Co-founder of Ethereum, the second largest cryptocurrency by total market capitalization Charles Hoskinson developed by Cardano (ADA), Unfortunately, the founder has not yet achieved the success he wanted.
Hoskinson, Although he emphasized that this would make it the most used smart contract network, the expected performance could not be shown.
ADA Price Continues Its Fall
Alonzo’s hard fork, which made a big impression as one of the biggest updates of the Cardano network, gave the opposite of the desired performance.
With the news effect of the Alonzo hard fork, the ADA price rose up to 3 dollars and broke the all-time record, but only decreased after that.
ADA, which rose to over 3 dollars in September 2021 and reached a total market value of 100 billion dollars, started to decline with the market as of 7 September.
Although IOHK implemented the Alonzo hard fork and stated that smart contracts came to the network, the lack of projects actively using smart contracts in the network fueled the decline.
Of course, in addition to this, competition for Cardano has increased and the value of projects like Solana has risen much faster. Cardano, whose market value decreased to 50 billion dollars, lost its place in the top 5 from time to time, and many investors’ expectations seem to be wasted.
Cardano, which was just below Ethereum, has now been pulled even below other smart contract platforms and the situation does not look good.
*Not Investment Advice.