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Lately, many crypto projects’ success depends on how connected they are to other crypto projects, particularly those within the EVM sphere. Let’s examine how Cardano (ADA) and Ripple (XRP) have fared while disconnected from the EVM ecosystem. We'll then explain how connecting to the EVM-based 1FUEL project could propel them into 20X returns.
Cardano officially launched smart contract functionality with the September 2021 Alonzo upgrade. However, ADA didn’t immediately see significant inflows. Remember, this platform was primarily programmed in Haskell, which differs from the Solidity language common in the EVM world.
This meant it'd be tricky to replicate any EVM smart contracts on Cardano through code reuse. Consequently, ADA didn't see the growth it could have gotten, especially considering that transacting in ADA was already much cheaper than typical EVM transactions.
Cardano then launched an ERC20-Cardano converter. The goal would be to easily adapt tokens of the ERC20 standard from Ethereum and the broader EVM ecosystem to Cardano’s platform. This would mean people could freely exchange them for ADA and vice versa.
This would have been a real game-changer since people would easily transfer or trade their tokens using Cardano during high Ethereum gas periods. These migrating users would have to use ADA for gas on Cardano, which would increase demand for the token. Many investors then built Cardano price prediction models around this move.
However, while the ERC20-Cardano converter went on testnet around December 2021, it only became available in April 2022 via the SingularityNET platform. This made the user experience a bit clunky and tricky, as the conversion would involve two wallets and AGIX tokens. Basically, this game-changing feature is yet to mature and be user-friendly. These delays and alterations have made Cardano price prediction much harder.
As of early September 2024, Ripple announced that it would introduce EVM-compatible smart contracts into its XRP Ledger. These will exist on a sidechain with wrapped XRP (eXRP) and the Axelar network facilitating cross-chain transfers. The EVM-friendly XRP Ledger will be able to connect to 55 blockchains.
However, many are still concerned about wrapped XRP as gas in cross-chain transfers across that many chains. During severe market conditions, it could become harder for wrapped XRP to remain 1:1 with regular XRP. This would distort many dealings, especially those involving DeFi interest payouts.
1FUEL’s intrinsic cross-chain trading capabilities could unlock more liquidity for ADA and XRP. More importantly, this exchange comes with a wallet that can plug into different chains, making it easier to manage tokens native to distinct chains in one place.
Secondly, 1FUEL’s crypto credit and debit card will entice many people to hold more of their money in crypto form, including coins like ADA and XRP. This is particularly true for those who travel or do cross-border business frequently and often face exchange rate fluctuations. These inflows would boost ADA and XRP prices, giving investors more returns.
Thirdly, 1FUEL's AI-powered features will simplify arbitrage trades and other time-sensitive trading strategies within the blockchain space. Users will more flexibly rotate in and out of ADA and XRP markets, bringing more liquidity and market efficiency. These also bode well for the price.
1FUEL’s P2P exchange functions will also connect more individual traders across different chains, enabling them to trade directly with each other. This will help in cases where the main sources of ADA and XRP don’t have the best deals. Users will still find smaller traders ready to service them at better rates.
The 1FUEL presale indirectly offers investors a chance to tap into the coming cross-chain activity explosion before it happens. With the price at only $0.018 per token, anyone can get a sizable bag of 1FUEL tokens and reap big when this exchange opens liquidity highways to and from other chains. Remember, the 20% bonus also helps enlarge your position.
As explained above, 1FUEL won't just be connecting ADA and XRP. It'll add to a larger web of EVM-friendly chains, with links possibly extending to 55 chains and any other new EVM-compatible ones. 1FUEL could take these two projects beyond a 20X move. So, if you hold ADA or XRP, add 1FUEL to your bags for a powerful crypto profit trifecta.
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.
