Many consider Cardano to be a third-generation blockchain, and it is anticipated to announce a date for its Alonzo Purple mainnet upgrade to go live on the network soon. Many people have been waiting for this upgrade, which will finally bring smart contract integration to the network, putting it on par with smart contract leader Ethereum.
The testnet for Alonzo Purple went up earlier last week, causing a lot of excitement in the community. Cardano's native coin, ADA, has nearly doubled in value since then, ahead of the mainnet release. With a gain of 14.6 percent in just one day, the coin had ascended to the third-highest market cap position and was worth $2.03 at the time of writing.
Even if the Hard Fork Combinator [HFC] event isn't likely to happen until late August or September, the price surge in anticipation of it has been bullish for the network.
Cardano has the most development activity in the recent past, according to Github data, followed by other chains such as Polygon and Solana. Crypto expert Lark Davis highlighted numerous other reasons why “the age of Cardano is well and truly upon us” in a recent Twitter conversation.
To begin with, the network has been chastised for its low transaction volumes. In the previous day, the network had only 83,122 active addresses, which was underwhelming when compared to “Bitcoin 240k, Polygon 4.6 million, Ethereum 1.2 million.” Davis, on the other hand, outlined how the network's problem may be fixed quickly.
“Polygon did a similar number of transactions each day in January... When native apps go online, and if apps like Sushi really tap into Cardano like they do other chains, Cardano's transaction growth might follow a similar trajectory.”
Cardano's staking pools were also an indicator of its planned expansion, aside from the introduction of native DeFi apps once smart contracts are implemented. 650,000 addresses were staking 72 percent of ADA's supply, according to the analyst, which he says is "a LOT of users to bootstrap the network with!"
Crypto Twitter had previously chastised the network for using Haskell as the foundation for Plutus, the smart contract computing language. Due of Haskell's complexity, many argued that no one would choose to build dApps on the network. However, according to the analyst, Occam, Cardstarter, Sundae, Liqwid, Ergo, Nami, and Defire are only a few of the Cardano-based applications now in development.
Finally, since allowing the creation of basic tokens earlier this year, the Network has reaped significant benefits from the NFT market. However, if smart contracts create way for decentralized markets, it will be able to fully expand its niche base. With so much riding on the promising network's upgrade to Alonzo, which will allow for the construction of smart contracts, the analyst predicts a bright future for both Cardano and ADA. ", he explained.
“Does that suggest ADA will pull a Matic-style 50X? No. It would have the same market cap as Ethereum if it were multiplied by 6X. BUT, if Cardano gets it right, we could see it rise a couple hundred percent once smart contracts are launched and customers begin to use it!”
“Does that suggest ADA will pull a Matic-style 50X? No. It would have the same market cap as Ethereum if it were multiplied by 6X. BUT, if Cardano gets it right, we could see it rise a couple hundred percent once smart contracts are launched and customers begin to use it!”
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