- Cardano is hot with developments and TVL status at present.
- ADA is failing to reflect the optimism of the broader ecosystem.
- The Age of Voltaire will make Cardano fully decentralized and self-sustaining.
The Cardano ecosystem has been rolling out developments in preparation for the approaching Age of Voltaire. This anticipated stage of the network’s evolution will be its final move toward becoming self-sustaining and fully decentralized.
Associated updates, partnerships, and developer activity in preparation for Voltaire suggest a potential wave of demand. New network improvements and features are poised to drive a price surge for the network’s native cryptocurrency ADA.
Whether the price of ADA will finally rally in response to Voltaire remains in question. Waiting ADA holders have thus far seen more losses than gains, with 80% presently “Out of the Money.”
Furthermore, the price of ADA has thus far failed to show sustainable increases following Cardano network updates and developments.
ADA Price & Beyond
The cryptocurrency market has seen a favorable few weeks following the centralized banking crisis in the United States.
In response to the crisis, ADA spiked to $0.36 on March 14th. However, ADA has dropped 14.99% this month after surpassing $0.40 for the first time in 2023 in mid-February.
At the time of writing, ADA is trading at $0.32, recording a 2.98% decrease over the past 24 hours.
24-Hour Price Chart for Cardano. Source: CoinMarketCap
The network recently announced major milestones, including the first wrapped Bitcoin (BTC) on Cardano. ADA has remained unphased by the momentous news.
Looking beyond the price of ADA, the Cardano ecosystem has exhibited signs of sustainable growth throughout 2023.
Notable community member ADA Whale has returned to report on the network’s current Total Value Locked (TVL) status. According to ADA Whale, Cardano’s TVL grew 20% per month to 358 million ADA. The Whale further wrote that if this trend continues, it will hit one billion ADA in a year, which is $3 billion if ADA goes back to its all-time high of $3.09.
Marco Meerman has also reported on Cardano’s TVL breakout, prompting Charles Hoskinson to share his thoughts.
Circling back to Voltaire, Hoskinson has revealed a roll-out of a new update to the CIP-1694 on-chain governance mechanism. The update is further closing the gap before reaching full decentralization on Cardano.
What is the Age of Voltaire?
Cardano’s official roadmap states that the Age of Voltaire will “provide the final pieces” for the network to become self-sustaining.
Voltaire depicts the ultimate vision of the network and will bring to life “governance which unlocks the full potential of the community and enables a fully self-sustaining system.”
The Age of Voltaire will remove the Cardano ecosystem from the management of developer Input Output Global (IOG), placing the future of the network in the hands of its community.
Cardano exhibits core qualities toward becoming a premier blockchain. Despite its evolution and solid performance in 2021, Cardano keeps holders in anticipation of becoming a top Altcoin on the market and entering a sustainable upward trajectory.
On the Flipside
- Cardano remains at the #7 rank by market capitalization.
- Cryptocurrencies across the board have remained under pressure from the current bearish trend of the market.
Why You Should Care
Cardano is one of the industry’s most established and innovative blockchains, yet its native cryptocurrency ADA has failed to show sustainable gains. Despite this, Cardano is making meaningful progress towards becoming a self-sustaining network.
Read more about how Voltaire will make the Cardano network self-sustaining:
Cardano (ADA) to Enter Voltaire Age via Three Pillars
Read more about the latest news on Solana (SOL):
Solana (SOL) and Worldline Launches Strategic Initiative
Sourced from dailycoin.com.
Written by on 2023-03-16 14:00:00.
