The Cardano Foundation is led by Charles Hoskinson, founder of Cardano, who is also a co-founder of the Ethereum blockchain. On April 6, he discussed on the YouTube channel Cardano the road map for the next four years in a video entitled “Some reflections on the road map”.
In his reflections, he stated that although Cardano’s developers are working on a solution to the scalability issue and Cardano’s approach to it, he will only draw attention to this issue after completing the Alonzo update. The scalability phase of Cardano’s roadmap is approaching the next step after the completion of Goguen’s modernization. This phase is called basho, after the seventeenth century master of Japanese haiku.
Cardano (ADA) has become one of the top 10 digital currencies in the world by market value in a short time. It is currently ranked 7th with a market value of over $ 41 billion. It accounts for about 2% of the entire cryptocurrency market. Cardano reached a full-time high of $ 1.55 on April 14, according to data from CoinGecko.
Deadalus and Alonzo update
On April 1, the fund released the Deadalus Update, which announced support for tokens on the Cardano blockchain, along with a Project Catalyst Fund3 vote, which effectively triggered the countdown to Cardano becoming a fully decentralized blockchain.
And this countdown has had its results since then. Cointelegraph discussed the update of Deadalus in detail with a representative from the Cardano Foundation. They stated: “Daedalus users can now use their wallet as a simple, unified interface to receive both ADA and many other tokens distributed on the Cardano blockchain.” They went on to talk about Cardano becoming a fully decentralized network, defining:
“We are pleased to announce that the D = 0 countdown, which indicates complete decentralization of the Cardano blockchain, has also been included in the recent implementation of Daedalus. This is a significant achievement when all Cardano sharing pools are managed by community pool operators.”
Cardano claims on its official website that this decentralization event makes it one of the most decentralized blockchains in the world. Gogu’s next and final milestone on Cardano’s roadmap is a previously delayed Alonzo update. The update will add smart contract functionality to the blockchain. The development of this update is provided by the Plutus platform, which gives Cardano blockchain users their own smart contract language, as mentioned in IOHK’s Plutus blog.
Prior to the Deadalus update, Cardano ran through Mary Hard fork, which introduced tokens in a series of unused Cardano transactions, allowing miners to process tokens and intangible tokens with the same cost-effectiveness as the private blockchain coin ADA. …
Furthermore, Cardano developers have found a way to repair and sell NFT holdings without smart contract functionality. Cointelegraph spoke with Johannes Jensen, product and project manager for digital platforms for eToroX. He said:
“Alonzo hard fork poses a more complex formatting problem, as the surrounding ecosystem of service providers must prepare for Hard Fork and subsequent Cardano-based tokens and smart contracts in general.
ADA may soon reach $ 2 due to Defi’s growth
ADA Cardano has seen a gain of almost 10% in the last 14 days. Given that the large $ 2 mark is $ 0.6 of the current trading price, with current growth rates, it is unlikely that the ADA will cross the $ 2 mark in the near future.
Another potential “DeFi Summer” is one of the most important drivers of growth. If we use DeFi in the summer of 2020 as an indicator for this year, the DeFi markets are likely to rise to new heights in 2021. In fact, ADA is currently growing at a rate of 3,490.8% annually.
According to DappRadar, the total value of the fiscal decentralized protocols was $ 70.43 billion as of April 16. Since the beginning of this year at the time of writing, TVL has almost quadrupled. TVL increased from $ 30.74 billion on January 20 to $ 64.47 billion on April 19.