Cardano Founder Touts ADA’s Growth, Cites Adoption and Community as Key Drivers

Cardano reenters the spotlight as transaction volume surges amid sustained upgrades, eliciting reactions from Charles Hoskinson and community members. 

The Cardano blockchain experienced stunning growth in Q2 2023, a recent report by Messari showed. This development has triggered reactions from co-founder Charles Hoskinson and other members. 

The highlighted development metrics included blockchain load (transaction volume), total value locked, and network upgrades. The analytic firm compared Cardano’s Q1 and Q2 network activities to draw conclusions. 

Sponsored by Input Output Global, the report revealed that the Cardano blockchain load surged roughly 50% between April-ending and August. This translated to a 10% increase compared to Cardano transactions during the year’s first quarter. 

– Advertisement –

It also added that several network upgrades were executed earlier this year. However, according to the update, active daily ADA addresses dropped by 4% in 2023 Q2. 

Cardano Founder Reacts

Hoskinson highlighted this report on Thursday, further flaunting the growth of the blockchain. The IOG Chief submitted that Cardano’s recent growth stemmed from the organic adoption of the project. 

Organic methodical real adoption driven by a decentralized community, not an astroturfed pay to play centralized curator, Cardano is growing and every day getting more advanced https://t.co/VdiSWD0yht

— Charles Hoskinson (@IOHK_Charles) August 10, 2023

Mainly, he attributed Cardano’s surging adoption and popularity to the teeming community members. Hoskinson noted that “Cardano is growing and every day getting more advanced” amid the prevailing bullish developments.

Recall that the team executed a critical upgrade on the blockchain dubbed Mithril. Launched on the Cardano mainnet on July 30, the protocol seeks to reduce the time and cost needed to operate a full Cardano node. 

A long-standing community member, ReddSpark, responded to Hoskinson’s comment. According to him, Cardano is among the few projects aiming to attain all essential properties of crypto. 

These properties include decentralized governance, low energy consumption, DeFi capability, low transaction fees, and decentralized validators/miners.

In light of these developments, analysts have predicted ADA to surge dramatically in the coming months, with Ben Armstrong weighing on the asset’s potential to hit $100.