- Charles Hoskinson refutes price comparisons between ADA and SOL, emphasizing real value over market speculation in conversation at X.
- Hoskinson stresses building a sustainable Cardano ecosystem beyond price fluctuations, prioritizing long-term development and stability.
On March 6, the number of daily active addresses on the Cardano network reached a new yearly high of 76,445. This figure reflects an increase in activity within the network, contrasting with opinions describing Cardano as a blockchain with little practical use.
Regarding price change, ADA showed a recovery on March 5, after experiencing a 10% drop. The price closed at $0.7349, recovering from a lower value of $0.5710 reached earlier in the day.
ADA’s daily trading volume on March 6 was $1.22 billion, and futures open interest reached $588 million on March 5, the highest level since April 2022. These figures indicate high liquidity and investment commitment in the Cardano ecosystem, possibly attracting more attention and investment to ADA.
You can also read: Cryptocurrency price outlook: examining March trends for XRP, Cardano and SHIB
Compared to other cryptocurrencies, ADA has not seen price increases as steep as Ethereum (ETH) or Solana (SOL) but has performed better against Bitcoin (BTC) in the last six months, although it lagged behind in the last three months.
Going forward, Cardano’s ability to maintain a high level of active addresses and generate significant trading volume signals a solid foundation for future growth.
Although the number of active addresses has declined from its peak of 76K, it is still higher than the previous month’s average, which may indicate sustained interest in the platform.
Charles Hoskinson, the leader behind Cardano, emphasizes the value of the network beyond short-term price fluctuations. This view suggests that the quality of the ecosystem and the ability to deliver real solutions are more important to Hoskinson and the Cardano team than momentary market valuation.
Reason Cardano can legitimately claim staking yield as the DeFi ecosystem’s risk-free rate or “internet treasury bond” is it’s 1) truly risk-less: staked coins stay in a wallet, no need to lock or send them anywhere, no custodians; and 2) smart contracts holding ADA can be staked
— ADA whale (@cardano_whale) March 3, 2024
The importance of Cardano’s staking mechanism is emphasized as a valuable feature of the blockchain. Operating with a proof-of-stake (PoS) consensus mechanism, it allows token holders to support network operations and validate transactions in exchange for rewards, underscoring Cardano’s value not only for its technical solutions but also for incentivizing the active participation of its community.
