Prominent trader Lark Davis believes the next few months could be “Cardano Summer”.
Davis predicts that the Cardano (ADA) blockchain platform will shock traders with a number of potentially bullish developments.
“Cardano is ready to explode. In fact, it even hit an all-time high the day before.
But I think we could experience a Cardano summer, so to speak, with lots of new apps coming on the market in anticipation of the introduction of smart contracts on Cardano. “
Cardano rebounded to an all-time high of $ 2.45 on May 16, but lost much of that value during last week’s broader crypto price correction. At the time of writing, it is trading at $ 1.5.
Davis says the price rush earlier this month is testament to the tremendous excitement surrounding the project.
“What’s interesting is that Cardano has all these crazy price promotions that don’t even have a smart contract on the mainnet. There is a lot of excitement and anticipation for the introduction of smart contracts on Cardano. “
The development team behind Cardano, an Ethereum competitor, announced in April that the smart contract functionality will appear on the ADA blockchain this August.
The Input Output Hong Kong (IOHK) team is also preparing the introduction of a converter that will allow users to exchange supported Ethereum tokens (ERC-20) for special tokens based on Cardano.
Davis also emphasized a report from CoinShares pointed out that Cardano overtook Bitcoin and Ethereum for the first time in institutional capital flows last week. CoinShares advises that this “may represent investors actively choosing PoS coins based on environmental considerations.”
In contrast, the PoW cryptocurrency tracks transactions and generates new blocks by relying on computer networks to solve complex math problems – a mechanism that is highly decentralized but has been criticized for consuming a lot of electricity.
Annie
According to Dailyhodl
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