The ADA price action is subsiding, but hope remains

Cardano (ADA) has grown a lot over the years. It is one of the most popular “green” cryptocurrencies on the market. This blockchain uses a PoS blockchain verification system which reduces the need for computing power.

However, despite developments, Cardano has regularly suffered a somewhat outrageous backlash. One of the most frequent points of criticism is the comparison with “ghost chains”. Now, almost a year later, will the market have a different opinion?

After around 67 active repositories, 106 releases and over 38,000 commits on GitHub, let’s take a look at what Cardano Execs are currently focusing on. First, they expand the network’s DeFi ecosystem.

Platform extension

Input Output Global (IOG) became release List of school construction projects used on ADA . Including decentralized exchanges (DEXs), identities, blockchain games, an oracle service, and more, the company claims the developers worked “non-stop” on these implementations. Follow notification, ADAX PRO and DripDropz are 2 of 17 developers. ADAX PRO is the first DEX on BTblock to be checked.

The community even shared some funny pics after posting the remaining 15 updates.

“We can go on and it’s going to be a really long topic. Hopefully this gives you a feel for all the work that builds on Cardano with busy projects. Thank you to all the projects that shared the news (…) ”.

The growing ecosystem around this network appears poised to add to the long-term rating of ADA.

More traffic

The growth of the above projects brings with it a high level of transaction traffic. The team admits that too.

“When we introduce new decentralized applications, especially in the early days, we can expect a lot of network traffic. And especially around the most anticipated new DeFi starts, with more to come soon. “

Cardano is also prepared for it. The platform has updated ADA’s core node to improve performance. Version (v1.33.0) retains its resilience and strength. IOG CEO Charles Hoskinson tweeted:

“Massive upgrade to Cardanos Core Node. 1.3.3 released. SPO begins with benchmarking. “

The network is designed for peak usage and extensive benchmarking shows significant performance improvements. This gives Cardano and its operators more leeway to change parameters. But there is more to come. Input output already tweets yesterday:

“We are looking forward to the exciting days that lie ahead of us. Expect FUD. From the eUTXO approach to the Ouroboros protocol, Cardano was developed to provide a secure, decentralized, highly scalable (and highly upgradeable) platform for a financial future measured over many decades. “

In addition, this interesting protocol even increased the block size by 12.5% ​​in order to create the basis for the peak traffic in the network. The average payload on the Cardano blockchain reached 69.85% on January 7, 2021, the highest since November 2021 when the index peaked at 76.28%. The graph below shows the average blockchain payload as follows:

The source: Cardano feed

The blockchain payload is related to the use of Cardano blocks. Currently, a full Cardano block is at 73 kb, with a score of 100% indicating blocks are full while 0% indicating empty blocks.

Overall, the Cardano blockchain is growing significantly, according to a recent study shows This platform is the most developed crypto network on GitHub.

Short-term ADA price promotion

But there are also some concerns. In the short term, the leading cryptocurrency could fall further if Bitcoin doesn’t find support and bounces off current levels. At the time of writing, the altcoin is trading at $ 1.18. As the sixth largest cryptocurrency by market capitalization, ADA is down 4.3% in the last 24 hours and 14% in the last 7 days.

Source: Tradingview

The current situation is completely different than it was in 2021, when ADA was the third largest cryptocurrency by market capitalization and Ethereum’s biggest competitor.

However, according to a Researcher, there are still many reasons to follow ADA.

Cryptocurrency researcher and reviewer Max Maher has pointed out that Cardano missed the DeFi boom.

“At the moment the problems for Cardano are not over. You largely missed the growth of the $ 100 billion DeFi sector this year. But it looks like some kind of catalyst is coming. “

However, Charles Hoskinson has claimed that the ecosystem is a lot busier than people think.

“I know of more than 127 projects that Cardano intend or are actively building on.”

In addition, the CEO highlighted DEXs that already exist on the testnet, along with several DEXs on the mainnet. Cardano’s input output development department reminded investors of the same thing.

For his part, Maher also urged his supporters to keep an eye on Cardano’s developments in Africa, such as the planning of “Web3 banking solutions” and the signing of an agreement in Ethiopia for millions of anonymous identities.

“I see that Cardano will enter more and more partnerships with governments in the future.”

Maher goes on to suggest that Cardano’s “measure twice, cut once” approach may be more appropriate for high profile government projects than for investors looking for quick change.

It’s important to note, however, that complaints have surfaced about Cardano’s blockchain attempts in unbanked regions and conflict, with some critics even comparing the network to crypto-colonialism.

VC funding is a controversial topic in the cryptosphere and attracts ardent supporters and critics alike. For his part, Hoskinson made it clear that Cardano coffers do not require funds from VCs.

“Our future doesn’t need VCs because we have built one of the largest VCs.”

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