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Roundup: ADA Holders Optimistic Despite Poor Market Run, Hoskinson Commits to Keep Cardano Above Board, Projects Building on Cardano Surpass 1,000

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Cardano (ADA) has struggled to reclaim highs set in April and March but a section of the Cardano community is convinced more gains are forthcoming. For context, the ADA token has posted a series of dips over the last few weeks losing over half of its value between the start of April and the time of writing. This poor performance hasn’t distracted pseudonymous Twitter user ADA whale who expects the second half of the year to be rewarding.

In a tweet, the user noted that despite Cardano experiencing some setbacks, it is ‘in a rock solid position’ which is what matters.

Projects building on Cardano reach 1,000 as Cardano-minted assets break five million

The Cardano network has introduced several updates and announced several developments seeking to advance the ecosystem. One of the notable developments is the increase in Plutus script memory – a change announced in May and meant to address scaling limitations. Earlier this year, Cardano also shared that it had increased the size of its block units to 88KB.

Many improvements and features meant to improve the network’s throughput are still on the way. Cardano’s DeFi and NFT sub-niches are also growing which could prove bullish to its native token ADA. In a June 6 update, Cardano shared that the total projects building on the network have reached 1,003.

According to data compiled by pool.pm, the count of tokens minted on the Cardano blockchain crossed five million on May 29. This feat placed the metric at double its figure as of the end of 2021. At the time of writing, there are 5,117,945 native assets on the network. Testament to the growth is that its native assets count only crossed 4 million mid last month.

Cardano is keen to walk the regulatory light, founder Charles Hoskinson says

Input-Output Global CEO Charles Hoskinson has historically been an avid supporter of a more regulated cryptocurrency space. Now according to recent comments he’s made, Hoskinson asserted that Cardano remains focused on operating in a regulated environment.

The Cardano founder has been pushing for transparency from the government and more optimism by policymakers on cryptocurrencies. As per a recent update from Washington, the Cardano creator said that he intends to continue engaging with the relevant entities to ensure that Cardano remains regulated, be it for a token offering or adoption by legacy financial services. Hoskinson was live from DC, where he’d been discussing regulations and bill drafts on crypto with policymakers and advocacy groups.

He revealed that he would remain in contact with groups such as the blockchain association, the DCC, and others in order to explore more collaborative prospects.

In addition, the Cardano creator stated that they would provide recommendations on how to improve the phrasing of legislation when given drafts and also engage in policy discussions with lawmakers.

We’re still a long way off

The Cardano founder also noted that his visit to Washington had shown him that the community still has a long journey to make, but he remains optimistic nevertheless.  Hoskinson was also keen to note that in the future, Cardano intends to remain consistent with its resilience, diversity, decentralization, and innovation, in addition to its efforts to scale, enhance performance and achieve better code quality.

Cardano’s community is keeping the network afloat

Popular cryptocurrency analyst Plan C has said that Cardano remains among the top ten assets, and its position up there has been maintained by the “impressive, passionate, and patient community,” whose push has given the IOG time to roll out the network.

According to the crypto analyst, Hoskinson’s leadership has also been essential in keeping the network afloat. At the time of writing, Cardano has risen to sixth in market cap ranking according to data from CoinMarketCap. With a market capitalization of $20.63 billion, Cardano’s 16.3% growth over the last week is the largest of the top twenty crypto coins by the former metric.

To learn more about Cardano visit our Investing in Cardano guide.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.

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