The CEO of popular cryptocurrency exchange FTX, crypto billionaire Sam Bankman-Fried (SBF), has said that the trading platform is set to soon list Cardano ($ADA) as it’s on the exchange’s roadmap.
In response to a Cardano community member who suggested FTX wouldn’t list $ADA because they “view Cardano as a threat to everything they want to control,” SBF said that this is “definitely not the case” and that FTX has listed ADA perpetual contracts international, and is set to soon add spot ADA trading.
Perpetual futures contracts, it’s worth noting, are a special type of futures contract that doesn’t have an expiry date and allows traders to hold onto their positions for as long as they want to. Perpetual futures contracts rely on a funding rate to trade close to their underlying asset’s price.
In a follow-up tweet, SBF clarified that ADA not being listed is a result of logistical challenges associated with the listing, rather than the exchange not wanting to list it or support it. Per SBF, it’s easier to support tokens that are based on popular networks such as that of Ethereum as “tokens come almost automatically.” Before listing ADA, he said, FTX has to “make sure we have good Cardano validator parsing for deposits/withdrawals.”
The CEO responded to users doubting FTX would list ADA in the near future with a friendly bet on “whether FTX lists ADA spot within the next 3 months.”
As CryptoGlobe recently reported, crypto analytics firm Santiment has said that based on its data ADA is undervalued at the moment and that its price is likely to double within the next three months.
Santiment tweeted that ADA is currently “at its lowest relative position compared to its realized value” since January 2019, and that this suggests it is undervalued based on “average trader losses”. It also mentioned that the last time $ADA’s MVRV ratio was this low, its price doubled “in the following three months.”
Transactions being made on the Cardano network have grown to hit 97,959 on October 19, a figure that represents a rise of roughly 75% month-on-month, according to data from the cryptocurrency’s blockchain.
The figure was first shared by popular Cardano influencer ADA whale, who noted that the network’s trading volume for non-fungible tokens (NFTs) also grew to hit 3 million ADA in a single day, which solidified the network’s position as the third-largest NFT protocol.
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