Cardano: ADA Still Have Potential?! Here’s What’s Up!!

Over the last few months crypto prices Have been crashing yeah you’ve noticed It too huh Beneath the surface however almost every Crypto project has continued to grow This has certainly been the case with Cardano which has continued to see Exponential growth in terms of Developers users and decentralized Applications Today i’m going to give you a bit of Background about cardano bring you up to Speed on some of the project’s most Important updates and tell you how and Why ada could hit new all-time highs [Music] Before we get cracking there are some Disclaimers that need unpacking if You’re here for financial advice you’ll Find this video is lacking that’s Because it’s just entertaining Educational content that starts with a Bit of wrapping Please contact a financial advisor if Your portfolio is lagging Also note that ada is a crypto i am Stacking but i promise there will be no Bias in my yapping If this is your first time hearing my Rhymes my name is guy and crypto is how I get by i make the highest quality Crypto content the internet can supply Coins tokens news reviews packed with Facts and stats that will make your eyes

Open wide if you want to join my crypto Tribe all you need to do is subscribe Pinging that notification bell is also Wise That’s all you need to know from my side Let’s see what cardano has been up to And when ada could hit a new all-time High If you’re unfamiliar with cardano here’s What you need to know Cardano was founded in 2015 by ethereum Co-founder charles hoskinson Cardano was built by two software Companies input output global or iog Which is based in the united states and Emergo which is based in japan Both companies have subsidiaries around The world Cardano’s development is coordinated by The cardano foundation a non-profit Based in switzerland Cardano raised over 62 million dollars Across various token sales in 2015 2016 And 2017 and its main net went live in September 2017 and though it’s still Technically in development most of Cardinals core features have been rolled Out since that time Under the hood cardano has a smart Contract compatible blockchain that uses A novel proof-of-stake mechanism called Oroborus The cardino blockchain can process Around 500 transactions per second after

Its latest upgrades which i’ll get to in A moment note though that this Transaction speed only applies to simple Transactions The cardano blockchain can currently Process between 7 and 10 smart contract Transactions per second more on that in A moment too The cardano blockchain is secured by Over 3000 staking pools which function As its validator nodes and this makes Cardano one of the most decentralized Cryptocurrencies on the market This is thanks to cardano’s k parameter Which decreases staking rewards when There’s too much stake in a single pool This incentivizes the creation of new Staking pools Ada is the native cryptocurrency of the Cardano blockchain ada is used for Staking to pay for transaction fees and Is also used for governance which is Currently limited to a cardano project Incubator called project catalyst Ada staking rewards are currently 4.6 Per year with no minimum stake there’s Also no lock-up or unlock time and no Slashing risk hence why over 70 percent Of ada supply is currently being staked Cardano’s staking can easily be done Through cardano’s two most popular Wallets although ada is used to pay for Transaction fees on cardano transaction Fees can be paid for in any native asset

Thanks to cardano’s novel babel fees Mechanism There are currently over 4.6 million Native assets on cardano mostly nfts but Some also belonging to cardano’s Decentralized applications According to cardano crowd cardano has 72 decentralized applications that are Currently live According to defy lama cardano has 10 d5 Protocols which currently have over 200 Million dollars in total value locked Well there are several browser extension Wallets that are used to interact with Cardano dapps the most widely supported One seems to be the namey wallet which Has over 200 000 downloads There are over 3.3 million unique Cardano wallets in total which makes it One of the most adopted cryptocurrencies On the market If you’re curious about the top cardano Projects you can check out my video About that using the link in the Description Now it’s been barely four months since i Last covered cardano but hey this is Crypto and so a lot has happened since Then Around the time my last update video Went live a report by sentiment found That cardano had the most development of Any crypto project in 2021 according to Github’s data

