
{"id":2713,"date":"2024-09-02T06:57:16","date_gmt":"2024-09-02T06:57:16","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2713"},"modified":"2024-09-02T06:57:16","modified_gmt":"2024-09-02T06:57:16","slug":"could-ada-be-2024s-solana-sol-after-cardano-chang-upgrade","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2713","title":{"rendered":"Could ADA Be 2024\u2019s Solana (SOL) After Cardano Chang Upgrade?"},"content":{"rendered":"<p>Like Solana, Cardano is an Ethereum competitor for smart contracts powered by blockchain techniques. But Cardano critics have said that it is overly centralized for a cryptocurrency.<\/p>\n<p>As a result, Solana has overtaken Cardano in total market capitalization, and Avalanche (AVAX) is close behind. The market\u2019s favor for Solana has been especially <a href=\"https:\/\/cryptopotato.com\/solana-meme-coin-summer-heres-why-popcat-rules-the-7-day-charts\/\">pronounced in<\/a> meme coin returns over the past 24 months.<\/p>\n<p>Solana\u2019s fast network and low fees have also galvanized its sweep of the market cap charts. But the <a href=\"https:\/\/cryptopotato.com\/cardanos-chang-hard-fork-set-to-deploy-on-september-1-heres-what-you-need-to-know\/\">Chang Upgrade<\/a> seeks to address network speed for Cardano by ramping up the blockchain\u2019s throughput capacity.<\/p>\n<p>Meanwhile, additional security measures will help protect network users from common Web3 threats in the wild.<\/p>\n<p>By overcoming these objections to ADA and creating a product with more autonomous governance, can Cardano shake off the skeptics and make the kind of market gains Solana has?<\/p>\n<p>Here are five signs it can:<\/p>\n<h2>1. Cardano Embraces Crypto\u2019s Decentralization Meta<\/h2>\n<p>Ethereum co-founder Charles Hoskinson launched Cardano in 2017. Since then, it has suffered from a public perception of being an overly-centralized blockchain.<\/p>\n<p>That has been due in part to its network design and to the centralization of its key players and stakeholders. A Reddit post on \/r\/Cardano from Aug. 2021, for example, <a href=\"https:\/\/www.reddit.com\/r\/cardano\/comments\/p2yo83\/cardano_is_not_decentralized_has_no_smart\/\" target=\"_blank\" rel=\"noopener\">once lamented<\/a>, \u201cCardano is not decentralized, has no smart contracts, it doesn\u2019t scale, it has centralized governance, and it\u2019s just a fad!\u201d<\/p>\n<p>More recently, in May 2024, the founder and CIO of European crypto fund Cyber Capital <a href=\"https:\/\/www.nasdaq.com\/articles\/cardano-under-fire:-claims-of-centralization-stir-controversy\" target=\"_blank\" rel=\"noopener\">wrote an<\/a> incendiary tweet storm excoriating Cardano for having \u201cGenesis keys,\u201d a multi-sig wallet that can unilaterally change rules for the entire network.<\/p>\n<p><a href=\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-02-094955.png\"><\/a><\/p>\n<p>But with the advent of the Chang fork, the Genesis keys are now dead, and the network\u2019s anonymous token-holding peers will maintain Cardano\u2019s governance.<\/p>\n<h2>2. Investor Analyst Cardano Price Predictions<\/h2>\n<p>If Cardano price predictions from investor analysts around the cryptosphere are any indication, the native token could be in for a wild bull ride ahead.<\/p>\n<p>Popular Elliot Wave theory trading analyst XForceGlobal recently posted a $3 ADA price target for some time in mid-2025. Cardano did \u201can 18,000% run in its last bull run,\u201d the analyst wrote.<\/p>\n<p><a href=\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-02-095129.png\"><\/a><\/p>\n<p>For a wild card ADA price prediction, there\u2019s popular Crypto X analyst King Crypto Aryan\u2019s recent $75 target by the top of the bull cycle in 2025.\u00a0In order for ADA\u2019s price to skyrocket so high, he\u2019s targeting $500,000 BTC by 2025.<\/p>\n<p><a href=\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-02-095237.png\"><\/a><\/p>\n<p>While these price predictions are fabulous, they show the ADA token community\u2019s bullish conviction that there is a parabolic rally ahead for the asset.<\/p>\n<p>And as XForceGlobal pointed out, Cardano\u2019s price has delivered this kind of performance before.