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Cardano Hosts World's First Automotive Project, Will This Impact ADA Price?

Thu, 01/19/2023 - 13:30
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Godfrey Benjamin
Cardano-based eTukTuk start-up will first launch in Sri Lanka
Cardano Hosts World's First Automotive Project, Will This Impact ADA Price?
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The influence of the Cardano network is growing with the launch of the world's first automotive project built on any blockchain protocol. The project dubbed eTukTuk will enable drivers, passengers and other participants within the network to earn rewards. They can also benefit from the increasing use and expansion of eTukTuk's charging infrastructure.

eTukTuk was founded primarily to bring electric-powered two- and three-wheeled vehicles in a bid to help countries adopt clean and sustainable transport models. The start-up is also billed to expand charging stations so that developing economies can also benefit from the rising shift toward EVs.

Per the update shared on Twitter by Yevhen, the self-proclaimed Cardano Ecosystem Ambassador, the eTukTuk platform, will be launched in Sri Lanka, riding on the approvals granted by local authorities. At launch, the eTukTuk initiative will seek to start reducing the more than 1,200,000 internal combustion engines (ICE) that are currently on the road in the country.

With the eTukTuk offering, the initiative is billed to increase the earning power of drivers by about 400%, and the Cardano blockchain is bound to help all of the transactions take place securely and transparently.

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Will eTukTuk impact ADA price?

Tapping Cardano as the substrate blockchain network to power the eTukTuk start-up is a very bullish outlook for the protocol as it showed its smart contract capabilities are versatile and flexible enough to feature on-board from several industries.

The eTukTuk protocol is powered by the TUK token, and for users to utilize the coin and access the firm's transport offerings, users will need to hold ADA, a trend that will drive a whole new niche of users into Cardano's ecosystem.

Cardano has a number of scheduled upgrades and new protocol rollouts for this year, including L2 protocol launches and DJED stablecoin introduction. These, the eTukTuk project, and other enhancements are bound to generally impact ADA prices positively in the near term.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.