Now this is somewhat odd given that Another report done by electric capital Found that cardano didn’t even make the Top 10 list on any of its developer Metrics for 2021 and it used github data Too More about that report in the Description Anyways another thing that happened in January was the launch of the sunday Swap decentralized exchange on the Cardano blockchain this made sunday swap The first dap to deploy on cardano and As i predicted the cardano blockchain Was completely overwhelmed by the Thousands of users anxiously waiting to Use cardano’s first dap I read on reddit that the cardano Blockchain was processing just two smart Contract transactions per second as a Result and this is consistent with my First hand experience with sunday swap After it launched my transactions kept Failing and the swaps that went through Took hours to complete By the time the swaps did complete Usually the price of the tokens was so Different that the swap would fail Because of slippage Now it’s extremely important to note That there probably isn’t a single Blockchain or decentralized application That can sustainably handle hundreds of Thousands of users at the same time

Which is why i knew the first dapp Deployment on cardano would be nothing Short of a show For what it’s worth at least the cardano Blockchain didn’t go down like solana’s And i say this as someone who also holds Seoul Moving on in february developers at iog Demoed cardano’s upcoming scaling Solution dubbed hydra Hydra will make it possible for each Staking pool to process 1 000 Transactions per second and with over 3 000 staking pools this would make it Possible for cardano to process over 3 Million transactions per second Developers at iog also increased Cardano’s block size by about 12 percent And if you watch my video about the Fastest cryptocurrencies you’ll know That increasing block size increases a Blockchain’s transactions per second As an added benefit emergo finally Released its dap connector for the uroi Wallet making it possible for cardano Users to interact with dapps from one of Cardano’s most popular wallets Unfortunately it looks like most of Cardano’s most popular dapps have yet to Add support for uroy’s dap connector In early march project catalyst launched Fund 8 which will see no fewer than 16 Million dollars of ada allocated to Upcoming cardano projects hand-picked by

The cardano community On-chain data from into the block also Found that cardano wales had been Accumulating hundreds of millions of Dollars in ada presumably in preparation For a price pump sometime in the future At the end of march coinbase introduced Ada staking to its exchange giving its 90 million users access to a modest 3.75 Interest rate after a 20 to 25 day Lockup Best to just stake directly if you ask Me Grayscale also launched a crypto trust With direct exposure to ethereum Competitors which obviously includes Cardano Grayscale’s smart contract platform x Ethereum trust currently has over three Million dollars in assets under Management with an ada allocation of Just under 25 percent second only to Solana’s sole at 26.5 Now this admittedly isn’t all that much But it’s clear that there’s lots of Institutional demand for ada as proven By the listing of a cardano etp on European stock exchanges by wisdomtree Shortly afterwards along with a few Other altcoin etps it should come as no Surprise then that into the block found That the volume of large ada Transactions had exploded shortly after That

Now these are just a few of the Incredible insights you can get with On-chain analysis and i’ll leave a link To my video about it in the description If you’re interested in learning more Anyhow in early april the chicago Mercantile exchange or cme announced That it was considering offering a Futures product for ada as well as other Top altcoins Now this is significant because the cme Is an american exchange used by Institutions it’s the same exchange that Famously listed bitcoin futures at the End of 2017 which marked the top of the Previous bull market Shortly afterwards the cme announced it Would be adding reference rates for ada And 10 other altcoins now this is Significant because a reference rate is Required for the cme to list a futures Product meaning that there’s a chance we Could see cardano futures for Institutions in the near well future Now this amazing news was dampened by The discovery that more than two-thirds Of ada holders are in the red according To into the block’s on-chain data this Unfortunate statistic now sits at over Ninety percent In late april a cardano project called Singularitynet finally released its Highly anticipated erc20 token converter That makes it possible to move tokens

And native assets between ethereum and Cardano The catch is that the erc20 converter is Currently limited to singularitynet’s Ajix token though i imagine support for Additional tokens and native assets will Be added at some point Developers at iog also increased Cardano’s block size again by another 10 Resulting in the 500 tps and 7 to 10 Smart contract tps for cardano that i Mentioned earlier Now as amazing as all of cardano’s Updates developments and announcements Have been ada’s price is substantially Below what it was when i last covered The project in january this is for a few Reasons For starters cardano is highly Correlated to bitcoin as all of you will Know btc has been on the decline since Last november This is where cardano differs because Ada has been on the decline since last September Some of you will know that this is when Cardano’s smart contracts went live now This seems to have been a very serious Sell the news event and that’s simply Because expectations for cardano’s smart Contracts were insanely high amongst ada Holders specifically everyone was Expecting dozens of dapps to deploy on The first day and a user experience that

