Cardano Foundation CEO Frederik Gregaard recently noted that the development of the smart contract-enabled ecosystem has been slow due to the high academic approach, which has been considered boring but important.
Amidst the ongoing altcoin breakout fueled by the optimism revolving around the Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in the United States, Cardano (ADA) has been among the best-performing top-rated altcoins and demonstrated very positive price trends. Backed by a vibrant community of Decentralized Finance (DeFi) developers and investors, the Cardano network has grown to a mature blockchain ecosystem supporting top-tier projects. As of this writing, the Cardano network had a total value locked (TVL) of about $249 million and a stablecoins market capitalization of around $17.5 million. In terms of the native coin ADA, the total value locked has increased exponentially despite the devastations of the crypto bear market, thus showing the notable Cardano demand from investors.
ADA Price Action
According to our latest market data, Cardano (ADA) price has been on a rising trajectory in the past four weeks to trade around 37 cents on Monday during the early London session. From a technical perspective, ADA price is coming from a strong bear market support of around 24 cents. Additionally, the weekly Relative Strength Index (RSI) has formed a bullish divergence on a triple bottom, thus suggesting further upward momentum.
Despite the daily and weekly death crosses between the 50 and 200 Moving Averages (MA), ADA bulls are well incentivized to push beyond 42 cents before the end of the year. Moreover, ADA price has consolidated between 24 cents and 40 cents since the 2022 crypto capitulation fueled by the Terra Luna UST collapse.
Cardano Upgrades in the Pipeline
Amid the mainstream adoption of web3 projects and digital assets, the Cardano developers have remained focused on delivering competent products to the global market. According to the Chief Executive Officer (CEO) at the Cardano Foundation, Frederik Greegard, who spoke to Cointelegraph reporters at the Cardano Dubai Summit, the network is slowly morphing into the market needs through an academic approach. Moreover, the Cardano network is backed by several universities and also led by Charles Hoskinson with a robust background in cryptography and blockchain development from the Ethereum network.
Notably, the Cardano network has undergone several changes with the most notable including the Alonzo hard fork in 2021 that facilitated smart contracts. According to Greegard, the Cardano developers have been slow in implementing changes, which has been considered boring, but for a good reason as other blockchains are based on its principles. Currently, the Cardano network is pushing to change its governance approach through the Cardano Improvement Proposal (CIP) 1694.
“We will change the core governance principles or the execution of the governance while still staying true to the vision. I think you will see multi-party computation, ZK-rollups, and a lot of other things,” Greegard noted.
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