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Thanks a lot JTS! Appreciate your thoughts here :-)
Hi Bobbie, Sundaeswap launch appears to have been very poorly managed. The delays were expected and coin price was always going to drop after the hype the project had received, but the public fallout around the launch was terrible for the project. Minswap has since come on scene and already attracted significantly more attention + trading volume (a key metric to look into is 'TVL'). Ultimately it's all new, so platform performance will be highly volatile over the next 6-12 months. Apparently there're around 500 projects being developed at the moment, with several hundred of them expecting to release mid-summer when the next major update comes out.
Just personal opinion, but I wouldn't expect big returns from Sundae or Min. If you take a look at the equivalent of their market cap upon full dilution, Sundae is almost $0.4bn and Min is about $0.9bn... Given that Uniswap is a beast in comparison and just $6.5bn, Cardanos DEXs are either priced at future usage 1+ year from now, or they are vulnerable to further decline.
The nature of cardano's ISPO presents a drop on ADA price, but also a volatile entrance to market for any new project as many holders ditch at first opportunity. It's a safer model/approach, and probably better for a multi-year long term outlook, but not amazing for price performance in the short (i.e. few months) window.
I'm quite intrigued by the metaverse space. Cardano has several projects who've come out but not fully launched yet. People who bought early are selling out of boredom, but this is a space that will likely go through revolutionary change / growth in the next 6 months...
Ultimately, we are still near the beginning of everything. Therefore there are lots of op's to have, but I'd be weary of buying into things that are priced ~half a billion dollars when they have only just launched
I see Sundaeswap has now dropped below $0.2……looking for an entry point. Do we think this will recover after a rocky start since launch or are/will there be other better DEXs on the Cardano platform? TIA for your views. BD
@Milkytray, a FTSE trading platform would be a massive boost. It would push crypto more into mainstream investment decision making, and make it considerably more accessible to your average Joe who is weary of high entrance fees. Whilst already legitimate, it would bring a major correction to image in the mainstream also, another plus
On another note, I think big investors have been driving ADA down for a while. It was having 10s of billions in $s transaction per day, far exceeding Bitcoin & ETH combined. Yet average trade was around $40k. That's II activity! Assume it was the recently launched funds driving things down to get their entrance
For the near term, I'm personally anticipating a further drop to around $0.5 (weekly 200MA). Bitcoin is obviously dropping down towards either support around 30k, its 200MA weekly or 50MA monthly. ADA will drop with it me thinks
Would love to be wrong. Not selling anything cause long term is golden regardless, but I'm not putting in any new cash until charts appear oversold on the monthly
pardon my ignorance , but the ftse trading platform , that will include alternative cryptos, so will that not move people away from the existing cryto's?
JT
Yeah, it's always the same. Timing is just luck for the best part. The thing is. In terms of crypto we are still early. London Stock Exchange just purchased a trading platform to push their Digital currencies drive. Can you imagine what happens when that's up and running fully and being promoted in the UK? Not only that other countries will follow as they won't want to miss out.
I think the mother of all pumps will come in the near future
https://cointelegraph.com/news/london-stock-exchange-acquires-cloud-based-technology-provider-tora-in-325m-deal
@ Bobbie, just search on youtube and there are several videos walking you through the steps. Didn't watch through this one, but a quick glance looks like it does: https://www.youtube.com/watch?v=HqeXOQUWt1Y
That's using Yoroi. It's basically the same process on Daedalus
@Michael, snapshot is taken at the beginning of every epoch (i.e. 5 days) over 5 epoch period. If you miss the first couple, you can still receive rewards for the last few. Equally, given the hype over sundaeswap, I personally don't expect much reward from this. Most of the pools are oversaturated and the rewards are probs going to be shared across a significant proportion of the cardano community who are trying to get in on this.
@Cooper, managed to get crypto.com to work now too and have synced that up with my Yoroi wallet. Think it's a little under 3% to buy on Crypto.com and then a fraction of an ADA to transfer to chosen wallet... I bought most of my holdings in Q1 last year. A lot went up, but with ETH fees going over $1000s and whatever else, didn't bother selling. Should have taken the hit with the fees though as holdings have dropped $50k or so since then.
TBH, wish I'd started my crptyo journey just 2 weeks before I did. Started reading into it in Dec 20, but didn't really start buying until mid-Feb. ETH+ADA prices had already multiplied several fold in those few weeks. Would have made significant difference to where things are today - but can't always get what we wish for
Hi Guys
Sorry for a "noddy" question.....but what is the simplest/best way to get Sundaeswap?
TIA
Bobbie