Join Our Telegram channel to stay up to date on breaking news coverage
Cardano had the highest developmental activity in the last 30 days, amidst a time when the highly popular Ethereum network didn’t even make it to the top 5.
According to data from Sanbase, ADA had 362 activities, ranking it number one among the coins in the list of highest developmental activities in the last 30 days. It was followed by DOT and Kusama with 328 activities each. While the other members in the list included Ethereum, Polkadot, Solana, Filecoin, Flow, IOTA, Decentraland and Status.
One notable aspect about Cardano is that it is the only other crypto in the list that displayed a positive trend when it comes to price. While Decentraland managed to gain 1.3% in the month, ADA was up by 7.7%. This is particularly applaudable given the current market conditions and the entirety of sentiment around crypto.
The Cardano blockchain gets its regular upgrades from time to time. These upgrades are often referred to as hard fork events, that upgrade the network by implementing new upgrades to the existing blockchain. In the month of August, this year, the parent company of Cardano, Input Output Hong Kong, will launch a developmental milestone for the network. This upgrade will be called Vasil Hard Fork.
Essentially, this hard fork will strengthen the network and improve its performance.
The parent company recently said in an announcement that they’ve released Cardano node 1.35.0, a final candidate for the mainnet Vasil release. All the necessary software core aspects have been completed & testing on the Plutus V2 code has shown desired results.
Many such events took place on the network in the past as well. The Mary hard fork is one such example, where developers were allowed to create custom tokens on Cardano.
While this news is expected to get the users, developers and supporters of Cardano excited. There’s no better time to involve yourself in the space if you’re even slightly interested in crypto.
Here’s a quick brief on Cardano to help you understand the network, and realize why ADA is so appreciated.
What is Cardano?
Cardano is a proof-of-stake blockchain network, popularly considered a better alternative to Ethereum. It is also the first peer-reviewed decentralized blockchain protocol to make use of a scientific approach.
The developers of Cardano have always aspired to create a blockchain that supports more transactions at a lower cost, and have been considerably successful in that aspect. They also make use of distributed ledger technology & have commendable smart contract infrastructure.
Cardano was founded back in 2017 by Charles Hoskinson. The native token of Cardano, ADA, borrows its name from Ada Lovelace, a 19th-century mathematician regarded as the first computer programmer. The coin was created to allow owners to participate in the operation of the network. Accordingly, owners of ADA get to vote on proposed changes to the network.
The features & use cases of Cardano follow an elaborate spectrum. The platform allows for building smart contracts, creating dApps and protocols, and also allows for sending funds at lower fees. Naturally, the ADA token is used for funds transfer, but that’s not all it’s meant to do. Participants on the network stake their ADA tokens to keep the blockchain secure and functioning. Those who do this, are then rewarded with ADA coins for their participation.
Along with building decentralized applications and supporting smart contracts, Cardano is also used by agriculture companies to track fresh produce. Storing educational credentials on the network is another popular use case of the network. And due to many such incentives, Cardano has often been considered a better alternative to Ethereum. However, supporters of both remain pretty stubborn when vouching for the credibility of their respective networks.
Is Cardano a good investment?
When the token became live for trade in 2017, ADA’s price stood at roughly $0.02 and has managed to scale significant heights since then.
The price displayed a bullish trend in 2018 and touched a then all-time high of $1.11. It wasn’t until the beginning of 2021 when the coin showed some significant upward trend again. During this time, it crossed the $2 level for the first time, setting a new high. Although the price was soon outperformed in September when the coin reached an all-time high of $3.10.
Since then, the price has followed a progressive negative trend and is currently trading at $0.4683. The coin currently has a market cap of more than $15 Billion and holds a rank of #7 in the list of top cryptos.
Cardano has delivered significant returns, historically speaking, and although the current price is comparatively lesser than its high, it still remains strong at its fundamentals. The recent news appreciating its developmental activity is a good indication of the same.
Over the next few years, at least, the token is expected to cross $1 again. And if the coin follows a bullish trend anytime soon, that milestone will be much earlier than expected. In conclusion, ADA comes out to be a really reliable asset for investment.
Read More
Join Our Telegram channel to stay up to date on breaking news coverage
