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2024 Will See a Recovery for Cardano

You know, Cardano has been one of the top-performing cryptocurrencies in the last bull run. But since the FTX implosion and ADA listings, things have consistently declined.

Today, we’re going to dive deep into Cardano. From an unbiased perspective, we will go over the technology, ecosystem, and adoption it plans to achieve in the next few years.

Make sure to read till the very end because I will also give you my full price prediction for Cardano by the 2024 bull run.

On this page, I share my views on market trends and investing strategies to build wealth in crypto and stocks. So if you enjoy this type of content, be sure to gently smash the like button and subscribe to stay up to date.

So with that being said, let’s get into it now. From a price of $2.80 on September 1, 2021, Cardano’s ADA token has declined to just about 24 cents at the very bottom. Now, today it sits at around 40 cents, which is still an 85% drop from the top. As of right now, the total value locked of DeFi protocols on Cardano has declined from the very top at $300 million to the very bottom in early 2023 at $50 million. However, the total value locked has been on an uptrend, sitting today at around $270 million. In fact, for the past eight months, the DeFi ecosystem on Cardano has seen a lot of growth.

Now before we get into the full economics of Cardano, let’s first look at some of the other major concerns around the network. Concern number one is its smart contracts. Smart contract capabilities were introduced in Q3 of 2021. Yet, the initial DApps encountered transaction processing problems due to a concurrency issue.

For example, Sunday swap, a decentralized exchange launched in Q1 of 2022, faced extended settlement times of over a day and frequent transaction failures for its users.


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Author: Rachel Delgado

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