Will Cardano Price Double Due to Decentralized Finance (DeFi) in the Future?
With Cardano (ADA) being number one on Github Commits and founder Charles Hoskinson pointing out that several developers on Ethereum (ETH) will soon be moving to ADAs blockchain for their decentralized finance (DeFi) protocols, will Cardano (ADA) go up in the process?
There are many naysayers who have started spreading rumours about Cardano (ADA) as a platform without a single use case and therefore a ghost chain which does not have any strong fundamentals to back its meteoric rise, does Cardano (ADA) have DeFi use cases? More importantly, for investors, will Cardano (ADA) double in price for the foreseeable future when there is full programming ability at the base layer?
Cardano (ADA) is in its sixth year of existence after being launched in 2015 and its fourth year of trading after appearing on Coin Market Cap and Coinbase on October 1, 2017 as a relatively unknown cryptocurrency in the market.
The founder of Cardano (Charles Hoskinson) is one of the founders of Ethereum (ETH) and only left the project after a lack of agreement on how the organization should be run. After creating his project (CARDANO), it tagged itself as an Ethereum Killer together with Justin Sun’s TRON.
The crypto trading asset has performed well in 2021 taking advantage of the boom in the trading and investing of digital assets and has been trading for a coin in the price range of $1.18 / $1.27.
The online portal which provides the latest rankings and analytics of decentralized finance (DeFi) protocols (DeFi Pulse), points out that there are $42.48 billion locked in DeFi.
Ethereum as the first mover controls more than 80% of the DeFi space since it boasts of the best performing yield aggregators, decentralized exchanges and lending platforms (DAPPS). It is followed by EOS and TRON with their developers doing all they can to dethrone Ethereum (ETH) and become the first blockchain of choice for up and coming developers.
At the time of the study, Cardano (ADA) was trading at a price of $1.11 and had returned 534.40% Year-To-Date (YTD). As at the time of writing this new report, ADA has returned 574.12% Year-To-Date (YTD) and is trading at a price of $1.22.
At such a trading price, ADAs price can double to $2.44 ($1.22 + $1.22), to be able to answer the question, will ADA double in price for the foreseeable future if it has full functionality on the base layer to allow DeFi apps to operate in full mode.
With the Mary Fork having been launched on the 1st of March, 2021, Cardano’s blockchain now brings native tokens and multi-asset functionality to the Cardano (ADA) network.
This will pave the way for native tokens, decentralized applications and protocols (DAPPS) once ALONZO (the 3rd hard fork) for GOGUEN is also enabled.
Digital Coin Price has weighed in on the significance of the MARY FORK on the future valuation of the cryptocurrency. According to the crypto market and data analysis online portal, Cardano’s upgrade will allow more users the chance to create tokens that run on its network, just as its novel token (ADA) does.
Digital Coin Price, therefore, forecasts a price of $2.28 in 2022, which may increase to $2.55 by the end of 2023.
Akash Girimath, an analyst who writes reports primarily on technical analysis for FXStreet believes such a bullish momentum will be maintained in the months and years to come.
The analyst who writes for the online portal which provides reliable news and real-time forex analysis sees ADA on course to resume an uptrend towards trading for at least $2 before the end of 2021.
Coin Switch sees Cardano (ADA) as an asset with growth potential. The cryptocurrency exchange aggregator foresees $2 by the end of 2023 and by 2025, will see an increment of more than 6500% on the asset’s price.
In a new periscope stream on March 23, 2021, founder (Charles Hoskinson) addressed the fear, uncertainty and doubt surrounding the crypto assets meteoric rise.
He pointed out that “Applications like shoe authentication on New Balance and cattle authentication with BeefChain are using the metadata features of Cardano. Yet some people say, what are the decentralized applications (dApps) running on Cardano?”
With Cardano set to be in full operation mode in the not-too-distant future, with keen interests from the Asian market particularly, Japan, coupled with huge investments in the region of $380 million by FD7 Ventures (a crypto investment fund) based in Dubai, Cardano is a great investment any individual can consider adding to their portfolio of investments.
To better understand what moves ADA, the following questions must be answered; what are the primary drivers which will see ADA compete with EOS and TRON for the 2nd spot and then dethrone Ethereum (ETH) to become the new of DeFi?
More essentially, what is Cardano, what is decentralized finance and what are the existing and proposed protocols running on Cardano’s blockchain which will double the price and the overall valuation of the cryptocurrency?
What is Cardano (ADA)?
