Popular Crypto trader and analyst Alex Krüger recently wrote a comment on his personal Twitter page about why the Cardano asset (ADA) may be the most sought-after asset for new investors.
Alex Krüger also attributes Cardano’s popularity to podcasts. While there are many popular crypto podcasts, Krüger refers more to the podcasts hosted by Charles Hoskinson.
Krüger admits that Hoskinson’s tactics as co-founder and CEO of IOHK, the company behind Cardano, are clever in promoting their assets through social media.
While the creator of Bitcoin alone remains anonymous.
Hoskinson himself is known to be quite active on social media platforms. On his personal page, he explains concepts that include Cardano’s renewal proposals, global crypto challenges, as well as conducting regular AMA sessions or asking me anything.
In other words, novice investors who just want to try investing will be more confident to buy ADA as their choice because the CEO regularly provides updates and clarity about their assets.
But apart from these external factors, what actually made Cardano so popular?
Cardano Has Many Updates
Cardano is at the forefront of upgrades and updates. Their community released a near-term status update on October 8. It says the team is working on those upgrades and maintenance along with a few more ERC20 deployments.
But before that, Cardano has officially released its smart contract on September 12, 2021, and created the stablecoin that will be issued by COTI. The stable coin is named Djed.
The owner has also noted that for increased decentralization. They have updated Cardano’s node dependencies followed by re-implementing transaction confirmation modals.
In addition, the Cardano team is reviewing several testnets such as Daedalus testnet v.4.3.2 and focusing on debugging (the process of removing bugs in the code). To support other improvements.
Positive Views Built
According to a recent report from Grayscale Investments, they predict that the Cardano network will often exhibit positive fundamental trends.
Further in the near future, the report states that the launch of new Dapps, NFTs, and tokens could lead to ADA holders shifting their allocations to these assets.
Meanwhile, any network is never free from the threat of competition.
The report states that ADA’s biggest competitor is a Layer 1 blockchain with smart contract capabilities which is also owned by Ethereum, Solana, Internet Computer Protocol, Avalanche, and others.
It should be noted, however, that the Cardano Foundation has recently announced several strategic partnerships with names like COTI, Chainlink, Rival, etc. at the 2021 Cardano Summit.
The partnership is expected to further increase the adoption and use of the Cardano network in the coming days.
“Our new ecosystem partners cover a wide range of challenges and opportunities at the forefront of today’s global society, including climate change, NFT, decentralized finance (DeFi), and digital identity, and they will play an important role in helping us realize our vision. said Frederik Gregaard, CEO of the Cardano Foundation.
Despite the momentum of his development, the end of last month was not the right time for Cardano.
Because the average number of large transactions on-chain has shown a sharp decline.
CoinShares’ weekly fund flow report, for the period to October 1, shows that Cardano received only $1.1 million in capital inflows.