During the last seven days, the cryptocurrency cardano has increased in value by 17.3% against the U.S. dollar, as the community anticipates the upcoming Vasil hard fork, an upgrade that aims to improve the network’s throughput and enhance smart contract capabilities. Moreover, according to a poll involving 24,468 crypto enthusiasts, cardano is predicted to reach $1 in value by the end of this month.
Cardano’s Slow and Steady Development Seems to Be Paying Off
The digital currency cardano (ADA) has been performing a lot better than most digital currencies in terms of market gains. For instance, while bitcoin (BTC) increase in value by 6.5% during the last week, ADA jumped in value by 17.3%. Cardano’s rise follows the recent Terra LUNA and UST fallout, and the digital currency has managed to capture the sixth position out of today’s top crypto market capitalizations.
ADA has had a 24-hour price range of around $0.599 to $0.657 per unit and there’s been $1.66 billion in ADA trade volume worldwide on Wednesday. Cardano has been one of the top smart contract tokens that’s been able to dodge a decent amount of the market carnage stemming from the Terra blockchain fiasco. The Input-Output Global (IOG) CEO and inventor of Cardano, Charles Hoskinson, seems to be sticking to the well-known proverb: “slow and steady wins the race.”
Hoskinson and ADA have been criticized for being slow to the ball when it comes to specific features like smart contracts and decentralized finance (defi) applications. Speaking in an interview with Coindesk author Sage D. Young, Hoskinson stressed if blockchain projects move too fast, money can be lost just as quickly. The IOG CEO said:
If you move too quickly, as we’ve seen with Luna, and we’ve seen with $10.5 billion of hacks last year, you could actually get it to work until it doesn’t, and then when it doesn’t it’s a catastrophic failure and everybody loses their money.
Hoskinson’s ADA was mocked by the Terraform Labs co-founder Do Kwon on April 8, when Kwon explained that the Luna Foundation Guard (LFG) purchased a sum of AVAX. In the Twitter thread, Kwon said: “We may buy ADA for negative correlation.” Amid the LUNA and UST fallout on May 10, Hoskinson quoted Kwon’s tweet and remarked:
Should I buy some Luna for negative correlation?
Cardano’s Vasil Upgrade and $1 Price Predictions
Cardano is also due for a major upgrade called the Vasil hard fork, which will add four Cardano Improvement Proposals (CIPs) into the mix. The CIPs include CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs). CIP-31 in particular is expected to reduce Cardano’s transaction costs a great deal.
“Reference scripts reduce your transaction costs,” the Cardano development team detailed during the first week of May. “Currently, new scripts need to be included in each transaction. With reference scripts, you can interact with the script through a reference, pushing it onto the chain. Interaction with a smart contract becomes minimal.”
Cardano’s hard fork upgrade is expected to be implemented this month and supporters believe that this has bolstered the price in recent times. Moreover, according to a poll run by coinmarketcap.com’s (CMC) “price estimates” tool, 24,468 crypto enthusiasts believe ADA could tap $1.06 per unit by the end of June. 15,940 voters using CMC’s prediction tool think that by the end of July, ADA will be priced at $0.972 per unit.
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Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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