Created by Charles Hoskinson in 2015, Cardano (ADA) is a cryptocurrency and a technological platform (blockchain). The technological platform helps in the running of applications that are used by individuals and business organizations globally.
The novel token (cryptocurrency) of Cardano is represented by the ticker symbol (ADA) and using cryptography, it serves a purpose of sending and receiving digital funds which makes the transfer of funds relatively faster and easier.
Trezor, Ledger, Yoroi and Daedalus are the wallets that can be used to store ADA coins and it’s the first and so far only cryptocurrency which is classified as peer-reviewed.
A global team of engineers continuously design and upgrade the blockchain which can easily be implemented on aerospace and banking applications (mission-critical systems).
Few blockchains run on four layers, there are some which run on three layers, others run on two layers and many run on a single layer. Cardano runs on two layers.
The FIRST LAYER is the CARDANO SETTLEMENT LAYER (CSL) which mirrors Bitcoin (BTC) and has a primary function of holding the novel token (ADA) that keeps track of transactions.
The SECOND LAYER is the CARDANO COMPUTATION LAYER (CCL) which mirrors Ethereum (ETH) and has a primary function of enabling smart contracts and applications to run on the network.
Currently, there are currently 31,948,309,441 ADA in circulation with 45,000,000,000 ADA as its maximum supply.
Cardano (ADA) is currently run by the Cardano Foundation in Switzerland although the idea of the crypto project was born in the United States of America.
What is Decentralized Finance (DeFi)?
Decentralized Finance (DeFi) is a system where software is written on blockchain to facilitate transactions between buyers and sellers as well as lenders and borrowers to interact with a strict software-based middleman or peer-to-peer rather than an institution or company facilitating a transaction.
According to the Finance Times, DeFi is a blockchain-based form of finance that does not rely on central finance intermediaries such as exchanges, banks or brokerages to offer traditional financial instruments and instead utilize smart contracts on blockchains.
Decentralized Finance (DeFi) is a concept where financial products are available on a public decentralized blockchain network making them open to anyone to use rather than going through a middleman like brokerages or banks.
In such a situation, there is no need for a social security number, proof of address or government-issued identification card.
Who is Charles Hoskinson?
Charles Hoskinson is a mathematician, who was born on 5th November 1987. He is the founder and CEO of the blockchain company Input Output Hong Kong (IOHK).
Hoskinson left his position in a consulting firm and as a huge crypto enthusiast, decided to branch into the decentralized world which led to the creation of the Bitcoin Education Project.
After educating numerous people about the importance of decentralized finance and the possibilities of cryptocurrency, he met Vitalik Buterin (co-founder of Ethereum) and together with six other people, Ethereum (ETH) came into life to provide additional features with cryptography such as smart contracts.
After disagreements on how to run the project, Hoskinson left Ethereum in 2014 and after almost six months of lying low, he came into contact with a former colleague at Ethereum (ETH), Jeremy Wood who brought up a great idea which could provide better scalability features which could rival Ethereum.
An engineering company called Input-Output Hong Kong (IOHK) was created to build cryptocurrencies and blockchains for government entities, corporations and academic institutions. Its flagship project so far is Cardano (ADA).
He is also the co-founder of blockchain project, BitShares.
What Are The Major Drivers Of Cardano (ADA)?
There are several drivers of the price of cryptocurrency assets such as its scalability (transaction speed), interoperability and security which leads to several adoptions and integrations, its decentralized applications (if any) as well as the price and performance of parent crypto, Bitcoin (BTC).
These factors are extremely important in taking Cardano (ADA) to new price highs which will lead to a double in its trading price.
Cryptocurrencies are run by algorithms. It is a known fact that Bitcoin (BTC) uses the SHA-256 proof-of-work algorithm, the silver to Bitcoin’s gold, Litecoin (LTC) along with Dogecoin (DOGE) uses SCRYPT, Ethereum (2.O) uses proof-of-stake (POS) but Cardano (ADA) has opted for a different path and uses the “OUROBOROS” algorithm.
Part of the family of proof-of-stake blockchain consensus protocol, the algorithm runs permissionless and permissioned blockchains.
Cardano (ADA) processes 1000 transactions per second (TPS) which is far better than Bitcoin’s 4.6 transactions per second (TPS), Bitcoin Cash (BCH) supports 116 transactions per second (TPS), Litecoin (LTC) supports 56 transactions per second (TPS) and Ethereum 1.Os 15 to 20 transaction per second (TPS).
