Cardano founder Charles Hoskinson has come to the defense of the protocol against its critics, highlighting its impressive growth and scalability potential. Despite concerns about full blocks, Hoskinson asserts that Cardano is operating within its designed capacity and emphasizes the organic growth of its community.
Cardano’s recent performance has been notable, with a 5.23% increase in price over the past week, outperforming Bitcoin and Ethereum. The cryptocurrency is currently trading at $0.5901, with a market capitalization of $20.8 billion. Additionally, Cardano has surpassed both Bitcoin and Ethereum in on-chain transaction activity, with a transaction volume of $23.56 billion on December 13.
Romain Pellerin, the CTO of Input Output HK, the engineering firm behind Cardano, echoes Hoskinson’s emphasis on community growth and highlights ongoing research and development efforts. Cardano’s foray into DeFi has also been successful, with a substantial increase in Total Value Locked in DeFi protocols, reaching $431.44 million in December.
The success of Cardano’s DeFi ecosystem can be attributed to protocols like Indigo, Liqwid, and Minswap, which have contributed to its growth. Furthermore, Cardano’s introduction of smart contract capabilities through the Alonzo hardfork has further solidified its position in the DeFi field.
Analyst Tyler Strejilevich’s projection for the price of ADA, based on a bullish weekly cross pattern, has sparked the interest of crypto enthusiasts. Strejilevich’s research draws parallels to a similar pattern observed in June 2020, when ADA saw a remarkable 6,000% increase.
Overall, Cardano’s impressive performance and growth in various aspects of its ecosystem showcase its potential and resilience in the face of criticism and competition.