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- With the Cardano network having a fixed supply of ADA coins, Hoskinson believes it is axiomatic to scale underlying transactions for stakers to remain profitable.
- The Cardano network developers are currently working on layer-two scaling solutions to improve its web3 ecosystem.
Cardano (ADA), a top-tier layer-one (L1) blockchain with more than $400 million in Total Value Locked (TVL), has remained focused on dethroning Ethereum (ETH) as the web3 hub. Despite the Cardano network trailing in the meme coin industry, the veteran blockchain has significantly succeeded in democratizing scalable smart contracts.
As Crypto News Flash recently reported, the Cardano network is now home to a fiat-backed stablecoin dubbed USDM. As a result, Cardano network users now have more options in the stablecoins industry including the DJED algorithmic stablecoin with about $20 million in TVL.
Future Sustainability for the Cardano Network
In a bid to remain competitive in the vast cryptocurrency market, the Cardano community has been discussing necessary developments needed to ensure a sustainable future. According to Cardano founder Charles Hoskinson, the ADA ecosystem needs to get its decentralization governance running and do three things right to ensure sustainable adoption.
On the top list is ensuring decentralized governance is running smoothly as it should. Notably, the Cardano network uses the proof-of-stake (PoS) consensus mechanism, with around 22 billion out of the $36 billion already staked.
In this regard, Hoskinson noted that the treasury operations, which are used to feed the staking rewards, need to be streamlined. In response to Patrick Tobler, CEO of NMKR wallet, Hoskinson added that the Cardano partnerchains need to be operational.
It's axiomatic. Of course, all cryptocurrencies need more transactions. That's the purpose of a blockchain. The most vital things we can do are get decentralization governance running, the treasury operational, and partnerchains running
— Charles Hoskinson (@IOHK_Charles) March 31, 2024
Notably, Tobler had previously highlighted that the ADA’s tokenomics which have a fixed maximum supply of 45 billion makes the staking program unsustainable with the current daily transactions of about 60k. Meanwhile, Tobler commended the German-based crypto wallets -led by eternl wallet, Nami wallet, and NMKR – for enabling about 2 percent of all Cardano transactions.
Fun Fact: NMKR-owned wallets have made more than 1.3 Million Transactions, so that means almost 2% of all transactions are from us.
If you then add @eternlwallet & @NamiWallet we can confidently say that a pretty high % of all Cardano transactions are coming from Germany 😆 pic.twitter.com/bIqUy7d2s1
— Patrick Tobler (@Padierfind) March 30, 2024
ADA Price Aims for ATH
Cardano’s price against the US dollar has signaled an inevitable bull run ahead following a successful retest of a macro bullish breakout earlier this year. The mid-cap altcoin, with a fully diluted valuation of about $28 billion, has remained committed in its course to revolutionize the web3 industry for a positive global change.
Cardano Price has received significant support from web3 developers and institutional investors seeking to diversify their altcoin portfolio. Furthermore, ADA’s price is about 79 percent away from its all-time high, which gives it a higher reward-to-risk ratio.
From a technical standpoint, the ADA price must convert the 200 weekly Moving Average (MA) into a support level to secure a bull run toward the all-time high (ATH). Moreover, the weekly Relative Strength Index (RSI) is currently hovering around the 70 level, a strong indicator that the bulls are in control.
Meanwhile, ADA price dropped around 14 percent in March to trade around 63 cents on the first day of April.
