Among the frenzy in the broader cryptocurrency, combined with Cardano’s big volatility, ADA’s Alonzo hard fork update sought to provide a solution to maintain its strong position, and continue to dominate the year.
This solution, though, has a few ups and downs that make bulls optimistic and impatient.
ADA and Pay Up
Cardano has had an amazing run this year with the new wave of crypto bulls ready to see what ADA will become. Cardano has been dubbed the “Ethereum Killer,” and its founder Charles Hoskinson seems confident that his team and project will dominate to become the best dog. With Hoskinson’s recent comments that the DeFi space in the Cardano ecosystem is “currently ready,” smart contracts with Cardano have finally arrived. He also noted that DeFi is now experiencing a second wave, and the winners in this move will demonstrate both interoperability and liquidity, as well as the ability to move multiple chains, all at an easily predictable cost.
“The way we built Cardano was for that second wave.” – Charles Hoskinson
The founder of Cardano has been one of the key individuals in the crypto space to articulate the need for more regulation, governance, and much more throughout crypto, and he also understands that decentralization is a key necessity. These reasons play a role in why Hoskinson and his team worked on designing Cardano, allowing it to fit in and work perfectly with the second wave of DeFi. With the successful launch of Alonzo hard fork, it created a new wave and prompted anyone to easily add smart contracts to the blockchain. How will this affect the ADA?
Related reading | Cardano trends down because ADA is in deep danger
ADA: Currently trading at about $2.213 after big jump to $3.00. Source: ADA-USD on TradingView.com
200 smart contracts we’ll wait to see
ADA has about 2,300 smart contracts loaded and ready to go, but within this pool of contracts, more than 200 of them won’t see the light of day yet, according to Cointelegraph. Cardano has some game-changing contracts that remain closed and unavailable to the public, and many of these high-profile projects aren’t ready for the world yet. However, a change of play landscape could come that would change that. One of the few frozen is GREED, a reward token that redistributes ADA back to its holders and provides a new way to distribute and broadcast both live and recorded music.
This list also includes SingularityNET and Cardax – two notable projects with lots of eyes waiting to see what’s next as time progresses. As things develop and more countries tackle much-needed regulations on cryptocurrency, all we can do is sit back and see what’s next for these projects while we wait to see who will join the list or start showing up.