Cardano ecosystem has been vastly referred to as a sleeping giant post the Alonzo hard-fork upgrade. The community had huge expectations on Proof-of-Stake (PoS) smart contracts launch. As the upgrade has ended up yielding to slow transaction speed, traders are seen afflicted by their hopes. The current predicament situation of the ecosystem is just because of the height of the hype it has built among traders.
Hype Killed The Cardano Price! Yet Revival Looks Imminent!
Cardano’s trading volume and network activity have seen a stepwise collapse over the past couple of months. The primary cause is preliminary hype that has been sown in the minds of traders. However, as the altcoin has remained almost inert with no significant gains, it has seen epic sell-off in recent days. While the popular exchange from the UK, eToro has delisted ADA pointing out to loss in cost of doing business in the USA.
On the other hand, on-chain metrics further confirm the present price trauma of Cardano. Actual trade volume has dropped to the initial levels of 2019 and 2020. Further, slow development of the platform in terms of deploying dApps and Dexes onto their platform. Obtuse execution of transactions foiled users, as it was able to process only 8.141 transactions per second.
Yet, Cardano could still rise against all the odds. While eToro delists the token, Bitstamp, which has 10 times more than its trading volume, welcomes ADA to their exchange. On another progressive note, the ecosystem has taken the initiative to start deploying DEXs to their mainnet. On 5th December, the platform announced the launch of its DEX Sundaeswap onto its testnet.
Going further, increased implementation of dApps onto their mainnet would gradually uplift the transaction speed.
Collectively, the Cardano ecosystem is expected to rise from the ashes provided if it brings more dApps to their platform soon.
In addition, the number of wallet addresses has seen extensive growth in the past couple of weeks, showcasing a fresh rise in ADA adoption. As a whole, the ecosystem has urged the community to have sensible expectations in the beginning. In the long-term, the platform is hopeful of achieving its true vision, whilst it takes substantial time to deploy more DEXs to their mainnet.