- Cardano, launched by Charles Hoskinson in 2017, has made significant strides toward mainstream adoption through key milestones such as the Alonzo upgrade, smart contract functionality, and increased developer activity.
- Despite recent market fluctuations, its innovative protocols, strategic partnerships, and proactive development approach position Cardano for exponential growth and potential widespread use.
Through the seamless efforts of Charles Hoskinson, the Cardano (ADA) blockchain platform bloomed in 2017 with a vision to be a decentralized app development platform with smart contracts and a multi-asset ledger. It runs on the proof-of-stake Ouroboros consensus protocol, holding a current CoinMarketCap ranking of 9. Its live price at the time of writing is $0.454879 USD, with a live market cap of $16,238,413,097 USD. However, the ongoing debate about Cardano’s readiness for mainstream adoption isn’t new. Cardano was designed from scratch, bearing its mainstream adoption in mind. Scalability, interoperability, and sustainability have been its firm pillars.
Recent Milestones Highlighting Cardano’s Progress
This article brushes on Cardano’s recent milestones in light of its readiness for mainstream adoption. Shall we delve in?
Some outstanding milestones Cardano attained in the recent past are feathers in its cap of honor, which are briefed below:
Smart Contract Functionality Launch (Plutus): The Alonzo upgrade was launched on September 12, 2021, initiating Cardano’s smart contract functionality. This upgrade witnesses ADA’s patient approach, testifying that smart contracts are not only employed but are also secure, developer-friendly, and robust.
Alonzo Hard Fork and Integration with DeFi Protocols: Alonzo’s efforts paved the way for unlocking a DeFi revolution. Its integration with Ethereum-based smart contracts, an energetic ecosystem, and a fervent developer community transform it into a network poised to lead blockchain innovation.
With widespread projects in finance, identity management, social media, and many others, Cardano swiftly turns out to be a happening one for dApp development. The recent remarkable partnership between EMURGO and GSR, announced on May 7, 2024, is geared up to usher in a new era of expansion for the Cardano system. Cardano has seen an increase in developer activity, rising nearly 80% since last year. ADA’s community engagement witnessed a whopping 978,780 commits, confirming its growth.
Despite these achievements, Cardano recently experienced a 35% decline after being unable to hold the $0.6700 range. This decline marked a span of lower lows and lower highs, showing a bearish trading pattern. Simultaneously, the CMF (Chaikin Money Flow) indicator indicated a reduction in monetary inflows, further signifying ADA’s weakening investor sentiments.
Conversely, ADA usage is thriving, with numerous Cardano casino sites sprouting up. The platform’s unique Ouroboros proof-of-stake (PoS) protocol ensures security and energy efficiency, making it an attractive option for developers and investors. ADA’s demand is expected to rise further, thereby hiking its price.
With huge anticipation of the upcoming Basho epoch destined to address rising challenges, Cardano’s prospective path toward mainstream adoption seems obligatory. Reinforced by a vibrant foundation, enthusiastic development, and an interactive community, Cardano is set for exponential growth. Analysts predict ADA might rise to $5 by the end of 2024, a significant leap highlighting its precedence in the digital asset sphere.
Cardano, in combination with Veritree, initiated the First Global Cardano Impact Challenge, encouraging its global community to donate to Veritree in terms of ADA to plant the world’s first #Cardano forest. Cardano has partnered with Rival, a prominent sports and gaming platform, to create NFT marketplaces, fan rewards, and more. Furthermore, Cardano is enhancing on-chain DeFi activities through collaborations with UBX.
Since its inception, Cardano has manifested significant growth in the blockchain landscape, showcasing its potential in the volatile cryptocurrency world. Its modular development approach ensures smooth updates, distinguishing it from other cryptocurrencies. This proactive innovation positions Cardano comfortably for remarkable growth, with its partnerships with governments, organizations, and businesses pivotal for mainstream adoption in the near future.
