Cardano’s co-founder, Charles Hoskinson, recently reassured skeptics that significant network upgrades would greatly increase its adoption. The current bearish trend in the crypto market has caused ADA’s price against the US dollar to drop, but a major recovery is expected soon.
Cardano (ADA), a prominent layer one (L1) blockchain known for its vibrant web3 development, has attracted over $225 million in total value locked (TVL) and has a stablecoins market cap of over $18 million. Despite facing tough competition from other L1 blockchains like Toncoin (TON), which recently surpassed ADA in value, Hoskinson remains confident in Cardano’s future.
The Cardano network has been surpassed by smart contract-oriented blockchains like Solana (SOL), BSC, Ethereum (ETH), and XRPL, but Hoskinson believes in the rapid growth of community Dapps and ADA’s longevity.
The upcoming Voltaire era of Cardano marks a crucial phase in its development roadmap, following the completion of stages such as Byron, Shelly, Goguen, and Basho. With a focus on scalability infrastructure and web3 projects’ interoperability, Cardano is gearing up for the self-sustaining system that Voltaire will bring.
The Cardano development team is making continuous improvements, with recent updates to the SanchoNet resources page and ongoing work on projects like Ouroboros Leios and Ouroboros Genesis. The network is poised for mainstream adoption in the near future.
As the demand for digital assets grows, especially with the approval of spot Ethereum exchange-traded funds in the US, the potential approval of an ADA spot ETF seems likely. Institutional funds are increasingly interested in ADA as a hedge against global fiat inflation.
Despite criticism for lagging in meme coins and inscriptions, the Cardano ecosystem’s ability to tokenize real-world assets like bonds and stocks will determine its adoption by institutional investors.
In the current crypto market correction led by Bitcoin (BTC), ADA’s price has dropped over 10% in the past week, trading around 40 cents on June 17, 2024. Technical analysis suggests further downside pressure before an eventual rebound, with a potential support range between 36 and 38 cents.
For more information on Cardano, check out our guides on buying Cardano, setting up a Cardano wallet, and staying updated on Cardano’s price trends.