Cardano (quotation ADA) was successfully launched in Japan. Retail investors can now acquire the coin from exchanges where it was not previously available.
In a celebratory tweet, Cardano founder Charles Hoskinson said he had been waiting for this moment for "a long time". He thanked the community and all supporters of the launch. He also quoted a famous haiku by the Japanese author Matsuo Basho, the most famous poet of the Japanese Edo period. Haiku is popular with many for bringing calm to a very busy life.
“Ada arriving in Japan in ten minutes. I have waited a long time for this day. Congratulations and thanks to the community: a monk is sipping his morning tea, he is calm, the chrysanthemum is in bloom ”.
Cardano is making great progress
Now, Tokyo-based Bitpoint has become the first Japanese exchange to list Cardano. ADA joins other cryptocurrencies on the exchange such as Bitcoin (BTC), Tron (TRX), XRP, Ether (ETH) and Bitcoin Cash.
Japanese regulators reportedly have very strict rules that cryptocurrencies must abide by before being listed on their exchanges. For this reason, only a small number of cryptocurrencies are listed in the country.
Charles Hoskinson provided a brief update on Cardano network developments via a live stream. “Everything is on schedule, things are going well,” he said. Team Cardano is also playing hard forks and testnets, he added.
Market outlook
Dubbed the "Ethereum killer," Cardano has long been seen as the solution to high network fees on Ethereum. After Alonzo's hard fork, Cardano will mark a huge milestone as it launches smart contracts on September 12th. As soon as the Goguen era ends with smart contracts, Cardano will enter the Basho era (named after the famous Japanese poet). During this period, the proof-of-stake network will work on its scalability and interoperability.
Ethereum, on the other hand, is currently migrating from proof-of-work to proof-of-stake consensus mechanism. For many in the crypto community, this makes Cardano a notable competitor.
Furthermore, Ethereum is the most used network for DeFi (decentralized finance) and smart contracts. Hopefully, Cardano's upcoming update will put it on par with Ethereum in terms of allowing developer activity. Cardano will also be able to mint non-fungible tokens (NFTs) and automate lending among other use cases.
In the 24 hours leading up to August 23, ADA increased by 11%. With this, the coin reached a new all-time high of $ 2,97. ADA is trading at $ 2,63 at the time of writing, after losing 8,9% on the day.
