Crypto trader and analyst Alex Krüger recently commented on why Cardano might be the most sought after crypto among new investors. He attributed ADA’s popularity to “a podcast”.
One of the secrets of life is how all newbies choose ADA
– // JS 🌋 (@JorgeSoutoTC) October 9, 2021
While crypto podcasts are popular, he was referring to the one hosted by Charles Hoskinson.
It’s Charles’ YouTube magic
– Alex Krüger (@krugermacro) October 9, 2021
Hoskinson is the co-founder and CEO of IOHK, the company behind Cardano, and is active on social media platforms. On his channel, he explains concepts that include Cardano’s update proposals, global crypto challenges and conducting regular AMA or “Ask Me Everything” sessions.
It could essentially mean that he can give first-time investors clarity about his project, according to Krüger.
Upgrades
Regarding the Cardano upgrade, the community released their short-term status update on October 8th. It says the team is working on a maintenance upgrade for October and doing some more ERC20 implementations.
It also noted that to improve decentralization, the dependencies of Cardano nodes were updated along with the reimplementation of the transaction confirmation modal.
In addition, the Cardano team reviews some test networks such as Daedalus testnet v.4.3.2 and focuses on debugging, among other things.
Despite the dynamic development, the end of last month was not a good time for Cardano. Because the average number of large on-chain transactions had dropped sharply.
CoinShares’ weekly fund flow report for a period ended October 1 showed that Cardano received only $ 1.1 million in capital inflows.
outlook
But it doesn’t necessarily warrant a negative outlook. The latest report from Grayscale Investments estimates that the network “showed positive fundamental trends”.
In the short term, the report said new Dapp, NFT and token launches could cause ADA holders to shift their allocation to these assets. The network is now not free from competitive threats.
The report cited that there is competition from “layer 1 blockchains with smart contracts capability” such as Ethereum, Solana, Internet Computer Protocol, Avalanche and others.
While Cardano recently made smart contract functions available via Alonzo, the application of the DAPPs function is still in the early stages. What is noteworthy, however, is that the Cardano Foundation recently announced several strategic partnerships with names like COTI, Chainlink, Rival, etc. at the Cardano Summit 2021.
These partnerships are expected to further increase adoption and use cases of the Cardano network in the coming days.
Frederik Gregaard, CEO of the Cardano Foundation, said:
“Our new ecosystem partners cover a range of challenges and opportunities at the forefront of today’s global society, including climate change, NFTs, decentralized finance (DeFi) and digital identity, and they will play a critical role in making our vision a reality. ”
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