Cardano Announces Warp Transactions, ADA Remains Stuck In Ranging Market
07 September 2023 - 10:30PM
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Strica, a company working on solutions and use cases for the
Cardano blockchain, unveiled a new feature for the smart contract
platform via their wallet, Warp Transactions. According to an
official press release, described as a “game changer for token
transfers,” Warp Transactions were created to ease the burden of
transaction fees paid when sending assets on this network.
Related Reading: Cardano HODLing: Long-Term Holders See 170% Rise
In Past Year Cardano New Feature Eliminates Sender Fees, But There
Is A Clause Usually, on Cardano, every token transfer demands the
sender to pay a minimum fee of 1.14 ADA to secure against network
attacks. However, the Warp Transaction now offers an alternative
for this mechanism. Warp Transactions are based on the Unspent
Transaction Output (UTXO) model. UTXOs refer to the small amount of
digital currency after one executes a transaction. Now, Warp
Transactions are considered a type of UTXO transaction. They use
the receiver address’s UTXOs to cover the minimum ADA fee required
to process transactions on the Cardano network. However, there is a
clause that this new feature employs a multi-signature function.
Therefore, the receiver and sender must sign off for any
transaction to be completed and published on the blockchain.
Furthermore, while Warp Transactions may mark a new era for the ADA
community, this feature is only available for users of the Typhon
Wallet. Whenever a Warp Transaction is initiated, the
receiving address is notified and given 24 hours to accept or
reject the transaction. During this period, the tokens are
moved from the sender’s wallet and are locked in a mempool, which
acts as a “holding area” till the receiver approves or cancels the
transaction. This mempool is managed by the backend of the Typhon
Wallet. Related Reading: Analyst Calls ADA Amazon Of The
Crypto World, Forecasts Bright Future Ahead ADA Struggles For
Market Breakout In other news, ADA, native token of the Cardano
network, has been moving sideways over the last few days. According
to data from CoinMarketCap, the altcoin has been stuck in a market
ranging between $0.25 and $0.26 price zone since the start of
September. Before this market consolidation, ADA had been on
a downtrend, losing about 12.9% of its value in August. According
to data from Coincodex, the general sentiment around ADA remains
bearish, with a Fear and Greed index of 41. However, the prediction
team projects that ADA will maintain its ranging market for now,
reaching around 0.261 in the next five days. At the time of
writing, ADA trades around $0.256 with a 1.09% loss in the last day
based on data from CoinMarketCap. The token’s trading volume is
also down by 7.92% and is now valued at $104.7 million. ADA
trading at $0.2557 on the daily chart | Source: ADAUSDT chart on
Tradingview.com Featured image from The Independent, chart from
Tradingview.
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