Cardano Price Forecast – Can ADA Jump to $10 in 2022?
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Cardano aims to solve the blockchain trilemma through its sophisticated proof-of-stake (PoS) protocol called Ouroboros. However, its native token has been hard-hit by the bearish waves that have swept through the crypto market.
Is there a chance of a bull run soon?
Vasil Upgrade a Stepping Stone
The Cardano team, led by former Ethereum co-founder Charles Hoskinson, has been deploying upgrades. The latest is the Vasil hard fork, which makes the peer-reviewed blockchain more scalable with minimal user cost.
However, the team is not done yet, with even more scheduled upgrades expected in the future. At the moment, Cardano is reaping the benefits of the Vasil Upgrade, although its native token price has not reflected this.
Since the deployment of the hard fork, the transactions on Cardano’s layer-1 blockchain have doubled. Over 3,445 smart contracts have been deployed on its Plutus V1 Scripts. The figure for its Timelock Scripts has also risen. According to data from the Cardano Blockchain Insights team, there are now 69,670 self-executing commands on the blockchain.
Cardano Only Second Behind Bitcoin in On-chain Transactions
Aside from the recently concluded Vasil Upgrade, the Cardano team has several targets to hit before launching fully into the marketplace. But this delay has not deterred investors and blockchain users, as all indicators show.
According to a recently released Messari on-chain activity log, Cardano is the second most active blockchain network, only behind Bitcoin. The Ouroboros protocol has so far processed $3.09 billion in smart contracts transactions, beating Ethereum’s $1.7 billion figure. This is despite Ethereum’s transition to a full PoS protocol in September.
With Cardano showing strong on-chain activity, the idea of it being a ghost chain is debunked. Other data revealed that over 25% of all blockchain transactions were generated in the past year in a period in which Bitcoin and Ethereum gained the most attention from investors and the media. This shows strong investor awareness about Cardano’s long-term potential and ability to deliver on its promises.
Cardano Trees Pointing to ESG-Minded Investors
The Cardano monthly on-chain stats have shown how far the blockchain has come, with over 3.6 million ADA wallets created.https://www.twitter.com/Cardano_CF/status/1577886369015386112/photo/1
But its efforts to enable a greener ecosystem are what has gained the attention of environmentally conscious investors. Its Ouroboros protocol requires minimal energy for network transactions to be confirmed. Cardano has been working to create a more sustainable environment with Veritree. According to Veritree and Cardano, the Cardano Trees initiative recently crossed the 35% landmark; they are working towards planting 1 million trees globally.
At press time, the ADA token is trading at $0.39, indicating a downtrend of 5.05% in the past day. However, ADA’s strong fundamentals could see the digital asset hit a new record high in the coming months.
This Green New Crypto is Grabbing Headlines
ESG-minded blockchain protocols are more prevalent than ever as world governments struggle to keep their greenhouse emissions under check. The United States Environmental Protection Agency (EPA) underscores the burning of fossil fuels in industrial processes as a major contributor to carbon dioxide. One of the top projects in the ESG drive is Impact Project, which investors can diversify their portfolios with.
The Impact Project team has built a solution to cut down on the impact of fossil fuels through carbon credits. This solution, the Impact Project protocol, allows users to purchase and burn carbon credits, using non-fungible tokens (NFTs). The project uses blockchain technology to solve greenhouse effects, making it one of the greenest cryptocurrencies in the market.
Impact Project is operational on the recently launched Ethereum PoS blockchain, which has cut its energy consumption by 99%. Investors can buy IMPT tokens now on presale.