- Cardano remains stuck in a rut, despite its upper hand over other L1 projects.
- The Cardano community embraces the governance week, while the network approaches a major landmark.
The crypto industry’s sixth largest cryptocurrency Cardano, is back to its range bound levels. After traversing its euphoric runs following the anticipation of its DEX SundaeSwap, which is now live.
Cardano is back to taking the taunts of critics, who did praise the network a couple of days ago, during its green runs.
The Cardano community has been griping about the backlashes the protocol has been receiving, owing to its shortcomings. While its major rival Ethereum has been standing tall despite its set of limitations.
Successively, Cardano’s price remains stuck in a rut despite its upper hand over other L1 projects, events hosted by the team, and notable achievements.
Cardano’s Strengths Over Other L-1s?
Cardano holds numerous strengths, which give it an upper hand over fellow layer-1 protocols. The growing list includes active research and developments by the academic team, double layer architecture, security, sustainability, environment friendly initiatives.
Continuing to higher level of decentralization, faster and cheaper transactions, increasing developer count, amongst others.
What also sets the network apart from rivals, is that the majority of the coins are held by smaller investors compared to the whales. Which makes it less prone to volatility and price swings.
While the network hosts the aforementioned perks, critics remain limited to the congestion of the network, which has become evident following SundaeSwap. And the slower developmental roll-outs.
Successively, the criticism has been a major gripe for the community, as its major rival Ethereum stands tall and undeterred despite its short-comings. And remains undisputed with its dominance in utility, TVL, DeFis, and NFTs. Which enlightens the firm belief of users, and the widespread reach of the network.
Is Cardano Rising Despite The Hurdles?
Despite the shortcomings and criticism, Cardano has been rising at numerous fronts be it developments, events, or achievements. Successively, Cardano’s governance week is being held from the 24th to the 29th of January. The event will see 17 governance focussed events led by the community for the community.
On the other hand, the smart contracts functionality has escorted tremendous growth to Cardano. Helping it head-on against the utility mammoth Ethereum. Consecutively, the number of smart contracts based on Plutus is fast approaching its 1000 milestone.
Summing up, Cardano has been stuck in a quagmire despite its strengths that give it an upper hand over other layer-1’s. With the shortcomings being resolved following upgrades being rolled out, the digital asset will eventually show signs of positive projections. What the network desperately needs is sentimental belief and support from the fraternity. Which will take the digital assets to greater heights.