Cardano is a decentralized public blockchain founded by Charles Hoskinson. After Bloomberg terminal added native cryptocurrency ADA to its exclusive listing, the project started to get a lot of attention from major investors in the industry. Cardano has already crossed the threshold of hosting more than 500K unique wallet addresses as of March 2021. It should be noted that the Bloomberg Terminal is reserved for the most sought-after and crucial trading commodities, signaling their further growth.
In the span of a few weeks, ADA prices have been climbing up steadily. The reason for this climb is still unclear. However, it is speculated to be the result of several new upgrades that are soon to be introduced on this DeFi system. Coinbase Pro only added ADA to its platform after several users have submitted formal requests to do so. For now, the exchange platforms would only support Shelly addresses and extend its provisions to all jurisdictions of ADA.
Game-Changing New Upgrades of Cardano
One highly speculated feature of the Cardano blockchain is the Mary hard fork protocol. A recent statement issued by Hoskinson confirms the successful implementation of the highly sought-after feature. This upgrade would enable the users to issue and distribute their tokens via Cardano Blockchain. The founder is positive that Cardano would prove to be a major blockchain platform of all time.
The Mary hard fork would soon be enabled on the Cardano mainnet that would allow the users to access the smart contracts protocol. Another talked-about upgrade on Cardano was implemented on 1st March 2021 under the name of Daedalus. The full version of the Daedalus wallet would introduce a better user-interface in addition to multi-asset support. Registered traders at ‘Coinbase Pro’ would be able to ‘Migrate’ their Byron legacy wallet to Cardano-wallet as well.
Ethereum Users to Shift in Bulk to Cardano
Hoskinson made a bold exclamation in a recent interview with Bloomberg that around 100 companies have applied to shift their business from Ethereum to Cardano. He believes that Cardano is getting so much attention because this blockchain is a major improvement upon the conventional blockchain platforms like Bitcoin and Ethereum. Hoskinson is quite ambitious for the future of this smart contract platform and plans to ‘run countries’ with it.
On the other hand, many investors have criticized the lack of working products for the native cryptocurrency of Cardano. According to AdaSat and AdaPools statistics, only 58% of wallet addresses on Cardano have their funds staked to support the network thus far. Furthermore, the circulation of ADA among the wallet holders has been decreasing steadily in 2021. This trend complements the decentralization of Cardano through the distribution of ADA among a large number of participants.