The cryptocurrency, which was once priced at more than $3, has historically had a much higher valuation.
Charles Hoskinson, the founder of Cardano, celebrated the network’s recent growth, noting that it reflects the organic development of Bitcoin (BTC). While some have expressed concerns about network congestion, Hoskinson stated that Cardano is designed to handle such loads and has ample room for future scalability.
Demand Increases and Cardano Moves Away from “Ghost Chain” Status
In August, this Proof-of-Stake (PoS)-based network presented significant innovations: it launched interchain bridges, implemented the long-awaited Mithril update, and launched its Voltaire testnet, among other notable advances.
Cryptoasset monitor Santiment validated Cardano’s dynamism by highlighting it as the leading development platform, with more than 500 daily developer contributions on GitHub in the last month. At this pace, Cardano has surpassed powerhouses like Polkadot, Kusama, and Chainlink, which previously topped these rankings.
This recognition underscores that, regardless of the fluctuation in the price of ADA, there is a firm commitment from developers to the network. In addition, there is growing interest in Cardano’s smart contract capabilities, attracting new projects that choose this chain as their platform of choice.
In a post on X that brought a lot of attention, the founder reminded the community that just a few months earlier the network had been criticized for being a useless “ghost chain.” However, as the network “fills up” and blocks fill up, Hoskinson assured the community that the platform is designed to handle growing demand with more room to grow in the future.
While Cardano aims to compete with Ethereum as the preferred smart contract platform, its development is based on peer-to-peer research and progress has been systematic. Looking at Cexplorer block data, the average Cardano block saturation is 56.98% as of December 18. This figure is higher than the monthly average of 44.5%.
However, what is clear is that the block size has been gradually increasing over the past two years. At the beginning of 2021, the average block usage, measuring capacity, was 64 kb.
This figure now stands at 88 KB, indicating growth and greater adoption by application developers. However, it is worth noting that the maximum capacity on Cardano is an adjustable parameter. Consequently, it may be modified in light of the transactional claim.
Cardano Refinements: Will ADA Prices Increase Like Bitcoin?
Cardano is in the Basho stage after graduating from Goguen when the network activated smart contracts. With more dapps launching, the platform is being optimized to improve performance and boost scalability.
Scalability is a big concern in blockchains as it can directly determine how quickly transactions are processed, a factor that also plays a role in determining fees. Still, unlike Ethereum, fees are stable on Cardano, regardless of network load.
Hoskinson also highlighted Cardano’s organic growth in the post about X, attributing its success to community participation and engagement. The founder emphasized that venture capitalists, crypto media, or influencers are not driving the platform, just as Bitcoin grows.
This comparison could point to other smart contract competitors, including Solana. FTX’s estate controlled a significant portion of the circulating supply of SOL. The defunct exchange will gradually sell SOL to pay creditors. Still, it remains to be seen if ADA will follow the same trajectory as BTC in the long term.
By Audy Castaneda
