In a rebuttal to critics of the Cardano ecosystem and its native token ADA, Charles Hoskinson has announced the impending release of two significant upgrades designed to bolster the blockchain ecosystem remarkably.
While ADA has remained rather stagnant as other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) surge to record highs, Cardano fans remain optimistic about a looming rally that could potentially turbocharge the coin to the elusive $3 mark.
“We Are Holding All The Cards”
Charles Hoskinson made a lengthy post on X defending Cardano after crypto enthusiast Ben “BitBoy” Armstrong released a video alluding that “ADA is dead”. Armstrong likened Cardano to Solana, Sui, and Toncoin, which were “blowing up” and “killing it” in terms of users, activity, and price action, whilst claiming the numbers for Cardano were “not fantastic.”
Hoskinson has stressed Cardano’s competence in scalability, innovation, and community support. First, the Cardano founder asserted that Cardano was “holding all the cards as an ecosystem.”
“We have the best path for scalability, governance, and innovation. We also have the best community,” Hoskinson added in response to “all the dunking on Cardano.”
The forthcoming Chang hard fork buoys his optimism. Chang, the largest Cardano upgrade since Vasil in September 2022, is set to go live in the second quarter of 2024. “Chang is coming soon as measured by progress on SanchoNet,” Hoskinson posited.
Chang is the first hard fork of the Voltaire era of Cardano’s roadmap. It will enable the concept of community-run governance to the blockchain by introducing Delegate Representatives (DReps), a Cardano Constitution Convention, and an important community vote to approve the first draft of the Cardano Constitution.
Community governance is said to enable Cardano to become a fully decentralized network. Voltaire is set to implement a treasury system later on, where a percentage of all transaction fees would be allocated to development activities.
Hoskinson also noted that Cardano is on the verge of a major technological advancement with the Ouroboros Leios update, which he believes is the best solution to the blockchain trilemma of security, scalability, and decentralization. In particular, Ouroboros Leios will dramatically boost the network’s transaction throughput and processing capacity.
The Cardano creator further claimed that the cryptosphere has an issue with short-term narratives.
“The problem with our industry is that we let short-term narratives and carnival barkers dominate the conversation. AI has the same issue.”
ADA Price Prediction: $3 Next?
Crypto Capital Venture founder and Cardano proponent Dan Gambardello observed that the ongoing FUD was due to ADA’s lackluster price action below $1.
“It’s because price is not back above $1. Even Cardano people who say they don’t care about price, care about price. If the price was up, you wouldn’t see these comments. I said a while ago ADA probably won’t be above $1 before BTC halving. Simple, people lack patience.”
ADA has been trading below the $1 mark since April 2022 and is currently priced at $0.6088, reflecting a 2.5% surge in the past 24 hours. The token is still 80.3% below its all-time high of $3.09 set in March 2020.
If ADA can overcome the resistance at $0.68, it could signal the start of a bullish run towards $1, on the road to the $3 all-time highs. This upswing would undoubtedly mark a significant milestone for the 10th largest cryptocurrency.
