Cardano (ADA) experienced a pullback from its all-time high of over $3, with FUD (fear, uncertainty, and doubt) surrounding the cryptocurrency. Some criticised Cardano’s concurrency issues after the first dApp on the mainnet, Minswap, encountered a problem caused by concurrency. However, this was not a flaw in its code but rather a teething issue associated with new projects. Cardano has many developments on the horizon, including smart contracts, and is expected to continue to compete with Ethereum in the DeFi and crypto markets. Ergo, a major player in Cardano’s DeFi ecosystem, has announced its second hackathon in October.
Cardano: Is it really “Cardodo”?
Recently, there has been a lot of discussion surrounding Cardano, causing many to question its legitimacy and even its ability to handle basic cryptocurrency functions. But before we delve further into the rumors, let’s take a closer look at what Cardano is.
Cardano is a blockchain that is typically compared to Ethereum because it is a smart contract platform. Ethereum is the most widely used smart contract platform, but Cardano aims to surpass it with a faster network and a more sustainable approach to transaction fees.
The Current Situation
As of September 2021, Cardano has become a topic of concern for some investors. While it’s true that Cardano has experienced a drop in value, this is not unique to Cardano. The entire crypto market experienced a pullback at the same time, and Cardano was not spared.
In recent months, Twitter has been abuzz with FUD (fear, uncertainty, and doubt) surrounding Cardano. There has been talk of the concurrency question being Cardano’s fatal flaw, and that they could only handle one transaction per block. However, this was proven to be false rumors with IOHK defusing the situation with a 25-part tweet that touched on the benefits of their UTXO system.
The Future of Cardano
Despite the ill rumors, Cardano is still a promising blockchain going by the recent updates. The smart contracts are only a few days away, and the hardfork combinator event is locked in for September 12th.
Ergo, a blockchain that shares similarities with IOHK, is reportedly a major player in Cardano’s DeFi ecosystem. Their approach to transaction processing is proving to be a success, and they are aligned with IOHK as they share the same values, offering a sustainable approach to transaction fees.
Overall, it is clear that Cardano’s future is bright, and it is not going extinct anytime soon. The recent FUD is only temporary, and it’s important to look at the facts when deciding whether to invest in Cardano.