Cardano has been preparing for the upcoming scaling solution called Hydra for several months. While many Cardano hodlers are in the red, whales are accumulating more and more tokens.
The team around Charles Hoskinson, founder of Cardano, can generate headlines. In the coming weeks, the hard fork “Vasil” is expected to bring significant improvements. Vasil is a prerequisite for the Hydra scaling project, which will make ADA ultra-fast in the future. Hard fork is a change in the previous protocol of a chain – all users have to switch to the new protocol after such an implementation.
“We move the chains. A big wave will come after the Vasil Hard Fork in June.”
Hoskinson himself believes that ADA could attract again after the upgrade in price. Vasil is supposed to bring better efficiency through updates, such as larger blocks in the chain. To ensure a seamless process, Cardano is organizing two developer events in Barcelona and Texas in the near future.
The users react to these messages extremely bullish and continue to buy ADA despite the bad course. Thus, a Users on Twitter, data from the analysis platform IntoTheBlock, on which it can be seen that 757,000 users have purchased about 37.4 billion ADA. The number of wallets can also be interpreted positively: With 3.2 million wallets pulled this increased by 1,600% compared to December 2020. The cryptocurrency seems to be popular not only among retail investors. Data shows that whales with over 1 million tokens have secured a total of 196 million ADA in the last 5 weeks.
Although the numbers have been rising steadily for some time, doubts remain about the blockchain. Is there really something behind it or is it just brilliant marketing? According to Intotheblock, 92 percent of all ADA-HODLer in the minus. The price is currently at 0.80, far below the All time high of 3 US dollars.
Charles Hoskinson remains bullish (of course)
Hoskinson took to Twitter again to explain to users that ADA staking does not include a lockup period. With the competitor Ethereum, for example, stakers, on the other hand, have to lock their tokens in the protocol for a few days (lockup).
The Total Value Locked (TVL) is used to illustrate the total “available” tokens in the DeFi area. Loud DefiLama this is barely 200 million US dollars for the Cardano blockchain. Again, the question arises: development or just bluff?
At least there is something positive to report in the area of Metaverse: Cardalonia is developing an extensive virtual world on the blockchain. Users can buy plots of land called Terrania in order to integrate their NFT assets there later. Designed as a Play to Earn, users are free to discover Cardalonia and earn in-game crypto LONIA. After the successful pre-sale, investors are now waiting for the next opportunity to enter with the seed sale.
Overall, it can be noted that the developers are working diligently on the ADA blockchain. However, the price has been lagging for quite some time. Whether Cardano has future potential or is just a good marketing gimmick, it will still turn out.
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