Cardano (ADA) founder Charles Hoskinson has commended the network’s expansion, despite anticipation among ADA supporters for a possible price surge. During his speech on Wednesday, Hoskinson cited a data from blockchain analytics company Messari, which said that in 2023, Cardano’s total value locked (TVL) climbed by 160% from quarter to quarter and that it rose in ranking from 34th to 11th.
Hoskinson underlined the importance of these numbers, saying they show how the Cardano network is becoming more and more widely used. Additionally, he mentioned that the ADA price rose by 127% on a quarterly basis, beating the whole cryptocurrency market by 53%, while the stablecoin value surged by 37% on an annual basis.
Hoskinson also emphasized the network’s strength, active addresses, and the rising average daily transaction count. He emphasized that the network’s long-term prospects are bright because it is still expanding and becoming more saturated.
Exploring Cardano (ADA)
Cardano is currently trading at $0.576, up 3.07% over the previous day. It has a $20.4 billion market capitalization. The coin’s inability to overcome the $1 barrier has sparked discussion over when ADA might return to this significant achievement.
Prominent Cardano proponent Dan Gambardello, the creator of Crypto Capital Venture, has sparked debate by asserting that it is unlikely that ADA will reach $1 prior to Bitcoin’s upcoming halving event in April 2024. His remarks coincide with growing conjecture on the altcoin’s potential to overtake Bitcoin’s surge past $52,000.
On another note, Cardano (ADA) has seen a spectacular rebound in value in the last several months after a protracted decline. Though there is hope for ADA’s imminent breakthrough, the state of the market at the moment—which is shaped by things like the SEC’s acceptance of Bitcoin ETFs—presents difficulties.
Scalability issues have been present with Cardano (ADA) from its launch. Users of the blockchain have identified technological obstacles that strain the systems and reduce the blockchain’s performance.
When the network is under more stress, thousands of users have reported seeing a degradation in service. Moreover, the chain of the Ouroboros Procol does not have basic support for scalability. Prominent analysts have further chastised Cardano for having a lower throughput than competing blockchains.