Cardano has the potential to become a rare asset like Bitcoin: Community

According to “ADA Whale”, a gimbal A community-focused Twitter account, Cardano remains one of the few coins that comes close to Bitcoin’s distribution and inflation. He also believes that ADA could become a very scarce asset at some point in the future, as it could follow a BTC-like path.

The “ADA Whale” believes that Bitcoin got its momentum because of its fair distribution, its price remaining low enough for many to buy, and its fixed supply. Satoshi Nakamoto, the enigmatic creator of Bitcoin, believes scarcity can create value; therefore, the maximum Bitcoin supply was limited to 21 million coins. The 19 millionth Bitcoin was mined in April, leaving only two million BTC to be mined in about 100 years.

Cardano, like Bitcoin but unlike Ethereum, has a finite supply limit, with only 45 billion ADA ever created during the coin’s existence.

Currently, 33.82 billion ADA are in circulation, representing 75% of the maximum supply, and 34.27 billion ADA have been created so far, according to data from CoinMarketCap.

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However, due to the still unfavorable market conditions, the “ADA whale” believes that now may not be the time to stock up on ADA. “This is a bear market, so be prepared for months of negative double-digit returns if you do,” he advises. “I’m just trying to put it in a long-term perspective.”

Cardano’s Closed Vasil Testnet Deployed Ahead of June Hard Fork

According to the last weekly report by Cardano’s parent company, IOHK, the Vasil closed testnet has already been launched to test its functionality with a select group of dApps and users. The Cardano team continues to work on consensus-specific improvements ahead of the Vasil Hard Fork Combinator (HFC) event in June.

Cardano Network Statistics
Cardano network growth stats, courtesy: essentialcardano.io

Additionally, IOHK provided a chart with information about the network’s growth. Currently, 986 projects are being built on Cardano, compared to 943 previously. A total of 88 projects have recently launched on Cardano, while the number of NFT projects has increased to 5,727. For the week, Github logins totaled 3,028, while native Cardano tokens stood at 4, 9 million.

Additionally, the number of Plutus scripts was 2,745. ADA is currently trading at $0.46, down 2.28%.

Michael J. Birnbaum