Was unparalleled in all of Cryptocurrency Well it’s safe to say that this is not What we got and though there was hope For a time as the weeks dragged on it Became clear that cardano’s dapps Wouldn’t be deploying anytime soon and This caused all the weak hands to sell To make things worse when cardano’s Dapps finally started to deploy in January it became clear that there was Still a lot of work to be done and it Seems that even cardano’s core Developers were taken by surprise by all The smart contract scalability Bottlenecks on its blockchain This is why they’ve been increasing the Block size so much and though that’s Definitely helped it came too little too Late as far as many ada holders were Concerned and they either sold or took Their business to other blockchains Besides the cell pressure from weak Hands ada’s circulating supply has Increased by about 240 million since January according to coin market caps Historical data Now i will note that coingecko’s Historical data suggests that ada supply Hasn’t increased at all but this isn’t Possible given that ada will be Inflationary until it hits its maximum Supply some decades from now in any case Assuming coin market caps data is

Correct with an average price of around A dollar this means ada experienced as Much as 240 million dollars of Additional cell pressure this of course Assumes that all this ada was sold Rather than staked and even though this Isn’t the logical thing to do the fact That the number of cardano staking pools Shrank from over 3100 to just over 3 000 Since january suggests that some Substantial selling did in fact occur What’s strange is that this doesn’t seem To be the case with cardano’s other Metrics the number of unique cardano Wallets has increased by more than 50 The number of cardano assets has more Than doubled dozens of dapps have Deployed hundreds more cardano daps are In development This suggests that there’s still lots of Demand for ada coming from retail Investors and users Remember that there seems to be a Significant amount of demand for ada Coming from institutional investors too The fact that ada’s price has continued To decline despite this supposedly Strong demand can only mean one thing And that’s that there’s more cell Pressure coming from somewhere else My best guess is iog emergo and the Cardano foundation which have been Aggressively expanding their teams Securing partnerships supporting

Upcoming cardano projects and even Outright acquiring crypto related Companies to build cardano Infrastructure Now there’s no question that this will Lead to some serious growth for ada in The long term but there’s also no Question that this cell pressure seems To be suppressing ada’s price potential In the short term When you combine this constant cell Pressure with cardano’s massive market Cap ada will be lucky to pull a 2x from Here in the short term It’s a very different story when it Comes to ada’s long-term potential However and how high ada can go in the Long term ultimately depends on Cardano’s upcoming milestones Now these upcoming milestones can be Found in iog’s mid-month development Updates its monthly cardano 360 event And charles hoskinson’s videos all of Which are here on youtube For context cardano’s roadmap is broken Up into five stages called eras now the Third era was called gogen and it Focused on cardano’s smart contracts Gogen was completed with the release of Cardano’s smart contracts in september Though you could argue it really Finished when the first dap deployed This leaves two eras basho for scaling And voltaire for governance both of

Which have been in the works for over a Year and are being worked on at the same Time According to comments made during the Cardano 360 event at the end of december Last year basho and voltaire will be Complete by the end of this year This seems to conflict with a comment That charles made in a recent ama and That’s that hydra won’t be finished Until 2023 The good news is that hydra is not the Only scaling solution that’s in the Works for cardano Another scaling solution being worked on Is called pipelining which can be simply Understood as an advanced form of Sharding Pipelining basically involves processing Transactions in parallel and if my Memory serves me correct algorand is Working on something similar more about Algorand in the description i digress In addition to pipelining cardano Developers are planning the introduction Of side chains off-chain computation and Zero-knowledge proofs the first of which Is being developed by the same team Behind ardana one of the top cardano Projects in my opinion now it’s not Entirely clear when all these scaling Solutions will be implemented nor how Much they’ll increase cardano’s tps buy But it sounds like most of them will be

