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Cardano is smart contract enabled, but critics still claiming ground amidst celebration

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  • The Cardano network finalized the Alonzo hard fork on Sept. 12, bringing smart contracts to the public network.
  • Detractors are still at play amidst the celebratory milestone but Hoskinson is still hitting back.

Cardano (ADA) has just completed the Alonzo hard fork over the Weekend, bringing Plutus-powered smart contracts to the network. The much-anticipated upgrade took place at epoch 290. As much as the milestone was celebrated, it still brought out the stormy relationship between Cardano supporters and critics. On Sept. 10, finance rating provider Weiss Crypto tweeted that the hard fork would “allegedly” bring NFT support to Cardano.

In defiance, Cardano founder Charles Hoskinson questioned the use of the word ‘allegedly.” Further disproving the organization was Twitter user “Anthony Cardano” who minted Weiss Crypto’s tweet as a Cardano NFT (CNFT). Hoskinson asserted that the Cardano project was not “some fly-by-night thing.” Additionally, the project has delivered “time and time again” during its six years of existence.

Whether people want to admit it or not, over 70,000 NFTs have been already issued on Cardano,

Later on, Weiss Crypto tweeted an apology. Aside from that, Polymarket now owes Hoskinson a $50,000 donation to the charity of his choice. This is after the former bet against Cardano launching smart contracts by Oct. 1.

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Cardano smart contracts still embryonic

It is still the “early days for the project,” Cardano noted in a blog post published Sept. 12.

This is where the mission truly begins as we – the whole community – start delivering on the vision we have all been working towards for so long. Building a decentralized system that extends economic identity and opportunity to everyone, everywhere.

Additionally, the Cardano team has encouraged all to maintain sensible expectations for the upgrade, stating:

High expectations are resting on this upgrade. Some unreasonably so. Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade. Expectations need to be managed here.”

When Cardano’s testnet went live in early September, developers detected concurrency issues, spreading FUD (fear, uncertainty, and doubt). Ethereum maximalist, Anthony Sassano, said it did not match up that the “peer-reviewed” and $90B+ market cap network was experiencing these challenges after its long time in the crypto space. Dominic Williams, the founder of rival platform Internet Computer, also attacked the network for taking too long to launch smart contracts.

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However, IOHK asserted in a report that DApps built on the protocol “are not limited to one transaction per block.” Citing the report, Hoskinson urged developers to use multiple UTXOs.

ADA price action

Despite its slanderers, ADA rallied 192 percent from $1.06 in late July to $3.10 on Sept. 3, as our data shows. The coin is also up over 1,600 percent in the year. However, ADA has since plummeted in the past week, now tagging between roughly $2.30 and $2.80. This may suggest that speculators have bought the rumor and sold the news. It may also be the effect on the market-wide price drops, as Hoskinson maintains. False price analysis hurts the industry as a whole and creates interpersonal friction where none should exist, he added.

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Cardano

Cardano (ADA) Hits 1 Million Wallet Staking

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  • Cardano reached 1 million wallet staking.
  • Crypto investor Jesse Blount congratulates Charles Hoskinson.
  • Trader Lukas Moore believed that Cardano will be parabolic in 2022.

Recently, Cardano (ADA) reached 1million wallet staking on its network after four years since inception. This is happening as the network is experiencing growth in the crypto space. Moreover, ADA has grown fast to become the 6th largest cryptocurrency by market capitalization, according to CoinMarketCap.

In addition, crypto investor, Jesse Blount, posted on his Twitter account congratulating Charles Hoskinson, CEO of Cardano, for its incredible milestone.

At the time of writing, ADA is trading at $1.40, a comparatively fair value despite having lost roughly 30% of its previous standing over the last week. This is understandable given that the entire crypto market is currently striving to recuperate led by Bitcoin.

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On the other hand, trader Lukas Moore believes that Cardano will be parabolic in 2022. In fact, he shares his review by sharing the Cardano journey and why ADA is a great opportunity to invest now. In addition, Lukas reveals some opportunities that will introduce themselves in the Cardano ecosystem for the coming year.

