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At the beginning of the week on July 26, 2021, the whole cryptocurrency market prospered when Bitcoin exploded to increase $ 10,000 in 1 week. In addition to the focus of BTC’s green candles, in addition to FTX and Binance Futures reducing maximum leverage to 20X, the crypto-biz world is also paying attention. “Prophecy” on this day 1 year ago by Charles Hoskinson.
Specifically on July 27, 2020, the founder of Cardano predicted that:
This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate
— Charles Hoskinson (@IOHK_Charles) July 26, 2020
“This day next year, I predict there will be hundreds asset, thousands DApp, tons fun project together so many Unique uses and utilities appear on Cardano.
2021 will be the year of further growth and development for Cardano. Our community will be incredibly creative and unique.”
So today, July 26, 2021 – a year after that prophecy – the Cardano ecosystem blooms or is deadlocked? Let’s review the developments of ADA with CHK in the past 1 year!
Cardano’s progress in the past 1 year
The time Charles Hoskinson made his prediction was the end of July 2020. At that time, the crypto market had passed the long winter and started to flourish with new developments related to DeFi.
Since then, the past 1 year has been an extremely exciting year for the market. When the price of BTC peaked, a series of giants accepted BTC or even El Salvador – The country that accepted Bitcoin as the first legal payment method in the world. Well-known projects like Cardano of course have great developments.
Staking, hard fork and platform development
– On March 2, 2021, Cardano (ADA) successfully performed a hard fork of Mary, supporting smart contracts to create new coins.
Dubbed “Mary,” the hard fork allows users to generate new tokens and launch them entirely on Cardano. This is exactly the first move to support the “hundreds of assets” launch on the Cardano network as predicted by Charles Hoskinson.
– On March 27, 2021, Cardano revealed the progress of the Alonzo upgrade.
The Alonzo upgrade brings smart contracts to the Cardano blockchain. Thus, with Alonzo “thousands of DApps” were able to build on Cardano.
– On April 17, 2021, AgeUSD became the first stablecoin on the Cardano blockchain.
– May 20, 2021, Cardano is about to support ERC20 on the testnet.
The newly developed ERC20 adapter will allow Ethereum tokens to run on the Cardano blockchain. This is considered a “cross-chain” feature to attract abundant project, DApp, and dev resources on Ethereum to “migrate” to Cardano.
– On May 27, 2021, the Alonzo testnet was successfully launched, the first smart contract named Plutus.
With this milestone, Cardano officially has its own Smart Contract and truly becomes a true “smart contract platform”… on testnet. Currently, Cardano is only testing smart contracts on testnet, not deployed on mainnet yet!
– On July 2, 2021, more than 30 billion USD of ADA was staking.
More specifically, about 71.7% circulating supply of ADA is staking on 2,665 active pools, with 671,403 wallet addresses participating in the staking.
ADA Price Movement
On February 3, 2021 ADA touched $0.40 for the first time since February 2018. Since then, ADA has “escaped” the sideway, starting to increase strongly along with the excitement of the market. There was a time when ADA became the 3rd largest coin in the market.
Even ADA’s explosive bull run created 6,710 new millionaires.
Grayscale adds ADA to portfolio
By the beginning of July 2021, the real explosion for Cardano lovers was Grayscale “down the money” adding a large amount of ADA to the portfolio.
With this event, the community raised hopes that Wall Street is also eyeing ADA.
How far can Cardano go?
In general, Roadmap Cardano is divided into 5 main stages:
- Byron – platform development
- Shelley – decentralization
- Goguen – building smart contracts
- Basho – solve scaling problem
- Voltaire – administration
Currently, Cardano is in the Goguen stage – building smart contracts. In Goguen is divided into 3 more sub-stages, namely:
As noted above, Cardano has now made it to the Alonzo upgrade – the final step in the Goguen phase. However, Alonzo still breaks it down into 3 steps:
- Alonzo Blue: done in May 2021
- Alonzo White: late July appointment
- Alonzo Purple: not yet
Thus, Cardano is still waiting for Alonzo White and then Alonzo Purple to complete before it can launch smart contracts on the mainnet.
After successfully launching smart contract, phase 3 is completed, we will move to phase 4 Basho and 5 Voltaire.
All in all, Cardano can still go only about 50% of the route that I proposed – even though the project started in 2017.
Compare with other competitors
After going through all the developments of Cardano in the past 1 year, we invite you to review the coverage of the current ADA ecosystem.
Well, that’s a bit too much!
Now let’s take a look at Cardano’s other competitors!
First, it must be mentioned that Cardano’s “1 loss 1” opponent is Ethereum. Since its inception, ADA has positioned itself as the “Ethereum Killer”. The founder, Charles Hoskinson himself, was also a co-founder of Ethereum.
But compared to Cardano, what does the Ethereum ecosystem have?
Compared to ETH, the ADA system is just like a “young child”, missing a lot of pieces.
Well, this is understandable. Because ETH has been the pioneer of smart contracts since the beginning, creating the foundation for countless DApps to be born. Cardano is a follower, having only recently had smart contracts, it has not been able to attract many development projects.
However, in addition to Ethereum dominating the throne, the “smart contract platfrom” segment still has many other formidable emerging names such as Solana (SOL), Chainlink (LINK), TRON (TRX), …
Try putting it on the Cardano scale with Solana – a project that is also a young one today.
Obviously, whether compared to a “banyan tree” like Ethereum, or a fledgling project like Solana, Cardano is still too small.
Cardano is still going, of course, but the other competitors are already sprinting.
At this point, you must have understood why many people in the community often bring the “prophecy” of Charles Hoskinson 1 year ago to “coffee”!
Maybe you are interested:
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