Introduced as part of the vassal hard Fork combinator event at the end of june So mark your calendars In the interim cardano developers will Continue increasing cardano’s block size So its blockchain can continue to handle High traffic without any hiccups As for hydra it has its own road map Which i’ll leave in the description for Your viewing pleasure spoiler there Don’t seem to be any clearly defined Dates like charles said probably 2023 On that note there don’t seem to be many Dates or details for cardano’s upcoming Governance milestones either despite the Fact that governance was noted as being Cardano’s focus this year according to Comments made during the aforementioned Cardano 360 event in december What i do know is that any cardano Updates related to governance will be Added to its blockchain in october this Year as per comments made at the cardano 360 event in march I suspect that these governance upgrades Will relate to the complex governance Architecture that i discussed in my Previous cardano video that’s in the Description if you didn’t already know So this brings me to everyone’s favorite Part of my crypto reviews and that’s the Potential challenges i foresee for Cardano I’ll start by saying all the issues

Cardano has seen with its smart contract Rollout have actually made me more Confident in the long-term potential of The project This is simply because cardano’s Developers have been addressing these Issues on both the blockchain side and The dap side it’s clear that there’s Been significant improvement on the Scalability front since january and the User experience has likewise hit a new All-time high so to speak The problem is that cardano’s core Developers should have been aware of Cardano’s scalability bottlenecks before Dapps started to deploy As far as i can tell the only reason They didn’t see this coming is because Cardano has historically prioritized Research over implementation and that’s My first concern about the project Ever since the project began cardano has Made it clear that its mission is to be Slow and methodical rather than move Fast and break things like other Cryptocurrencies As many in the cardano community have Pointed out however if cardano wants to Remain competitive it needs to start Moving fast and breaking things From where i’m standing this is what Cardano’s developers have finally Started doing but it might be too little Too late

This ties into the second challenge that I foresee with cardano and that’s that There are over a dozen smart contract Cryptocurrencies that are objectively More scalable and user-friendly than Cardano In its current form cardano is on the Lower end of the smart contract spectrum In terms of performance cost and Usability to put it lightly Again this does seem to be improving but It’s going to take a lot of time and a Lot of effort to move up the ranks It’s also going to take a lot of money And that’s my final concern about Cardano I really think that iog emergo and the Cardano foundation have spared no Expense in their operations The truth is though that i can’t say This with absolute certainty because These entities haven’t fully disclosed Where all that funding is coming from And short of any external undisclosed Funding one can only conclude that these Development expenses are being paid for From sales of ada The price action appears to be one of The strongest indications there now i’ll Reiterate that the initiatives Undertaken by iog emergo and the cardano Foundation are likely to result in Long-term benefits to ada and cardano as A whole

More importantly it’s clear that these Entities are totally committed to the Long-term success of the project and the Same can’t be said for most Cryptocurrencies The institutional investors are clearly Seeing the same thing and there’s no Arguing with the smart money as far as I’m concerned The fact that institutions have Continued to show interest in cardano Despite everything i just mentioned is Concrete proof that this project has Serious long-term potential That’s why i’m going to keep holding ada That and also because ada seems to be a Good crypto to hold during bear markets You can learn more about the best bear Market cryptos using of course the link In the description And that’s all for today’s cardano Update if you found it informative smash That like button to let me know Remember to subscribe to the channel and Find that notification bell too because You definitely don’t want to miss my Next video If you’re looking for more from the coin Bureau you should know that this channel Isn’t the only rodeo You can check out coin bureau clips for Behind the scenes and original flicks or Tune into the coin bureau podcast to Hear myself and mad mike shoot the

You can also follow me on twitter tiktok And instagram for memes and hot takes And join my telegram for daily crypto Updates i’ve even got a weekly Newsletter where i reveal all the Cryptos i hold and how and why i adjust My portfolio The links for all of the above are in The description just so you know Now if you want a chance to win free Cryptocurrency we have an ongoing crypto Competition for the One whole bitcoin is up for grabs with 10 lucky winners getting 0.1 btc each If you want to enter again link in the Description if you please Thanks as ever for lending me your ears And eyes it’s time for me to say goodbye I’ll be back before you even know i’m Gone so for now i’ll just say So long [Music] You