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Is Cardano worth buying after the Cardano-Ethereum USDC bridge?

Cardano (ADA)

Cardano ADA/USD is a blockchain network that features smart contracts and facilitates the functionality of decentralized finance (DeFi) whilst also enabling the creation of decentralized applications (dApps).

The network even has its own cryptocurrency token, known as the ADA token, which is used to transfer value across the network.

The Cardano-Ethereum USDC bridge as a catalyst for growth

On May 23, we covered how Cardano’s Milkomeda sidechain might become the network’s ZkRollup.

As of May 29, 2022, investors as well as users that are interested in bridging their ISDC from the Ethereum blockchain to the Cardano blockchain, can do so through the usage of Milkomeda now.

The user can now essentially bridge the Ethereum-based USDC to Milkomeda and then transfer it to Cardano as a Cardano Native Asset.

In order to perform a swap, users need at least four milkAda tokens in their wallet, and if a user does not have enough or any milkAda tokens, they can transfer ADA from any Cardano wallet to the EVM wallet and get their tokens that way. 

Once the user obtains the required tokens, they can proceed to the bridge page and connect their Cardano wallet with Nami or Flint wallets and can choose Milkomeda C1 and send their ADA to the provided address.

Should you buy Cardano (ADA)?

On May 30, 2022, Cardano (ADA) had a value of $0.5189.

In order for us to get a better perspective as to what kind of value point this is for the Cardano (ADA) cryptocurrency, we will be going over its all-time high point of value, as well as its performance throughout the previous month.

Cardano (ADA) got up to a value of $3.09 on September 2, 2021, which marked its all-time high point value.

When we look at April’s performance, Cardano (ADA) had its highest point of value on April 4 at $1.2297, while its lowest was on April 30 at $0.7809. The token decreased in value by $0.4488 or by 36%. 

With all of this in mind, at $0.5189, ADA is a solid buy as with these integrations, bridges, and developments, it can climb to $1 by the end of June 2022.

The post Is Cardano worth buying after the Cardano-Ethereum USDC bridge? appeared first on Invezz.



from Market Analysis – Invezz