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Cardano is known as a Blockchain network born as an alternative to Ethereum and strengthened by smart contracts. However, critics argue that Cardano’s centralized structure contradicts the spirit of cryptocurrency. Solana surpassing Cardano in market value has intensified these criticisms. Avalanche has also recently followed Solana, becoming one of the threats behind Cardano.
Current Status in the Speed Race
Solana has made a significant breakthrough in the cryptocurrency markets with its fast network and low transaction fees. Cardano, with the Chang update, took a significant step to keep up in this race. The update aims to increase the network’s transaction speed to approach Solana’s speed. New security measures will also protect users against common threats in the Web3 world.
When Cardano’s founder Charles Hoskinson started this Blockchain project in 2017, he aimed to establish a decentralized structure. However, the network’s design and the centralized nature of key players overshadowed this goal. Especially, a multi-sig wallet called Genesis keys had the authority to unilaterally change the network’s rules. With the Chang fork, these keys are now a thing of the past, and Cardano’s governance will be maintained by anonymous token holders.
High Expectations from Market Analysts
Cryptocurrency analysts are quite optimistic about Cardano’s future. Elliott Wave theory analyst XForceGlobal predicts ADA could reach $3 by mid-2025. A more ambitious prediction comes from analyst King Crypto Aryan. He states that if Bitcoin reaches $500,000 in 2025, ADA could also reach $75. These predictions indicate that the ADA community believes a strong rally is imminent.
Cardano’s network has also attracted attention with its increasing development activities and network usage rate recently. Especially in the first quarter of 2024, Cardano’s smart contract platform experienced significant growth. Bitget executive Gracy Chen noted that this growth reveals the network’s adoption rate and future potential. Additionally, Cardano’s economic security is quite solid. 65% of the circulating ADA is staked.
Interest from Major Investors Continues
The Chang update has also attracted the interest of major investors. At the end of August, large wallet holders accumulated 170 million ADA tokens. This move shows great hopes for the Chang update and Cardano’s future. The support provided could strengthen Cardano’s position in the markets.
Cardano has the potential to catch up with Solana’s success with the Chang update. Improvements in the network’s speed and security could dispel criticisms and bring Cardano back to the top.