There are many cryptocurrencies and blockchains which come with high transaction fees as a result of slow transactions leading to congested networks. With two layers, Cardano (ADA) scales relatively faster and brings forth a transaction fee in the last 24 hours which stands at $0.254506. Ethereum (ETH) as a primary competitor in DeFi has a transaction fee of $17.48 per data sourced from YCharts.
In a periscope stream, co-founder (Charles Hoskinson) pointed out that “All this Decentralized Finance (DeFi) applications you see, it’s not loyal to its underlying infrastructure. These businesses are not in the game to make Joe Lubin or Vitalik Buterin money. They are there to provide a service, if it’s better, faster and cheaper, with higher liquidity and more users on our chain than another chain, then they’ll migrate over out of self-interest”.
With the underlying infrastructure, Mary Fork update and transaction fees which are in the range of cents, more developers will be moving to Cardano when it's in full functionality mode which would have a great impact on its price.
As a trader or investor, the performance of crypto trading asset Bitcoin (BTC) is extremely important to the future price and performance of all cryptocurrencies (altcoins).
Bitcoin (BTC) began trading on the 1st day of October 2017 with a trading price of $4,401 and with renewed and extensive interest from novice and expert crypto investors, closed the year on December 31, exchanging hands for $13,445 (a 205.499% increase).
Cardano (ADA) began trading on the 1st day of October, 2017 with a trading price of $0.026 and ended the year on December 31 exchanging hands for $0.702 (a 2600% increase).
After numerous bans in 2017 from a country such as China and Japan following the same path a year later, 2018 was an extremely difficult year for Bitcoin (BTC) as several financial regulatory bodies saw the digital asset as a threat to the monopoly enjoyed by fiat currencies in the last 100 years.
As a result Bitcoin (BTC) started 2018 with a trading price of $14,754 and exchanged hands at the end of year at $3,880 (which saw a 73.702% decrease in the price of the asset).
Cardano (ADA) after such a huge increase in its first year of trading, started the 1st day of January, 2018 strong with a price of $0.762 and experienced the same bearishness which had at the time engulfed the whole decentralized finance (DeFi) stratosphere.
ADA closed the year with a price of $0.042 with many experts fearing the worse for Charles Hoskinson’s cryptocurrency and its blockchain project. In the process, the decrease in the price of the asset stood at 1,714.29%.
With Bitcoin (BTC) succumbing to some form of resistance from some government authorities and competing altcoins which advanced cryptography with the introduction of smart contracts in 2018, the following year (2019) was different as the digital gold started the 1st day of January, 2019 trading at $3,961 and ended December 31 exchanging hands for $7,190 (81.5198% gains).
After nearly bottoming out in 2019, Cardano (ADA) started 2019 strong with a trading price of $0.045 on the 1st day of January and ended the year on December 31, trading for a coin at $0.034 (24% decrease in price).
With a slight pullback on the opening day of 2020, Bitcoin (BTC) finished at $6,966 and with the coronavirus pandemic hitting the global economy hard, prices of BTC plunged to as low as $3800.
Such prices reignited an interest in the cryptocurrency which saw more interest from institutional investors that led the crypto asset to break its previous all-time high and close the year on December 31, 2020 trading at $29,389 (321.892% gains).
Cardano (ADA) started the 1st day of January 2020 with a price of $0.034 and ended the year on December 31, following the boom and renewed interest in crypto-assets with a trading price of $0.176 (417.647%).
Bitcoin (BTC) has returned 97.95% Year-To-Date (YTD) and Cardano (ADA) has returned 574.12% Year-To-Date (YTD) with the Mary update in full section and more updates to follow.
It could clearly be seen that Cardano (ADA) since its inception on the trading markets in 2017 has followed the path of Bitcoin (BTC) except 2019 where it suffered a bearish season and Bitcoin (BTC) recovered from its new high lows suffered in 2018 to make gains for investors.
In terms of decentralized applications (DAPPS), Cardano is currently number one on GitHub (online portal where over 56 million developers shape the future of software together).
As per data retrieved from Sanbase (behaviour analysis and monitoring platform), Cardano (ADA) ranks number one in terms of developer activity with 538.33 with Polkadot (DOT) in second place with 445.60 and Ethereum (ETH) in fourth place with 331.33 in the last 30 days.
Charles Hoskinson has pointed out that in the near future, as a result of high transaction fees (termed gas on Ethereum), several developers will switch to Cardano because they cannot afford to pay $2.5 million annually.
