Cardano has the potential to become a scarce asset like Bitcoin

Cardano remains one of the few coins that comes close to Bitcoin’s distribution and inflation, according to ADA whale, a Cardano community-focused Twitter account. He also believes that ADA, like BTC, will become an extremely scarce asset at some point in the future.

The “ADA whale” believes Bitcoin’s dynamics are correct due to its equitable distribution, price stability long enough for many to acquire, and fixed supply. Satoshi Nakamoto, the enigmatic Bitcoin creator, believes that scarcity may create value; thus, Bitcoin’s maximum supply is limited to 21 million coins. In April, the 19 millionth Bitcoin was mined, leaving only 2 million BTC to be mined in the next 100 years.

Cardano, like Bitcoin but unlike Ethereum, has a finite supply limit, with only 45 billion ADA ever to be created over the coin’s existence.

Presently, 33.82 billion ADA are in circulation, accounting for 75% of the maximum supply, and 34.27 billion ADA have been created so far, per CoinMarketCap data.

However, because of the prolonged negative market conditions, the “ADA whale” believes that now is not the time to stock up on ADA. “This is a bear market, so be prepared for possibly months of double-digit negative returns if you do,” he warns. “Just trying to put it into long-term perspective.”

According to IOHK, Cardano’s parent company, the closed Vasil testnet has already been opened to evaluate its functionality with a small group of dApps and users. In preparation for the Vasil Hard Fork Combinator (HFC) event in June, the Cardano team is continuing its work on consensus-specific upgrades.

There were 2,745 Plutus scripts. ADA is currently trading at $0.46, a 2.28% increase.

In addition, IOHK also offered a chart displaying network expansion data. Cardano is now used in 986 projects, up from 943 previously. The ecosystem has recently released 88 projects, bringing the total number of NFT projects to 5,727. Github connections were 3,028 over the week, while ADA native tokens stood at 4.9 million.

This information shows that this ecosystem is gradually developing, but to be able to gradually occupy large market shares like Tether or Ethereum, there is still a long way to go for ADA.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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