Thursday, June 17, 2021

Analyst: Cardano (ADA) DApps Have Potential to Go Parabolic Once Support for Smart Contracts Launches

A popular crypto analyst, Elliot Wainman, has recently aired his opinion regarding the future of the Cardano ecosystem once the support for smart contracts launches on the network.

In a new video centered on the Cardano ecosystem and first reported by Daily Hodl, the crypto analyst discussed the huge capability of Cardano-powered decentralized applications (Dapps) once the implementation of smart contracts becomes a reality on the blockchain platform.

Read Also: Analyst: Cardano (ADA) Could Reach $3-$4 in the Medium Term and $30 in the Long Term

Elliot Wainman noted:

It does feel as if there’s a sea change on the horizon here, and that Cardano is not only going to start shipping, but that the projects and ecosystems that will be built over there are set to have Solana-like, Polkadot-like, BSC-like (Binance Smart Chain) gains, and that means that those who invest early in the right projects will most likely experience some serious parabolic gains.

Now people love to hate on this but I believe that one of the most powerful valuation tools for crypto is Metcalfe’s law. This is why Bitcoin tends to go parabolic the more people get involved in it. Essentially, Metcalfe’s law is the concept of how you can calculate the actual value of a network. And that’s what blockchains are. They’re networks of computers, of developers, of users...

Read Also: Charles Hoskinson: We Are At the Cusp of Deals That Will Bring Millions of Users to Cardano

Metcalfe’s law states that the value of a telecommunications network is proportional to the square of the number of connected users of the system (n2). So essentially, the more users, the more people, the more value...

Cardano does have a knack for adding users and people to its network in a way that other blockchains should certainly strive to do, and something that I think that they can do pretty uniquely. I think it comes down to Charles [Hoskinson] and his unique charisma.

Cardano (ADA) in the Market

A couple of hours ago, Cardano (ADA) was trading around a record high of $2.40 following a meteoric price uptrend. However, the cryptocurrency has since lost a bit of its accumulated price.

Read Also: Hoskinson: Cardano Is 1.6M More Energy Efficient Than Bitcoin. Could Elon Musk’s Tesla Consider ADA?

At the time of filing this report, ADA is trading at $2.23, with a relative 1% price downtrend in the last 24 hours.


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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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