Cardano’s ADA Token

Cardano’s native token, ADA, is now ranked as the 11th-largest cryptocurrency by market capitalization, valued at $11.9 billion. The cryptocurrency has been losing market share since January after a modest uptick following the 2022 bear market. ADA is just behind TRON’s TRX token in market cap.

Founded by Charles Hoskinson in 2017 after leaving Ethereum, Cardano was one of the first to experiment with a proof-of-stake consensus algorithm while utilizing Bitcoin’s UTXO ledger model. At launch, ADA had a market dominance of 0.3%, which surged during the 2017 crypto bull market, peaking at a market cap of $77 billion in May 2021 as the fourth-largest cryptocurrency.

ADA’s market dominance rose from 0.66% in early 2021 to 4.24% in 2022, but has now decreased to 0.58%.