Alex Krüger, a cryptocurrency trader and analyst, recently discussed why Cardano may be the most wanted cryptocurrency among new investors. He credited ADA’s fame to “a podcast.”
While there are numerous cryptocurrency podcasts, he was making a reference with the one organized by Charles Hoskinson.
Hoskinson, the co-founder and CEO of IOHK, invented Cardano, and is a social media influencer. He explains concepts such as Cardano’s update proposals and global crypto challenges on his channel, in addition to hosting regular AMA or ‘ask me anything’ sessions.
According to Krüger, this could imply that he can provide insight to first-time investors about his project.
🚀 Upgrades
On October 8, the Cardano community published its near-term status update. It stated that the team is currently starting to work on an October maintenance upgrade and deploying additional ERC20 tokens.
Additionally, it noted that in order to enhance decentralization, it upgraded Cardano node dependencies and reimplemented the faster transaction modal.
Besides that, the Cardano team is going to review a few testnets, such as Daedalus testnet v.4.3.2, and concentrating on debugging and other improvements.
Even with the development momentum, Cardano did not have a great month at the end of last month. Since then, the average number of large transactions on it has decreased significantly.
Cardano obtained only $1.1 million in additional inflows during the week ending October 1, according to CoinShares’ weekly fund flows report.
📈 Outlook
However, this does not necessarily involve a pessimistic outlook.
According to Grayscale Investments’ most recent report, the network “exhibited positive fundamental trends.”
Additionally, the report stated that in the near term, new Dapp, NFT, as well as token launches may cause ADA holders to reallocate their holdings to these assets. Meanwhile, the network faces competition.
According to the report, competition comes from “Layer 1 blockchains with smart contract capabilities,” such as Ethereum, Internet Computer Protocol, Solana, and Avalanche.
While Cardano recently introduced smart contract capabilities via Alonzo, the implementation of DAPPs is still in its infancy.
However, it is worth noting that the Cardano Foundation announced recently several strategic partnerships at the Cardano Summit 2021 with companies such as COTI, Chainlink, and Rival.
These collaborations are expected to accelerate Cardano’s implementation and use cases in the coming days.
