$ADA

The native cryptocurrency of the Cardano network. The coin operates solely on this network and utilizes its infrastructure.

Cardano is a Layer 1, or in other words, a fundamental blockchain. So, what does this mean? The network operates as an independent chain, similar to Ethereum and Bitcoin. The platform uses the Proof of Stake mechanism. The most notable feature of Cardano is that it derives its consensus from a different mechanism called Ouroboros. The protocol enhances the energy efficiency and security of the network.

In transactions on the network, ADA exchanges occur at the value transfer layer. Smart contracts and decentralized applications operate at the computation layer. This structure significantly increases the scalability of the network. The Cardano network also supports various tokens and NFTs besides ADA. One of the fundamental goals of the network is to transform into a DeFi and NFT platform that competes with Ethereum.