Cryptocurrency analyst Dan Gambardello has suggested that Cardano (ADA) has become ten times stronger compared to its performance during the last market cycle.
Citing a range of key developments and technological advancements over the past three years, Gambardello believes these factors have positioned the blockchain network for a potential bull run this season.
Key Factors Contributing to Cardano’s Strength
One of Gambardello’s arguments is that Cardano has now transitioned into a fully decentralized system. He credits the network’s increased resilience and decentralization to the recent implementation of the Chang Upgrade.
Launched on September 1, following months of preparation, the upgrade is a technical milestone for the blockchain. This update allows the network to operate without centralized control, marking a shift toward a truly community-driven model.
Moreover, a significant event in Cardano’s decentralization process was the destruction of the network’s genesis keys. Input Output Global, the development arm behind Cardano, initiated this key burn, signaling a further move toward community ownership.
Cardano’s founder confirmed the destruction of these keys on social media platform X shortly before the Chang Upgrade officially went live.
In addition to these decentralization efforts, Gambardello highlighted the importance of Hydra, Cardano’s Layer-2 scaling solution. Designed to improve transaction throughput while maintaining the blockchain’s security and decentralization, Hydra is seen as a critical component in solving scalability issues. This performance improvement is a notable advancement since the last cycle and further strengthens the network’s technical capabilities.
Cardano’s Enhanced Market Standing
Gambardello also pointed out that Cardano’s market position has significantly improved over the years. In October 2020, ADA was ranked 12th in the market with a total valuation of $2.997 billion.
However, Cardano’s market capitalization today stands at $12.53 billion, even though the current market cycle mirrors the conditions from four years ago. This growth represents a marked increase in the project’s market influence and indicates that Cardano is better positioned than its previous cycle.
The analyst also touched on Cardano’s ability to remain competitive in the market, even during difficult periods. Cardano retains its top 10 ranking during the challenging bear markets of 2022 and 2023.
While ADA has recently dropped out of the top 10, Gambardello sees this as a temporary setback and believes its previous market resilience is a testament to its growing strength.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Strategic Partnerships and Ecosystem Expansion
In addition to its market performance and technological upgrades, Gambardello emphasized the role of strategic partnerships and ecosystem expansion in bolstering Cardano’s growth.
For instance, in September, Emurgo—the commercial arm of Cardano—secured three major partnerships aimed at boosting the blockchain’s global adoption, enhancing interoperability with other systems, and attracting a wider range of investors.
Cardano’s growing involvement in international partnerships extends to collaborations with governments, including several initiatives with Argentina’s public sector
These collaborations aim to explore how blockchain technology can be integrated into public administration systems, further enhancing Cardano’s real-world use cases.
The growth of Cardano’s decentralized finance (DeFi) ecosystem was also noted as a factor contributing to its current strength.
Over the last cycle, the project has developed a much larger ecosystem of decentralized applications, which has attracted a more diverse range of users and developers. This development, combined with Cardano’s focus on security, makes it one of the more robust platforms in the blockchain space.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
