As Ethereum is slowly progressing into a different type of network, which some of the crypto analysts say that it will be the future of decentralized finance, the new upstart competitor Cardano is getting ready to go live in the crypto market with a BANG! The 10th largest cryptocurrency by market cap, ADA has seen an impressive surge in the Cardano ecosystem. ADA has put itself into a stronger position and is going to represent the future of decentralization in the crypto world.
Recently, ADA has secured its best positon by standing at a market value of about $1 billion. The network is beating the ether (ETH) with an average of 80%.
This is like achieving a milestone for Cardano as it is currently standing the 2nd spot on the best digital assets. As the “Shelley” is scheduled to go live in the coming month the price index for ADA seems promising and will prove as an upgrade for its key network.
As Ethereum is updating and moving toward proof-of-work in the late September as expected by the backers
This a big opportunity for crypt enthusiasts as the many larger central banks have cut down interest because of COVID-19 to help and accommodate different economies. There is 10% leverage in a year for those investors who are interested in stake ADA.
We believe Cardano’s recent price appreciation is partially related to the anticipation of their mainnet launch,” Guy Hirsch, managing Director of multi-asset brokerage eToro, told CoinDesk. “If the team working on the project fails to deliver what was proposed, then the market might react negatively.
As compared to Ethereum, cardano is lacking behind and has still so much to achieve. If compared, the Top 15 dapps are using Ethereum networks means 99% of the functionality of decentralized applications is held by Ethereum, and remain of them are networked by Lighting Network.
The goal of Cardano is as same like Ethereum to run approximately all financial applications and transactions through a decentralized network. With a market capitalization of around $26 billion, Ethereum is still the Big Boss in the competition where ADA is a growth factor and can be quoted as “Smaller Challenger”. Meanwhile, the liquidity of Ether is 10x more than Cardano’s.
The one thing that is common in both networks is that both are led by challengers and motivated leaders. Hoskinson, the leader of Cardano networks seems like a bit more concerned and serious to talk about the Cardano network.
Hoskinson is trying his damn hard to take Cardano on the next level. He often arranges sessions on social media platforms and does a QA so that the admirers are well aware of everything about Cardano. In a recent interview, when he was asked about ADA, he said:
Sometimes the market just values something differently, and you just accept that as reality, because you can’t really fight the market, and then you just do your best to try to work within the constraints of a broken system,
Recently Hoskinson shares the road map of Cardano on his official twitter handle. The upcoming update for Shelley seems like a more promising note for traders.
No doubt that the project leader will execute the roadmap more efficiently, as traders are more willing to see Cardano as an individual cryptocurrency.