<\/p>\n<h2>3. Cardano Network Speed<\/h2>\n<p>Warren Buffett, the \u201cOracle of Omaha\u201d and history\u2019s most successful stock investor, once said stocks are more than just lines that wiggle up and down on a chart. They represent shares of actual businesses engaged in commercial and industrial activities.<\/p>\n<p>SOL, ADA, and ETH are more than just financial instruments for Internet day traders and saver investors. They\u2019re programmable tokens to use decentralized apps powered by the blockchain.\u00a0Therefore, cost, speed, and ease of use factor into their market valuation.<\/p>\n<p>Cardano\u2019s blockchain <a href=\"https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/cardano-ada\/\" target=\"_blank\" rel=\"noopener\">was already<\/a> faster than Bitcoin and Ethereum before the Chang upgrade.\u00a0Able to process over 250 transactions per second (TPS) with ADA, Cardano could outrun Bitcoin with its 4.6 TPS and Ethereum 1.0\u2019s 15 \u2013 45 TPS.<\/p>\n<p>But with the Chang upgrade expected to boost Cardano\u2019s capacity to over 1,000 TPS, the network will have throughput on par with Solana.<\/p>\n<p>With Solana <a href=\"https:\/\/www.coingecko.com\/research\/publications\/fastest-blockchains\" target=\"_blank\" rel=\"noopener\">clocked at<\/a> 1,053 TPS in May 2024, Chang could place Cardano at the top of the list of Web3 platforms for transaction speed.<\/p>\n<h2>4. Network Usage and ADA Staked<\/h2>\n<p>The Cardano blockchain has enjoyed outstanding active development and network usage in recent months. For example, in Q4 2023, Cardano had the most development activity of any blockchain, <a href=\"https:\/\/www.forbes.com\/advisor\/in\/investing\/cryptocurrency\/cardano-price-prediction\/\" target=\"_blank\" rel=\"noopener\">according to<\/a> Forbes.<\/p>\n<p>Gracy Chen, Managing Director of Bitget, recently told Forbes, \u201cThe number of smart contracts on Cardano increased by 67% in just three weeks in March 2024, adding 9,671 new contracts, demonstrating the rapid growth and adoption of Cardano\u2019s smart contract platform.\u201d<\/p>\n<p>Meanwhile, Cardano is extremely secure from blockchain attacks as well as economically from the standpoint of the percentage of ADA staked. A whopping 65% of the $12 billion ADA economy (worth some $8 billion on crypto exchanges at the time of writing) is staked, <a href=\"https:\/\/www.coinbase.com\/earn\/staking\/cardano\" target=\"_blank\" rel=\"noopener\">according to<\/a> Coinbase data.<\/p>\n<p>Compare Ethereum, <a href=\"https:\/\/www.coinbase.com\/earn\/staking\/ethereum\" target=\"_blank\" rel=\"noopener\">for which<\/a> 28% of the Ether supply is staked, and the community spirit just doesn\u2019t seem as rabidly devoted. Today, Cardano\u2019s staking percentage has that orange-pilled moon boy energy Hoskinson once called out when roasting Bitcoin.<\/p>\n<h2>5. Cardano Whales Gobbling Up Chang<\/h2>\n<p>Blockchain markets are always capitalizing on the next best thing.<\/p>\n<p>Whale-sized support for Cardano\u2019s price is surging around the Chang upgrade. In fact, large wallet whales added 170 million ADA tokens to their bags in a 48-hour period at the end of August.<\/p>\n<p>That shows an enormous amount of enthusiasm for Chang and Cardano from some big money in Web3.<\/p>\n<p>The post <a href=\"https:\/\/cryptopotato.com\/could-ada-be-2024s-solana-sol-after-cardano-chang-upgrade\/\">Could ADA Be 2024\u2019s Solana (SOL) After Cardano Chang Upgrade?<\/a> appeared first on <a href=\"https:\/\/cryptopotato.com\/\">CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Like Solana, Cardano is an Ethereum competitor for smart contracts powered by blockchain techniques. But Cardano critics have said that it is overly centralized for a cryptocurrency. As a result, Solana has overtaken Cardano in total market capitalization, and Avalanche (AVAX) is close behind. The market\u2019s favor for Solana has been especially pronounced in meme [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":2714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2713"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2713"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2713\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2714"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}