Cardano is growing and growing. The number of users on the competitor Ethereum is constantly setting new records. In addition, more and more developers prefer Cardano Basics of Smart Contracts and dApps instead of Ethereum.
Daily GitHub Development Activity:
#1: 835 Polkadot / Kusama
#2: 702 internet computers
#3: 609 Friends
#4: 587 Hedera
#5: 488 Ethereum
#6: 465 states
#7: 460 ChainLink
#8: 427 MultiverseX
#9: 405 Decentraland
#10: 389 Cosmic pic.twitter.com/DYv3Ve5Irz
— ProofofGitHub (@ProofofGitHub) April 26, 2023
It is not only for this reason that Cardano and the associated token developed impressively. It can be said for sure that ADA is one of the most promising cryptocurrencies in 2023 and it can continue to perform better in this direction in the coming months.
Only in 2023 is the Cardano’s total value has risen from $50 million to over $170 million at times. Ultimately, this is also due to the fact that more and more crypto projects rely on Cardano. Cardano benefits from, among other things, the successful World Mobile Token ($WMT), which is based on the Cardano blockchain.
According to different dates also runs Minswap ($MIN) good. This project also uses the Cardano blockchain. Other projects that rely on Cardano are Indigo, WingRiders, Djed and the foreign platform Liquid.
ADA: Diminished in April but came back in May on Hydra
Of course, not only the top dogs Bitcoin and Ethereum are suffering due to the slump in the crypto market, but also other crypto currencies like ADA. Prices recovered in May, so ADA back in positive territory There is climbing.
A positive factor with Cardano is the layer 2 scaling solution Hydrra. In the future, this should ensure that transactions can be processed faster and cheaper. Experts expect the price of ADA to rise to $3. That of course depends on the market environment and ultimately the success of Hydra.
As more and more participants at Cardano load the blockchain, there are currently scaling problems in one place or another. These are already effective with Ethereum in the past. This was the main reason why solutions like Cardano were able to establish themselves, since Ethereum alone cannot cope with the strong growth of the smart contract market.
Hydra provides sharding capabilities for the Cardano blockchain. The blockchain routes transactions to special Hydra nodes, which can validate transactions much faster than the unaided Cardano blockchain.
After Hydra, Cardano has more scaling solutions: Mithril is pending
Hydra alone cannot absorb the strong growth of Cardano. For this reason, the developers of the Cardano blockchain are currently working on additional scaling solutions. The next addition to the blockchain is called Cardano “Mithril”. This is a multi-signature system that can create snapshots of the Cardano blockchain. According to the developers’ plans, this speeds up the individual nodes, but keeps the security in the blockchain at a high level.
Every Friday, we publish our weekly #Cardano development update. So for the lowdown on what the IOG dev team was working on last week, go ahead and take a look 👇 https://t.co/W5Ujx2mqXn
— Input Output (@InputOutputHK) May 5, 2023
Mithril and other improvements should ensure that Cardano can process transactions as quickly as possible as the number of users continues to grow. This is also very much needed. Because in May, the use of the Cardano blockchain will decrease again. Of course, that largely discourages investors from investing in Ada.
Cryptocurrencies with potential in 2023
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