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Cardano and its native cryptocurrency ADA are a polarising topic: It seems like you can only love Cardano or hate it. While critics are always emphasizing that Cardano is still nothing more than a “ghost chain,” Cardano fans point to the many innovations that the project has already brought to life – and of course, the potential of Cardano, once all its features will be fully rolled out.
Understanding that “chain maximalism” has never been a successful strategy, let’s look at what’s currently going on in the Cardano ecosystem and what’s coming up for ADA in the coming weeks and months.
While it’s certainly entertaining and inspiring to listen to one of the countless AMA’s Cardano co-founder Charles Hoskinson has done in the last years, it has also been a nerve-racking and frustrating experience for many Cardano supporters.
After years of research, 2020 was finally the year where Cardano started “shipping” and delivering on its promises: A first significant milestone was the “Shelly hard fork” in July 2020, where Cardano became a decentralized and robust proof of stake protocol run by independent stake pools.
The next era of Cardano’s roadmap started successfully rolling out at the end of 2020 with Goguen. With 2 of 3 upgrades already live, Goguen promises to finally bring smart contracts to Cardano. The highly anticipated third and last Goguen upgrade named Alonzo will take place later this summer, aiming to catapult Cardano into the highly competitive space of layer 1 blockchains.
That Cardano has a vibrant and active community that withstands criticism and setbacks is not a secret. A trend worth watching now is the rising anticipation of the third and final Goguen upgrade, which finally allows smart contracts and dApps to be built on Cardano.
While it seemed questionable for a long time if Cardano could attract enough developer attention, once it’s ready for it, the current trend shows into the opposite direction: It feels like all the years of waiting have been building up pressure, as there are now tons of developers and projects that are preparing for full smart contract support rolling out this summer.
If Bitcoin and the overall market can stay bullish in the coming months, riding the Cardano wave could undoubtedly be lucrative, as it seems to be one of the hot trends of this summer – especially after the nice consolidation of ADA’s price in recent weeks.
History shows that anticipation of major milestones often leads to stronger price rises than the event itself (“buy the rumor, sell the news”). Thus, the anticipation of Alonzo and full smart contract deployment on Cardano could well be the perfect catalyst for a massive summer for ADA.
Looking at the price of ADA, we can see that it is barely hovering above its old all-time high from 2018, with substantially higher volume than back then (which is a positive sign). With the prospects of much stronger fundamentals, adoption, and community growth, it is easy to imagine ADA enter price discovery and new highs soon.
Where this leads long-term all depends on how successful the smart contract roll out and the following developer adoption will be, as well as how overall capital flows into Bitcoin and the while crypto markets. With Bitcoin still looking healthily in the middle of its bullish cycle, the outlook for ADA is certainly a positive one for the coming weeks and months.
On top of holding the native asset ADA, riding the hot IDO market could also be a good way to play this trend, as the combination of IDO mania and Cardano craze could well lead to some explosive outcomes. Of course, this doesn’t go without understanding the risks of buying significant amounts of IDO coins and early-stage projects.
0:00 A long time coming
1:20 Resistance is futile!!
2:30 Other L1 Growth
3:50 Why Cardano Community is special
4:40 Metcalfe’s Law
5:30 Cardano Roadmap
8:00 Other Fundamentals
#Crypto #Cardano #Ethereum
DISCLAIMER: This is not financial advice! This is an entertainment and opinion-based show. I am not a financial adviser. Please only invest what you can afford to lose, and we encourage you to do your own research before investing. DYOR!
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