Furthermore, one of the most recent developments in Cardano is the release of its smart contracts. With this growth, users in the ecosystem could eventually do more on the platform. Moreover, with the Alonzo mainnet launch, smart contracts can now be used on Cardano.

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Cardano’s over 20% dip can be attributed to this factor

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Given the condition of the market on 4 December, it makes absolute sense for what is happening with Cardano. Well, interestingly Cardano is up with a lot of things on its network.

Are Cardano investors done for good?

Yes, the broader market is dipping. However, Cardano cannot hold this one instance alone as the reason why it is currently under $1.5.

Now, the development on the network has been consistently good, both on GitHub and in terms of DeFi. In fact, Cardano’s smart contract capability is being explored more and is looking good too. Some of the major Cardano protocols such as SundaeSwap, Genesis House, among others have been growing.

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But on the spot front, ADA has been an eyesore for more than three months now. Most of the market observed some sort of rally either in October or November but Cardano has not been able to breach the $2.28 resistance since August, let alone mark a rally.

Since its last ATH, the altcoin has declined by over 53%.

Cardano price action | Source: TradingView – AMBCrypto

The most troublesome part is that its once hyper bullish community is slowly straying away from it. Cardano around August had the biggest social presence of any altcoin after Ethereum. Its social domination stood at 11%, but it has since plummeted down to 4% as of 4 November.

Cardano price action | Source: TradingView – AMBCrypto

Well, one can’t really hold investors responsible for moving out since they have seen nothing but losses for over three months. Notably, two million investors are worse off since they entered the market.

Cardano investors in loss | Source: Intotheblock – AMBCrypto

Considerably, the only active entity at this point are whales. Conducting transactions worth around $12 billion on an average daily, they are keeping the velocity in check.

Cardano large transactions | Source: Intotheblock – AMBCrypto

The one good exception could have been its recovered correlation with BTC. However, it came at such a surprising time; Bitcoin fell under $50k on 4 December, it took down ADA too.

Cardano correlation with Bitcoin | Source: Intotheblock – AMBCrypto

Thus, internally, Cardano needs to find more demand in order to stage an ATH-breaking recovery. Not many new investors have joined in over 10 days.

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Cardano To Rise, Trader Encourages 2022 Cardano Investments

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  • A crypto trader expects Cardano to be parabolic in 2022.
  • He explains why Cardano will likely rise up in 2022.
  • He also shares his investment plans for 2022.

Trader Lukas Moore shares his piece on why Cardano (ADA) will be parabolic in 2022. He begins by explaining Cardano’s journey so far and goes on to explain why now is a great opportunity to invest in the asset.

To start off, he says that Cardano’s ecosystem has massive potential for 2022. Thus, he encourages traders to prepare themselves for an advantageous future. In fact, he highlights many opportunities that will present itself in the Cardano ecosystem for the coming year.

The article goes on to highlight the many highs of 2021. Indeed, there have been many new developments this year. To name a few, Solana’s layer 2 project, the rise of meme coins, and the emergence of metaverse projects.

However, one of the most important developments is the fact that Cardano released smart contracts. With this, users on the ecosystem could finally do more on the platform. Still, the network’s momentum is going much slower than investors expected.

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This is why some projects and investors are switching track to Solana and other ecosystems. In contrast, true Cardano believers are staying put and eagerly awaiting for Cardano to explode. This is because Cardano has taken a more academic approach.

In order to not rush the project and deal with missteps, the project is slowly and steadily working its way up to meeting set milestones. So far, the team has delivered on every milestone it set and hasn’t faltered a single time.

Hence, while the build up to the final stage is slow, it is still on time, strong, and secure. Not to mention, the community is also steadily growing and more and more projects are making their way onto the platform.

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Since the Alonzo mainnet launch, smart contracts can now be deployed on Cardano. Therefore, those with technical development skills are starting to build projects on Cardano. With more mainnet upgrades, this process will become even simpler, and more users will deploy their projects as well.        

Thereby, this analyst in particular is hedging his bets. He concludes the article with his plan to take risks on small-cap projects on Cardano. He believes that there are many short-term gains to be made and so Cardano will become a bull market in 2022.

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