2 - 3 minute read
A new study by Coin Kick-off has revealed that Cardano is the most loved cryptocurrency in parts of Africa, including Kenya, Uganda, Ghana, Tunisia, and other regions such as Switzerland and Puerto Rico. The report, which used data from social media platforms and analyzed it with Artificial Intelligence (AI), ranked cryptocurrencies according to users’ sentiments. Coin Kick-off leveraged the cashtag feature on Twitter and matched it with their geotagged location, resulting in the analysis of over 800,000 tweets.
The study found that worldwide, Ethereum and Solana are ranked as the most loved cryptocurrencies. The report claims that their smart contracts and decentralized finance (DeFi) applications contributed to the results. According to data from the Pew Research Center, people use these platforms as an alternative to traditional investments.
However, despite its substantial presence in Africa, Cardano took longer to deploy its smart contract capabilities via three Hard Fork Combinator (HFC) events during its “Alonzo” era. As a result, Solana and Ethereum took over most users looking for DeFi applications.
Charles Hoskinson, CEO of the blockchain’s developer IOG and founder of Cardano, has been vocal about the potential of the African region for blockchain growth. He estimates that Africa has over $5 trillion stored as “illiquid” assets, and that the systems that help the region’s people extract their wealth will benefit greatly. Hoskinson has said, “Africa will be the most promising economic ecosystem in the next 10 years. We as a firm and our (Cardano) community are in the best position to execute in this terrain. Very soon we will solidify that with a collection of flagship deals that we will then rollout to much larger deals. We have many strategic partners, relationships and political access.”
Cardano has already created its most important deal with the government of Ethiopia. The African country started using Cardano to “overhaul” its education system. The deal was announced in 2021 and contemplated that millions of people would use the blockchain.
The Coin Kick-off report provides valuable insight into the growing popularity of cryptocurrencies in Africa and around the world. It highlights the potential for blockchain technology to revolutionize not just finance, but also industries such as education. As Cardano continues to expand across the African region, it will be interesting to see how it solidifies its position as the most loved crypto in this part of the world.