Hydra will improve scalability across the network to make Cardano the fastest blockchain in existence. If Cardano can prove itself as safe it would appeal to institutions and take market share from its competitors. This deters new investors and institutions from entering the market. According to Crystal Blockchain, $4.25 billion of crypto assets were stolen through fraud and breaches in 2021. This provides peace of mind to users that their funds are protected. explains it best, “all changes and new features introduced are developed, reviewed and agreed upon by academics before being used”. Dubbed the “measure twice cut once” approach, all of the changes to the blockchain are peer-reviewed before deployment. Peer-reviewed and SecureĬardano is one of the best candidates for institutional adoption because of its strategy of careful development. ADA is cheap and its utility is increasing with the deployment of dapps. Leading decentralized exchange (DEX) SundaeSwap already launched last Thursday. Founder, Charles Hoskinson, mentioned that there are 127 projects in development and many will be released in the first half of 2022. Recently, developers seem to have found the fix for the problem. To their surprise, it would take more time for dapps to deploy on the ecosystem due to concurrency issues. Following the upgrade, ADA gradually dropped 62% because investors were overly-optimistic expecting dapps to be immediately released. ADA entered a downtrend following the highly-anticipated Alonzo hard fork that finally brought smart contract capabilities to the blockchain. Historically CheapĬardano has the potential to be one of the most influential blockchains in the industry, and the market is not reflecting that. These coins share a similar goal with Cardano as being a fast and cheap alternative to Ethereum. This criticism comes from investors in the other “Ethereum-killer” blockchains such as Solana, Avalanche, and Harmony One. This means that investors cannot invest in projects as they do not exist. Lastly, Cardano is a research project that overly focuses on theory and ignores utility. Next, smart contracts were supposed to come out for a long time and were continuously delayed, instilling distrust in investors. After SundaeSwap deployed it congested the blockchain and the protocol listed transaction delays of up to 16 hours. First, the blockchain cannot handle transactions from its current user base. Criticism of CardanoĬardano’s criticism can be organized into three main points. Below are 6 reasons why I continue to buy ADA on this dip and urge other investors to do the same. I believe investing in ADA has the best risk-reward due to the overly-bearish attitudes of the crypto community. Also, the coin is historically cheap, lowering the risk of buying too high. The blockchain is backed by extensive research, great tokenomics, a simple staking model, and has the benefits of being an eUTXO chain. Cardano is on the brink of a decentralized app (DAPP) explosion. Those investors could not be further from the truth. Critics say the blockchain is nothing more than vaporware due to its lack of utility. In response to a Cardano community member who suggested FTX wouldn’t list $ADA because they “view Cardano as a threat to everything they want to control,” SBF said that this is “definitely not the case” and that FTX has listed ADA perpetual contracts international, and is set to soon add spot ADA trading.Įarlier this month Charles Hoskinson, co-founder and CEO of IO Global, the company responsible for Cardano’s R&D, says that in the long term Cardano will evolve into “a network of blockchains.” Per Hoskinson, “when you think about the sidechain side of things, there’s potentially going to be dozens, potentially hundreds of sidechains running in parallel all tuned to pacific things.Dennis Diatel Photography/iStock Editorial via Getty Images Introductionįor many in the cryptocurrency community, Cardano ( ADA-USD) is a joke. Cardano’s price has surged along with the rest of the cryptocurrency market, but it could be outperforming other assets as the CEO of popular cryptocurrency exchange FTX, crypto billionaire Sam Bankman-Fried (SBF), has said that the trading platform is set to soon list Cardano as it’s on the exchange’s roadmap. Notably, earlier this week Cardano and Ethereum ($ETH) were leading the cryptocurrency market’s recovery after $ETH moved up 13.4% and $ADA 9.2% in 24 hours.
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