With Cardano (ADA) not in full operation, seeing such developer activity on the platform gives hope as to whether the price of Cardano (ADA) will double in the near future due to decentralized finance applications.
With full functionality and low fees, Cardano will definitely compete with Tron (TRX) and Ethereum (ETH) for a fair share of the DeFi market and with time may become the new king of DeFi.
Previsioni Bitcoin as a result of the potential of Cardano in the market has forecasted a price of $4.28 as the minimum and $4.85 as the maximum and an average price of $5.76 to end 2021.
Read Also: Could Cardano Be a Millionaire-Maker Coin?
Is Cardano (ADA) Still A Good Investment?
William White writes for InvestorPlace and in an article that appeared on the website of NASDAQ, he pointed out that Cardano (ADA) will be a great investment in 2021.
The analyst forecast a $2 price for ADA and urged all investors to keep a keen eye on the price of the crypto asset in the months to come.
After the introduction of the MARY FORK on 1st March 2021, FD7 Ventures, after seeing one of the major roadmaps accomplished, completed a $380 million purchase of Cardano (ADA) on 4th March 2021. FD7 Ventures has other investments in Polkadot (DOT) and Bitcoin (BTC) and decided to make this purchase due to the huge potential of Cardano (ADA) in the market.
Prakash Chand is the managing partner of FD7 Ventures and speaking of this huge purchase, he pointed out that “The price of Cardano (ADA) along with Polkadot (DOT) could rise to approximately twenty times the figure of its current trading price within the next one, two or three years”.
Charles Hoskinson sees Cardano (ADA) as the only blockchain technology which prioritizes value-generating projects with increased decentralization, lower fees and higher scalability.
He further added that Cardano is in the process of launching an Ethereum Virtual Machine to help current developers on Ethereum evaluate whether it’s worth transitioning over to Cardano. The Ethereum Virtual Machine will help developers do whatever they do on Ethereum on the platform as it is backwards compatible with all the features on Ethereum.
Due to the slow transaction and high fees charged by Ethereum (ETH), high-profile decentralized application (AI project Singularity NET) has begun moving from ETH to ADA.
Speaking on the move, renowned AI expert and founder of Singularity NET, Ben Goertzel pointed out that “The current cost and speed issues associated with the blockchain of Ethereum have increased the urgency of exploring alternatives for Singularity NET’s blockchain underpinning. The ambitious Ethereum (2.O) design holds promise but the timing of rollout of different aspects of this next-generation Ethereum remains unclear, along with many of the practical particulars”.
Haskell-based languages are the programming language employed by Cardano (ADA) and one of them called PLUTUS has been labeled as invaluable for the blockchain-based AI Developments says Ben Goertzel.
The CEO of crypto lending platform CELSIUS, Alex Mashinsky has also weighed in on the moving of DAPPS to Cardano. He pointed out that “His team of developers is tired of paying $2.5 million annually in transaction fees”.
In the future, Cardano through its layers (Cardano Settlement and Cardano Computation) will be integrating a sidechain protocol that will provide a non-interactive way of safely moving value between 2 chains that support it.
FX Leaders analyst Skerdian Meta sees a Voltaire development, positive crypto market sentiment and favourable technical indicators which will see the crypto trading asset have a price of $1.50 to $1.80 at the end of June (1st half and 2nd quarter of the 2021).
The analyst who writes for the home for forex traders forecasts a price of $2 and $3 for ADA by the end of 2021 due to the release of Voltaire, ERC 20 Token Converter and favourable technical charts.
Check Out: Pros and Cons of Investing in Cardano
Will Cardano (ADA) Ever Reach $2?
Coin Switch has provided an extensive analysis into the future of Cardano and foresees a trading price of $2 in 2023.
FX Leaders analysts even see Cardano touching $2 in the short-term to $3 to close out 2021. Financial experts also foresees a price high of $10 to $15 by the end of 2023.
The increase of Cardano is attributes to international legislation on cryptocurrencies that will favour Cardano since Charles Hoskinson left Ethereum because he wanted a centralized system of governance on the crypto project.
Other factors include a positive crypto market sentiment and Cardano evolving to provide full functionality of service which would increase its participation in the decentralized finance (DeFi) market.
Prime XBT saw Cardano’s explosive start to 2021 taking advantage of the crypto boom and following Bitcoin (BTC) in the process after going through a long bear market.
The platform sees Cardano hitting new lows before it can push to new highs.
Experts at Prime XBT forecast a price of at least $2 for ADA in 2021 and beyond.
