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09/07/2023

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Cardano Announces Warp Transactions, ADA Remains Stuck In Ranging Market

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...

Cardano Announces Warp Transactions, ADA Remains Stuck In Ranging Market

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. 

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. 

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.

Semilore Faleti

Semilore Faleti is a cryptocurrency writer and analyst that works for NewsBTC, providing insights into the latest developments in the cryptocurrency world. With articles featured in other prominent publications such as Coinmash and Bitcoinist, Semilore has a known passion for covering the growing impact of blockchain technology in the global financial world. Beyond his professional work, Semilore has a deep interest in music and politics. He enjoys discovering new artists, attending concerts and music festivals, and closely following global affairs and issues of social justice and equality. You can follow Semilore on Twitter @SemiloreFaleti.

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