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As the bear market continues to hibernate, a popular cryptocurrency analyst offers insight into the future of the Cardano (ADA) blockchain.
In a new strategy session video on YouTube, the pseudonymous Coin Bureau host Guy To tell His 2.17 million subscribers indicate that ADA will likely continue to fall in value in the near future.
However, he says the long-term performance of smart contract platforms will ultimately depend on how well the blockchain implements the planned five stages of development.
ADA may continue to fall until it hits the true bottom of the bear market, but its long-term performance will ultimately depend on Cardano’s upcoming milestones.
Guy outlines some of the next significant steps for ADA, co-founded by Charles Hoskinson, CEO of Input-Output Hong Kong (IOHK), the engineering company behind blockchain.
Cardano has an official roadmap consisting of 5 stages. We are currently in the 4th stage called Basho, focused on scaling, i.e. speed. One of the stones is a scaling solution called Hydra, which will begin rolling out next year.
Additional milestones include the introduction of various side chains such as Midnight and EVM [Ethereum Virtual Machine] A sidechain that IOHK is working on.
According to Cardano, Basho It aims to improve the underlying performance of the Cardano network to better support the growth and adoption of high-volume applications.
The final stage, called Voltaire, will implement a “voting and financial system” and give network participants a say in the future development of blockchain projects.
Cardano is trading at $0.300 at the time of writing. His ninth-largest crypto asset by market capitalization is down about 2.9% over the past 24 hours. ADA is down more than 90% from its all-time high of $3.09 reached in September 2021.
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