin Spark looks to transform the mining sector by allowing smart devices to join the process.
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The Cardano TVL Has Crossed $250 Million
The decentralized finance (DeFi) of Cardano has increased significantly in 2023. Year-to-date (YTD), the TVL locked on the Cardano network has increased by more than 300%. According to a recent Cardano news update, the TVL of the network has increased past $250 million.
The Cardano network has grown significantly. The stablecoin market cap of Cardano has also crossed $15.93 million. In addition, the DeFi trading volume now averages over $2.82 million daily, with over 39,000 active addresses.
The Cardano coin, ADA, has not increased as much as the DeFi ecosystem. Year-to-date, the ADA price performance has been poor, rising by only 17%. However, crypto analysts have predicted that if ADA crosses the $0.30 resistance, it could rally as high as $0.55 soon.
VanECK Predicted a Massive Rally for Solana
Solana (SOL) has outperformed the cryptocurrency market in 2023. YTD, the Solana price has increased by more than 225% to rally above $32 in October. However, VanECK, a top asset management company, has forecasted even more gains.
The price forecast from the VanEck report stated that the Solana coin, SOL, could increase by 10,600% by 2023. This makes SOL a top crypto to buy for long-term investors. A rally on the Solana chart of this magnitude will take SOL to $3,211. The report added possible scenarios for this price movement to happen.
VanECK added that Solana could become the first blockchain to support over 100 million users. In other Solana news, the firm estimated that the Foundation behind the project could earn up to $8 billion in revenues if the network enjoys mainstream adoption.
Bitcoin Spark Has Introduced Smart Device Mining
Bitcoin Spark has emerged as one of the top Bitcoin forks – a split from the original Bitcoin blockchain. However, this new hard fork has introduced comprehensive solutions to some of the problems that have limited the adoption of Bitcoin.
For example, Bitcoin Spark has addressed the mining dilemma by introducing a refined Proof of Process (PoP) mechanism. PoP features a mixed PoS PoW for a more energy-efficient process. As a result, network users can mine BTCS tokens with their smart devices and stable high-speed internet.
The Bitcoin Spark mining rewards are distributed non-linearly to discourage decentralization and monopoly of the network. Meanwhile, the PoW features also ensure that the Bitcoin Spark network has the same level of security and privacy as Bitcoin.
The project has emphasized affordability, mirroring the early days of its launch. As a result, Bitcoin Spark is currently in stage nine of its ICO sales, with the BTCS token trading at $3.50 and a 5% bonus on every purchase.
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