- Through Paima Studios with the help of Milkomeda, Cardano users can play any blockchain-based games without needing to bridge tokens to another network.
- Paima Studios has urged Web3 game developers on other chains like Polkadot to tap on its technology and scale through the Cardano ecosystem.
The Cardano (ADA) network, a decentralized third-generation proof-of-stake (PoS) blockchain platform, has shown signs of decoupling from the 2022 bear market. According to the latest crypto market data, Cardano’s (ADA) price gained approximately 12.5 percent in the past seven days to trade around $0.39 on Tuesday 4th April. The eighth largest digital asset by market capitalization has a total valuation of about $17.6 billion and a daily traded volume of approximately $568 million.
As a result, Cardano’s total value locked (TVL) has risen to approximately $142 million this year. Top decentralized financial platforms that have tapped Cardano’s vast network include Minswap, Indigo, WingRiders, DJED Stablecoin, and MuesliSwap, among others.
In a recent research by on-chain analytics firm Lookonchain, Cardano whales collectively own about 32 billion ADA. With Cardano having a circulating supply of approximately 35 billion ADA out of a total supply of 45 billion, only 3 billion is left for staking and retail trading.
The Cardano whales are expected to help the underlying value scale in the upcoming altcoin season following a 70 percent spike in Bitcoin during the first quarter.
Cardano and the Gaming Industry
In a bid to remain competitive among other smart contract chains, the Cardano network has actively engaged developers and users to build next-generation decentralized applications. Through Paima Studios with the help of Milkomeda, Cardano users can play any blockchain-based games without needing to bridge tokens to another network.
Notably, Milkomeda, the Cardano’s EVM layer, announced earlier last week that staking rewards will be enabled soon. As a result, developers building decentralized applications using the Cardano EVM layer can soon expect to get automatically paid after every five days.
With Paima Studios, deploying multi-chain games will be seamless without the need to purchase other tokens on different chains.
Cardano won't just be a top EVM chain
It will also be a top gaming chain🔥
Paima is a L2 for onchain games with ANY web2 language using ANY game engine
Now live for EVERY Cardano user from ANY wallet
All in pure ADA
Making Cardano a top gaming chain by user count🚀 pic.twitter.com/NNiia22p84
— Paima Studios (@PaimaStudios) April 3, 2023
Paima Studios has urged Web3 game developers on other chains like Polkadot to tap on its technology and scale through the Cardano ecosystem. Furthermore, the Paima Studios support a new type of non-fungible tokens dubbed Stateful NFTs, which are tradeable on different chains.
“Paima supports a new kind of NFT: Stateful NFTs. These NFTs can evolve based on arbitrary conditions over time as you play the game. Imagine your entire game account as an NFT that evolves & can be traded on the open market,” Paima Studios stated.
Interestingly, Paima Studios has reimagined the gaming industry, which has been marred with hacks caused by faulty designs. Notably, Paima Studios has separated users’ funds from the games by providing players with non-custodial wallets. As a result, gamers’ funds remain protected even if the underlying game is hacked.