Cardano Supports Web3 Development, This Is The Impact On ADA Coin Prices!

Cardano crypto assets. (Photo; Doc. Coin Social Society)

JAKARTA - Cardano (ADA), a leading blockchain layer 1 (L1) that supports the development of decentralized Web 3.0 protocols and tokenization, has grown gradually over the years to compete with Ethereum (ETH) and other smart contract networks.

This large capitalization Altcoin has a full dilution valuation of around US$20 billion (Rp320 trillion) and an average daily trading volume of around US$428 million (Rp6.848 trillion), and boasts more than US$247 million (Rp3,952 trillion) which is locked up by its Web 3.0 projects.

The Cardano Network has a dynamic global online community of developers and investors led by co-founder Charles Hoskinson.

Cardano Network Supports Web Development 3.0

The Cardano Network has supported Web 3.0 developers through the Catalyst Project. Until this report was made, the Catalyst Project has funded 892 proposals with funds of around 69 million US dollars (Rp1,104 trillion), of which 49 million US dollars (Rp784 billion) have been distributed. In the 12th funding of the Catalyst Project, about 1,204 proposals were submitted but only 258 were funded.

To ensure strong governance from the Cardano ecosystem, the Cardano Foundation announced its participation in the Catalyst Project vote for the first time to ensure proposals are in line with its strategic plans. The Cardano Foundation focuses on three main areas in the selection of proposed ideas.

First, the Foundation supports ideas that increase operational resilience of the Cardano network. The foundation also pays great attention to proposals that promote educational content to Cardano networks amid mainstream adoption of digital assets and web3 projects. In addition, the Foundation supports ideas that focus on enabling wider ADA adoption by reducing operational costs and providing the necessary tools.

"This participation by the Cardano Foundation marks an important moment in continuing to help actively shape Cardano's future," said the Cardano Foundation.

ADA Prices Ready To Soar

Cardano prices have been in corrected mode for much of February to date. The Altcoin has been described by some analysts as a zombie coin while others believe ADA is a sleeping giant.

"The train $ADA has left the station.. Expect 2 times the Bullish rally in the medium term so don't miss it.." wrote the famous crypto analyst with the pseudonym Captain Faibik on platform X on July 17, 2024.

According to Captain Faibik, ADA prices have started a bullish upward trend towards an all-time high. In the medium term, this crypto analyst set a minimum price target of 80 cents for ADA, representing more than 100 percent of the increase.