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Cardano (ADA-USD) is a name that’s often included among the crypto giants, yet unlike its peers, the network has not had much luck in the way of celebrity endorsements. There’s plenty of arguments over whether such a thing is worth it; sure, some might say that you should listen to the experts rather than a celebrity. Yet, these endorsements are often what increases the exposure of the project and introduces many potential users to them. So, as news breaks of a big celebrity endorsement on the Cardano network, investors are taking a greater interest in the ADA crypto.
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The Cardano network is new on the scene in regard to its decentralized app (dapp) growth. The network only launched its smart contract capabilities in the last six months. However, it is fast building a deep portfolio of dapps and partnerships around the industry and abroad. Led by Charles Hoskinson, a founder of the Ethereum (ETH-USD) network, Cardano is one of the best alternatives to the layer-1 giant.
One of the most popular uses for Cardano, as it continues to build its repertoire of dapps, is in its decentralized exchanges (dexs). Indeed, its SundaeSwap dapp is one of the most well-known of the pack; it offers some of the fastest transaction settlement times available. Now, there’s a new incoming dex, and its big celebrity backing and successful funding round forecasts bullish prospects both for it and for the network at large.
ADA Crypto Gets Assistance From Hollywood Actress Gal Gadot
Gal Gadot, known best for her lead role in the “Wonder Woman” film franchise, is becoming bullish on crypto. More specifically, she is betting on the success of Cardano in dethroning Ethereum. The actress is leading a Cardano dex funding round, and in turn bringing significant attention to the ADA crypto.
AdaSwap is an incoming Cardano dex that calls itself “the backbone of the Cardano ecosystem.” The dex, exclusive to the Cardano chain, is a gasless automated market maker (AMM); this means it does not require the computing power that a transaction on Ethereum would. Effectively, this eliminates transaction fees based on computing requirements.
The project is closing out its most recent funding round this week, and the results are positive. It is bringing in $2.6 million in funding. A portion of this funding came from the Hollywood star. As a result of Gadot’s participation, the network is leaning into the positive PR of the endorsement. Charles Hoskinson took to Twitter to comment on Gadot’s foray into Cardano, saying he is “glad to welcome” the actress to the chain.
As the news continues to ripple across the crypto market, Cardano is not safe from the industry-wide downtrend that’s occurring today. The ADA crypto is losing about 5% this morning. However, trading volume remains on the rise, with $1.1 billion in ADA swapping hands in the last 24 hours.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
