So you want to find hot new tokens on the Cardano blockchain? In this article, we look at how to do just that.
Cardano is consistently in the top 10 of blockchains in the crypto universe by market cap but is often overlooked by many involved in cryptocurrency. Cardano was founded by Charles Hoskinson who was also an early founder of Ethereum until he fell out with his co-founder Vitalik Buterin to eventually leave and form Cardano.
Cardano unlike Ethereum verifies on-chain transactions via a Proof of Stake (PoS) system, where node validators stake the Cardano native token, (ADA) to verify transactions. Ethereum (and Bitcoin) on the other hand at the time of writing utilises Proof of Work (PoW), which requires validators to carry out algorithmic puzzles to verify the blockchain, this requires much more CPU power and therefore energy and is argued to be less environmentally friendly than PoS. Ethereum intends to address this by launching a Proof of Stake Ethereum blockchain in an event widely known as ‘The Merge’.
All this apparent intense competition between the top blockchains has resulted in much mudslinging by maximalists but Cardano has several advantages. Specifically, low transaction fees, low energy requirements for blockchain validation, live smart contracts and a growing ecosystem of DApps and exchanges (DEXs). What’s more, there is a growing list of projects and tokens launched on Cardano that could present serious opportunities for risk-taking investors but how do we find these projects? Here we go…
Cardanocube.io can give potential investors a list of new tokens on Cardano. Of course, the number of projects currently listed is significantly smaller than that of Ethereum but Cardano is growing very quickly since the launch of Smart contracts in September 2021. Projects are listed under headings such as Dapps, Launchpads, DEXs, etc. making it easy to see the type of project you are looking for and a simple click on the logo will take you to the project page where more information and a link to the project website and whitepaper can be found.
All projects are verified by the CardanoCube.io team so the projects listed should be genuine but you should be advised, as with all crypto investments to do your own research.
MuesliSwap was the first DEX (Decentralised Exchange) to go live on Cardano. The user interface is easy to navigate, just select ‘Markets’ at the top of the page and then ‘All’ and you will see a full list of all available tokens listed on the DEX. MuesliSwap does label projects as ‘Verified’ if the project meets certain criteria but once again it is highly recommended you carry out your own research. Click on a token logo and this brings up lots of information such as price, market cap and recent transactions. A nice clear graph of historic price is given as well as links to the project website and Cardano blockchain research tool Cardanoscan.
Minswap is another Dex on Cardano. The user interface is fairly easy to navigate just go to the main page, click on ‘Launch and you will be presented with a list of tokens to research. Unfortunately, there are no direct links to project websites so you will have to do a little more digging here to get more information apart from the current price and recent transactions.
Wingriders is another DEX on Cardano, the interface is considerably slick. Here you can view new tokens by clicking Enter on the home page and selecting tokens in the drop-down at the top of the next page. Here you are given the current price of the token, the volume and the ability to swap your ADA for your token of choice.
In order to purchase your shiny new tokens you will need to set up a Cardano compatible wallet, if you don’t have one yet you can read this article:
It’s important to remember that this article is by no means financial advice. Remember to do your own research and stay safe, crypto is extremely volatile and you should resist going ‘all in’ on a project as you are likely to lose more than you can afford. Good luck!
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