Whether certain investors support Cardano (ADA) or not, it is now extremely difficult to deny the success that Charles Hoskinson and his project have had recently. Not only did ADA manage to record a new all-time high lately, but Cardano itself has been booming in terms of its ecosystem’s growth and the various partnerships that Charles and his team have been busy forming with entities all over the world.
As such, Charles has taken it upon himself to highlight this exponential growth, and Cardano enthusiasts are hopeful that the best is yet to come.
NFT craze helped Cardano’s growth
A lot of the aforementioned growth exhibited by Cardano’s ecosystem can be attributed to the craze surrounding non-fungible tokens (NFTs) and the skyrocketing popularity that these have had in 2021. Nearly every major company from a variety of different fields and backgrounds had gotten involved with NFTs, as was made evident when Visa (a company that had previously been apprehensive about NFTs and cryptocurrencies in general) had bought CryptoPunk 7610 for a massive $150,000.
In Cardano’s case, the PoS blockchain has certainly managed to make impressive and substantial progress regarding NFTs, with some non-fungible tokens being launched on Cardano’s mainnet this past March as ‘CardanoKidz.’ NFT-maker’s founder, Patrick Tobler, had recently appeared on a podcast to talk about NFTs and how minting non-fungible tokens on Ethereum (ETH) is rather ‘unfeasible’ right now mainly because of the astronomical costs that are linked to the whole process. He went on to say that this situation would be the exact opposite of what is desired from an open, decentralized ecosystem. Cardano, on the other hand, remains occupied with enabling large amounts of people to successfully mint big non-fungible token collections which cover many different genres.
Can Cardano truly challenge Ethereum?
Of course, no matter how successful Cardano may become, it will still be talked about in tandem with Ethereum, its main rival. To that end, Cardano’s applications are not quite at the level of those at Ethereum, as the biggest altcoin already has huge applications such as Uniswap.
Nevertheless, the Cardano community is hopeful that things could change after the 12th of this upcoming September, which is when the highly anticipated smart contracts shall finally be added via the Alonzo hard fork event. Hoskinson remains confident about Alonzo, and he had also recently talked about the significance of network effects, during which he had stated that the focus of IOG regarding the process of meticulous peer review must not be ‘controversial.
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