How to Buy

As of July 2023, Cardano (ADA) remains a strong contender in the top 10 cryptocurrencies by market cap, reflecting robust investor confidence in this digital asset. ADA's high liquidity on BYDFi and other major exchanges highlights its position as one of the most actively traded digital assets in the market.

Experts highly regard Cardano's decentralized platform, believing it has the potential to surpass Ethereum as one of the most robust ecosystems for supporting dApps. Despite the slower roll-out of updates by its developers, Cardano's meticulous and methodical approach ensures a high level of security for the blockchain, making it suitable for real-world applications.

This unique approach has earned Cardano the nickname 'Ethereum killer.' As more dApps are launched on the network, attracting more users, the value, market cap, and trading volume of the ADA token could increase, making it a worthwhile investment.

Cardano remains one of the most technologically advanced blockchains on the market, thanks to its scientifically directed development. It is one of the fastest-growing and most popular crypto projects currently. However, while Cardano presents a promising investment opportunity, it is essential to stay informed about market trends and conduct thorough research before making investment decisions.

Providing an accurate prediction for Cardano's price is difficult due to the unpredictable nature of the cryptocurrency market. However, Cardano's unique fundamentals position it as a promising investment. As a proof-of-stake blockchain, Cardano offers energy efficiency and scalability, making it an appealing choice for powering large-scale applications, potentially surpassing its proof-of-work counterparts.

The introduction of smart contract support in 2021 demonstrated investor confidence in Cardano. This development could lead to an increase in the ADA price as more decentralized applications (dApps) are launched within the Cardano ecosystem, attracting a larger user base. Additionally, a general surge in interest towards digital assets could contribute to a rally in the Cardano price.

Cardano's ADA has recently experienced volatility, particularly during the launch of its Vasil upgrade in September 2022. Despite some setbacks, the upgrade was successfully implemented, bringing enhanced functionality, performance, scalability, and interoperability to the Cardano network.

ADA, the native token of the Cardano ecosystem, serves various purposes, including:

Native Currency for Transactions on Cardano Network

ADA is utilized for paying transaction fees within the Cardano blockchain. It also functions as a payment method when executing smart contracts or interacting with dApps. Furthermore, you can transfer payments on the Cardano network using ADA tokens.

Stake ADA for Cardano's PoS Consensus

ADA also plays a crucial role in the blockchain's Proof-of-Stake (PoS) consensus mechanism. It is rewarded to users who participate in a stake pool and contribute to the blockchain's operations.

Trade or Hold ADA

Trade Cardano against other digital assets on the BYDFi Spot Market to capitalize on market conditions and volatility. You can buy or sell ADA, or hold it for the long term if you believe in the future potential of the Cardano project. However, it is important to conduct your own research (DYOR) before entering any new trades in the cryptocurrency market.

Earn Passive Income on BYDFi

Generate passive income by utilizing your ADA holdings and growing your crypto portfolio on BYDFi. You can stake Cardano on BYDFi Earn or lend liquidity in ADA through BYDFi's Crypto Lending platform to conveniently earn ADA.

Unlike BTC and LTC, ADA cannot be mined as Cardano operates on a proof-of-stake (PoS) consensus model instead of proof-of-work. However, there are alternative methods to acquire ADA tokens:

Trade Cardano on BYDFi

You can purchase ADA using fiat currency or trade it against other cryptocurrencies on BYDFi and other supported platforms. Before trading, it is important to review the live price of Cardano, ADA market cap, trading volume, and other fundamental and technical analyses.

Stake ADA to Earn Rewards

By staking ADA, you contribute to the security and stability of the Cardano network and have the opportunity to earn passive income. You can earn ADA rewards through delegation or by directly staking into a staking pool.

Lend Liquidity in ADA

As an ADA holder, you can lend your tokens to support liquidity on trading platforms, both centralized and decentralized exchanges. For example, BYDFi's Crypto Lending feature allows you to lend your Cardano tokens for 7, 14, or 28 days and earn attractive interest.

If you're wondering where to stake your ADA crypto, Cardano provides multiple options to choose from. You can stake ADA through digital wallets, cryptocurrency exchanges, DeFi apps, and more. One popular choice is the BYDFi Earn feature, which allows you to select ADA from a list of options, choose your preferred staking duration, and the type of staking you desire.

Another option is to stake ADA using Cardano's official wallet, Daedalus. By staking through Daedalus, a full-node wallet, you can earn rewards and become a validator in the Cardano blockchain. This also enables you to participate in the governance of Cardano, making it a secure and engaging staking option.

If running your own node on Cardano via Daedalus requires too much storage space, you may consider staking through the Yoroi wallet. This lightweight wallet offers an intuitive user experience and can be downloaded as a browser extension on various platforms.

Prior to staking, it is crucial to research staking pools. These pools are often ranked based on factors such as the total number of blocks produced, overall performance in block creation, expected returns on investment, and more. Before making a decision, evaluate pool size, uptime, liquidity, and past results.