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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Cardano Announces Warp Transactions, ADA Remains Stuck In Ranging Market

Semilore Faleti
Semilore Faleti
Last Updated: September 7, 2023 8:30 pm
3 mins read
cardano

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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. 

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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. 

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Analyst Calls ADA Amazon Of The Crypto World, Forecasts Bright Future Ahead

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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. 

Cardano

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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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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