Image: Prime XBT
Analyst Jonathan Morgan, a futures, forex and cryptocurrency trader who writes for ExchangeRates.co.uk has forecasted Cardano may hit $5 as per technical analysis done in the near future.
According to experts on Coin Price Forecasts, the price of Cardano will hit $2 sooner rather than later as it predicts a $4.67 price for the crypto asset by the end of June 2021.
Is Cardano (ADA) Going To Go Up?
Cardano has the potential to go up according to Adam Webb of Smartereum who foresees ADA trading at a price of $2.50 in the next one year and $10 by the end of 2026.
With the introduction of the Mary upgrade, Cardano is now a multi-asset network which is similar to Ethereum (ETH) but comes with advantages.
Some of these advantages include enabling users to create tokens which will lead to new features and result in new use cases.
According to Input Output Hong Kong (IOHK), “The protocol’s developers and users can transact with tokens, but without the need for smart contracts. This means sending a token on Cardano (ADA) won’t be more expensive than sending its native token ADA (unlike Ethereum (ETH)”.
On 25th March 2021 (Thursday), Input Output tweeted on their Twitter page, “CARDANO SMART CONTRACTS: On tonight’s #Cardano360 we shared the rollout plan for #smartcontracts on #Cardano. Here’s more on the #Alonzo roadmap from @IOHK_Charles. We’ll bring you more clips from the show throughout the week ahead, so stay tuned @Cardano”.
The Alonzo upgrade’s full mainnet launch is slated for August 2021 and this feature would allow users to deploy decentralized applications (DAPPS) on Cardano (ADA).
Voltaire upgrade is scheduled to be released last which will provide the final piece required for the network of Cardano (ADA) to become self-sustaining. “With Voltaire, there would be the introduction of a voting and treasury system where network participants will be able to use their stake and voting rights to influence the future development of the network”, as per information retrieved from Cardano’s roadmap.
When all the upgrades have been done and most existing developers decide to switch from Ethereum (ETH) and new developers decide to opt for Cardano as the blockchain of their choice, the full functionality will bring renewed interest which will increase the price of the asset.
Overall, Cardano (ADA) has several features which will see it go up through high activity on the asset through its volume which will reflect in the overall valuation through an increase in price.
Don't Miss: Cardano Price Prediction
Is It Safe To Invest in Cardano (ADA)?
Yes, it is extremely safe to invest in Cardano. As an investor, one of the most important factors to take into consideration is which platform provides the appropriate security for your coins. With so many online platforms providing such a service, which exchange or brokerage should you choose?
As an e-learning organization, we duly understand the fact that there are several individuals and criminal organizations, which have taken undue advantage of the boom in the decentralized finance (DeFi) world, that are making millions of dollars at the expense of innocent traders and investors like you.
As an organization, after going through several exchanges and brokerages, the online platform of our choice which can safely store your coins and give you real-time data with regards to the price movements of the asset you are trading or investing is eToro.
eToro has been in business for a long time and provides the necessary tools and navigation to make trading easy and fun. Follow the steps below and purchase your first ADA coins.
Step 1 is to SIGN UP with appropriate details.
Step 2 is VERIFICATION PROCESS which is otherwise known as Knowing Your Customer (KYC), where you would have to upload authentic documentations to verify your account. Since you are looking for a safe place to invest, this process is essential and prevents third parties from accessing your accounts and initiating actions without your permission.
Step 3 is DEPOSIT FUNDS. You cannot buy ADA without fiat currency. You would need to upload funds (EUR, USD or GBP) to facilitate the buying of ADA.
Step 4 is NAVIGATE THE CARDANO PAGE. This process is the last step towards buying your coins which will be processed, completed and added to your account.
Cardano (ADA) Price Prediction in 2021 and Beyond
With several announcements with regards to Cardano’s partnerships with developers in the month of March from founder (Charles Hoskinson) as part of his interviews on several podcasts which were closely monitored by Trading Education, Cardano has a great future ahead.
What are experts saying and how do they see the performance of Cardano in terms of price and overall valuation in the market?
At the time of writing, Cardano has a price of $1.28, a trade volume of $2.55 billion and a market capitalization of $38.85 billion.
Experts at Prime XBT have pointed out that “Cardano has had an explosive start to 2021 after a long bear market and has found itself at a new all-time high. However, a bearish wedge has formed, suggesting a retest of lows or potentially some consolidation before another push to new highs. The high for 2021 probably is not already in, however, and could go to $2 or more in 2021”.
