The development team behind Cardano, led by Co-founder Charles Hoskinson, has been working on the Hydra and Mithril projects to effectively compete with other layer-one chains such as Ethereum and Solana.
The notable advancements in the Cardano network have led to a significant increase in its Total Value Locked (TVL), and despite the ongoing market correction, the future looks promising for ADA.
Cardano is a well-established proof-of-stake (POS) layer-one blockchain with over $342 million in TVL. The network has been continuously improving its technology to attract more developers and investors to its web3 ecosystem.
Additionally, Cardano has gained global recognition as a major competitor to Ethereum, with deep liquidity supported by reputable crypto venture capitals. Its high scalability and robust security have enabled the tokenization of real-world assets (RWA).
To further enhance its competitiveness, Cardano’s core development team is committed to delivering several important projects that aim to make the layer-one blockchain more scalable and user-friendly for the web3 industry.
In recent months, the Cardano network has been focused on developing layer-two (L2) infrastructure to ensure scaling solutions are in place for the next macro bull cycle. The team is adding BLS support to Plutus V3, alongside the Hydra and Mithril scaling projects, to ensure the future success of ADA-focused decentralized applications (Dapps).
Cardano’s co-founder, Charles Hoskinson, has praised the core development team for their contributions in evolving the network and meeting business and technical requirements. The network competes in the global market with other top-tier blockchains like Ethereum, BSC, Tron, and Solana.
The Hydra team recently made significant changes after reviewing the underlying network, including eliminating the JSON encoding of transactions, implementing off-chain logic for incremental decommits, and introducing a Hydra explorer backend. Similarly, the Mithril team implemented changes such as a new data type for certifying Cardano transactions within the Mithril networks.
In terms of price action, Cardano has been on a gradual recovery journey since January 2023 and is currently attempting to enter the second phase of the initial bull rally. After facing resistance at around 69 cents, coinciding with the 200-week Moving Average (MA), the ADA price has entered a correction phase.
However, the ADA price has found strong support around the 1.618 Auto Fib Extension on the weekly time frame. A successful rebound from this support level could push the ADA price above 80 cents in the coming months, aligning with the 3.618 Auto Fib Extension.
The Elliott Wave Principle on the weekly time frame suggests that ADA price has potential for further upside, with wave three, a correction, and wave five yet to come after completing wave 1 and wave 2. In the past seven days, the ADA price has gained about 2.6 percent.
In conclusion, Cardano’s development team is actively working on projects to enhance the network’s scalability and competitiveness. With its growing TVL and positive price action, ADA’s future outlook remains optimistic.