Moreover, the cryptocurrency has not stopped beating Ethereum (ETH), the second-largest cryptocurrency by market cap, in terms of daily transaction volume.

Read Also: Someone Just Paid 200 ETH Worth $553,000 in Gas Fees to Mint Tubby Cats NFT

Cardano (ADA) is Number 3 Most Mentioned Crypto on Reddit

According to chartexchange.com, the platform that tracks all crypto sentiments and mentions, Cardano (ADA) is the number 3 most mentioned cryptocurrency on Reddit, the social news aggregation, web content rating, and discussion website.

As shared by chartexchange.com, over the past week, Cardano has been mentioned 1,692 times, with a 23% increase compared to the previous week. According to the data, Cardano is only behind the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

Read Also: Number of New Daily Addresses On Cardano Spikes 167%, Denoting Notable Growth in On-Chain Activity

A couple of days ago, TimesTabloid reported that Cardano displaced Bitcoin and Ethereum to occupy the first position based on 24 hours transaction volume, negating critics who claimed that Cardano is a ghost chain.

Since the start of the year, the leading blockchain has been displaying an outstanding performance with loads of activities on the network.

Follow us on Twitter, Facebook, Telegram, and Google News

The post Cardano Is Number 3 Most Mentioned Crypto on Reddit; ADA Triples ETH in Transaction Volume appeared first on Times Tabloid.

During a fireside chat with Solana co-founder Raj Gokal first reported by The Block, Alexis Ohanian stated that “One of the reasons why I’m here is to announce — I have a venture fund called 776 — we’re earmarking $50 million to invest in the next wave of social, built on Solana.”

Read Also: CoinShares: Cardano, Solana Keep Gaining Institutional Inflows While Ethereum Loses

In the course of the chat, the Reddit co-founder pointed out that the plan is to increase the fund to $100 million since the $50 million initially allocated wasn’t enough for the investment.

This is coming in just a day after Sam Bankman-Fried, FTX CEO stated that building social media on the blockchain could be absolutely huge.

During the discussion, Bankman-Fried claimed that decentralized social media could solve a lot of pain points. He pointed to pre-existing social media sites, which have massive userbases, and stated that integrations with these sites could help to scale decentralized finance (DeFi) to millions of more users.

Read Also: Analyst Kaleo Says Ethereum (ETH) Record High above $5,000 Is Imminent

Reddit to Convert Karma Points to ERC-20 Tokens

In another development, the popular internet forum, Reddit, is also planning to start converting users’ karma points into ERC-20 tokens, with the hope of attracting 500 million crypto users worldwide.

In a series of tweets on 3rd November, Reddit engineer, Rahul, highlighted the efforts of the platform to improve the interaction of users through various crypto initiatives:

“How will we pull this off? Reddit has partnered with @OffchainLabs (@arbitrum) and created our own separate instance. Community points for 2 subreddits (~80,000 users) are already on Rinkeby Testnet on our Arbitrum network (separate to Arbitrum One).”

Read Also: Big-Money Investors Are Dumping Bitcoin (BTC) For Ethereum (ETH) –JPMorgan Analyst

Previously, Reddit has already used the Arbitrum solution to scale the community token system, but now Reddit is planning to transfer karma points into tokens. According to the website:

“Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just like Bitcoin (BTC) !).”

Follow us on Twitter, Facebook, Telegram, and Download Our Android App

The post Reddit Co-Founder Is Set To Invest $100 Million in Social Media on Solana Blockchain appeared first on Times Tabloid.