Cardano (ADA) grew more than 700% during the year. Can 2022 be much better? – BeInCrypto

Cardano (ADA) had a big increase in the use and price of its native token in 2021. With that, many users have expectations that the project will present even higher numbers in this new year.

2021 was a historic year for Cardano, a platform blockchain created in 2017 by Input Output Hong Kong (IOHK), with Charles Hoskinson as its main leader and creator.

The growth of the cryptocurrency market, network updates and developments, and investor enthusiasm for the project were instrumental in the enormous growth that Cardano and its ADA token were able to achieve over the months.

With that in mind, it’s worth highlighting the major events of the year and highlighting what’s to come in 2022.

Cardano gains notoriety and ADA shoots

The first three months of the year were intense and high for most cryptocurrencies. Bitcoin’s strong valuation during the first quarter, jumping from the $ 30,000 range to the previous high above $ 60,000, has driven valuations even higher in several altcoins, including ADA.

According to datos of CoinGecko, the native token of Cardano started 2021 at just under $ 0.20 and ended the year at $ 1.30, an appreciation of more than 600%.

At a time of great market euphoria, Cardano managed to stand out as one of the most promising projects. As BitPay pointed out, the ADA token was one of the most sought-after assets by investors. This was explained by the various improvement projects that its network was developing.

In March, the hard fork Mary, which aimed to bring Cardano closer to DeFi resources and smart contracts. The next month, Charles Hoskinson announced a new roadmap containing the steps of his project through 2025, which further excites the market.

With this, a new record was seen in the number of wallets and transactions in the network, in addition to that ADA is now being used in retirement plans in the United States. In May, Cardano began to prepare for the hard fork Alonzo, who would change his network forever.

Alonzo update and new milestones

The hard fork Alonzo was the most anticipated event of the year for Cardano enthusiasts. The expectation was such that the project became the most important crypto topic on Twitter in August, managing to even exceed the number of mentions that Bitcoin had in the month.

Market enthusiasm was reflected in ADA’s price movement. In early September, the token reached a new all-time high of $ 3.09, an appreciation of about 1,500% during the beginning of the year.

On September 12, the Alonzo update was finally successfully implemented on its blockchain. With that, Cardano finally began offering smart hiring capabilities to developers, who soon began creating new projects. COTI was one of the first large companies to explore the network, announcing the development of a new stablecoin.

In the following weeks, several projects were announced and developed at Cardano involving exchanges decentralized, NFT, metaverse and DeFi sector areas. Despite the fact that ADA entered a strong downtrend, the blockchain continued to go up in adoption.

In November alone, more than 200,000 thousand new addresses were added to the network, which managed to surpass Ethereum (ETH) for a short period of time, a feat never before accomplished. In December, the milestone of 1 million staking addresses was passed with ADA and the blockchain launched an ERC-20 token converter.

Strong statements from Charles Hoskinson

In addition to the adoption of Cardano and the skyrocketing prices of the ADA token, several statements by Charles Hoskinson attracted attention during the year. Known for being straight to the point, the mathematician has always created opportunities to exalt his project, even comparing it with other networks and cryptocurrencies.

Before founding Cardano, Hoskinson was one of the co-founders of Ethereum (ETH). Referring to the blockchain of ETH, said that many users and developers are considering leaving it, in addition to saying that Cardano would be much better than Ethereum 2.0.

The mathematician also tried to sell his design to Elon Musk and even claimed that Cardano could soon be adopted in El Salvador. In that sense, he said that the cryptocurrency network could help run an entire country. Finally, it is worth highlighting their complaints related to the inclusion of Shiba Inu (SHIB) in BitPay.

What’s next for Cardano?

Hoskinson recently revealed IOHK’s vision for Cardano in 2022. Among the main focuses is the creation of a microfinance system and network improvements. Furthermore, the developers have created an initiative to promote DeFi projects on their blockchain.

The initiative may be crucial for Cardano’s near future, as no major projects have been launched on the network so far. In this sense, Hoskinson says that around 30 of the nearly 130 projects currently in development could launch in the first quarter of 2022.

The future success of these projects could vote to animate the market with the ADA token, which it is trading 50% below its all-time high. Recently, the asset rose again after reaching a significant support level.

However, Arcane Reseach believes that Cardano will lose its prominence in 2022 and will no longer appear in the top 10 crypto projects larger in terms of market value. It currently ranks sixth, with a capitalization of $ 47.3 billion.

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Cardano (ADA) grew more than 700% during the year. Can 2022 be much better? – BeInCrypto

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