A popular crypto analyst is providing insights into the future of the Cardano (ADA) blockchain as the bear market continues to hibernate.
In a new YouTube strategy session video, pseudonymous Coin Bureau host Guy tells his 2.17 million subscribers that in the near term ADA is likely to continue to decline in value.
But he says the smart contract platform’s long-term performance ultimately depends on how successfully the blockchain implements its planned five stages of development.
“Although ADA is likely to continue declining until we hit the true bear market bottom, its long-term performance ultimately depends on Cardano’s upcoming milestones.”
Guy outlines some of the next significant steps for ADA, which was co-founded by Charles Hoskinson, CEO of the engineering company behind the blockchain, Input-Output Hong Kong (IOHK).
“Cardano has an official roadmap consisting of five stages. We’re currently in the fourth stage called Basho, which focuses on scaling, that is, going fast. One of the few remaining milestones in Basho is a scaling solution called Hydra, which will start being rolled out next year.
Additional milestones include the introduction of various side chains such as… Midnight as well as an EVM [Ethereum Virtual Machine] side chain that IOHK is working on.”
According to Cardano, Basho is intended to improve the “underlying performance of the Cardano network to better support growth and adoption for applications with high transaction volume.”
The final stage is called Voltaire, which will implement a “voting and treasury system,” giving network participants a say in the future development of the blockchain project.
Cardano is trading at $0.300 at time of writing. The ninth-ranked crypto asset by market cap is down by about 2.9% in the past 24 hours. ADA is down more than 90% from its all-time high of $3.09, reached in September 2021.
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Featured Image: Shutterstock/Zamurovic Brothers