Prime XBT further sees a rally for Cardano to cross several price milestones such as $25 and $50 through 2022 and close December 31 2023 at a price of $70.
Image: Prime XBT
Skerdian Meta is an analyst at FX Leaders who has done an extensive analysis (fundamental and technical) about Cardano (ADA) and has come to the following conclusion.
Cardano (ADA) will be trading in the price range of $1.50 up to $1.80 by the end of June 2021 due to the development of Voltaire, favourable technical indicators which points to an uptrend and a positive crypto market sentiment.
By the end of 2021, Skerdian Meta foresees the release of Voltaire as part of Cardano’s roadmap, favourable technical charts and ERC20 Token Converter which will drive the price to trade in the range of $2 and $3.
In 2024, FX Leaders foresees Cardano evolving to become a main force in the DeFi token, increased interest in cryptos and an international legislation that will bring some form of centralization to Cardano (ADA). By the end of 2024, ADA is forecasted to trade in the price range of $10 to $15.
Jonathan Morgan of ExchangeRates.org.uk predicts Cardano (ADA) to hit at least $5 in the long term.
The Economy Forecast Agency (EFA) otherwise known as Long Forecast is not so bullish about the future of Cardano (ADA). It sees Cardano trade for a coin at $1.54 in 2021, $1.11 in 2022, go through a bearish season which has been predicted by several experts in 2023 to close at $0.70 and increase slightly to $0.84 to end 2024.
Tom Tragett of Libertex.com believes Cardano (ADA) will trade at a price of $1.32 in 2023 and cross the $2 price milestone, settling at $2.35 at the end of 2025.
If all the developers focus on the map of Cardano’s project, it will be trading at a price of $26.32 at the end of 2021, trade for $50 per coin at the end of 2022, go through a bearish situation as result of huge sell-offs by investors which will see the price drop to $23.81 in 2023. These are the sentiments of Mrvyasidea.com.
Previsioni Bitcoin foresees Cardano (ADA) end June 2021 with a trading price of $4.73 and close 2021 with a price of $6.12 for the short term.
Crypto Ground predicts Cardano (ADA) could reach at least $0.76 by the end of 2021 which has already been crossed and if we are to hold its prediction as true, and then ADA may reach $3.30 by the end of 2024.
Coin Fan foresees ADA at $0.79 by the end of 2021 which could rise to $4.30 by the year’s end in 2025.
Investimenti Magazine predicts that the Cardano cryptocurrency will trade at about $1.40 by the end of 2022. ADA will have a price of $2.5 by the end of 2023, $2.8 by the year’s end 2024 and $3 by the end of 2025.
Coin Price Forecasts predicts $9.31 as the price of Cardano by the end of 2021 and $16.99 in 2022, $39.81 in 2023, $57.15 in 2024 and $66.02 in 2025.
Alex Paulson of Crypto-Rating forecasts ADA to reach $6 at the year’s end of 2025.
Dare Shonubi of Coin foresees Cardano recording a new all-time high of $10 by the end of 2021, $22 by the end of 2022 and a price forecast of $100 in 2025 when ADA is in full functionality mode.
Cardano Price Prediction 2030
According to Coin Price Forecast, Cardano (ADA) will have a price of $141.55 at the end of June 2021 and $162.07 by the end of the year, 2030.
By 2030, Cardano (ADA) will reach the peak of the bullish cycle and hit the $10 mark, is the price forecast of Alex Paulson of Crypto-Rating.com.
Inasmuch as Cardano does not have more DeFi projects which can compete with even TRON (TRX) and EOS let alone, the king of decentralized finance (DeFi) “Ethereum”, the upgrades on its roadmap means it will surely surpass its all-time high price of $1.48 it recorded on the 27th February 2021.
Singularity NET and Celsius are one of the primed Decentralized Finance (DeFi) assets out there and their respective CEOs are opting for the Cardano platform as a result of high fees due to slow processing on the Ethereum Network (Ethereum 2.O is not in full functionality mode).
Charles Hoskinson pointed out in the fourth week of March 2021 that his team has approached several top 10 marketplaces in Non-Fungible Tokens (NFTs) and has had a discussion with them with regards to porting their creations to Cardano (ADA).
This means Cardano is not fully set but it’s in the right direction. If it sets out to operate fully, Cardano (ADA) will give Ethereum (ETH) strong competition in the years to come as to who will become the real king of decentralized finance (DeFi).
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