Charles Hoskinson, the founder of Cardano (ADA) and co-founder of Ethereum (ETH), recently stated that the power-of-stake blockchain is “open for business.”
With a variety of use cases and tools, Hoskinson believes that the Cardano ecosystem is welcoming more projects and teams. The network offers low fees, high transaction processing and decentralization, which are appealing factors for businesses.
In addition, Hoskinson noted the network has every tool imaginable for businesses to start operating.
Our asset-backed stablecoin will give businesses the assurance and security to operate freely in an otherwise volatile industry.
— Mehen Finance (@MehenOfficial) July 2, 2022
In just a short period of time, Cardano has become one of the most popular crypto networks in the world. Part of the reason for this is the blockchain’s commitment to decentralization. Unlike many other networks, which are controlled by a few central figures, Cardano allows anyone to participate in its governance process.
This has resulted in a more democratic and transparent network, and it has also allowed Cardano to fund a wide range of small projects and initiatives. Through the Project Catalyst Fund, Cardano has been able to finance hundreds of projects that have helped to shape the future of the network. Thousands of users have contributed to the fund, and as a result, Cardano has been able to transition smoothly into one of the most democratic and innovative networks in the cryptocurrency space.
Decentralized networks are constantly growing in popularity thanks to the many advantages they offer compared to centralized solutions. One of the most important things for a decentralized network is a stablecoin solution that can withstand any kind of selling pressure.
According to Hoskinson, Cardano is already getting ready for the release of numerous stablecoin solutions that can act as a bridge between the network and fiat currencies. This will not only attract more investments to the ecosystem but also help to stabilize the price of the network’s native token.
With the help of a stablecoin, businesses and individuals will be able to transact on the Cardano network without having to worry about volatility. This is just one of the many ways in which Cardano is setting itself apart from other decentralized networks.
That said however, and despite being one of the most actively developed blockchains in the industry, Cardano’s native token, ADA, continues to underperform. In fact – and it’s worth noting here that the whole industry is currently struggling with low inflows and high risks – the altcoin has lost more than 84% of its value since its $2.96 record high printed in Sept. 2021.
As per CoinMarketCap data, ADA has lost 65% of its value year-to-date and nearly 12% over the past week.
At last check, the altcoin was changing hands at $0.45, up 0.28% in the last 24 hours. Market dominance stands at less than 2%.
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