Cardano’s Shelley won’t fix all of its issues despite the heavy excitement around it and the many new announcements made over the past few days. In our latest Cardano ADA news, we take a closer look at the possible outcomes in the near future.
After multiple delays, Cardano plans to deliver Shelley on July 29 but Shelley won’t fix all of Cardano’s problems. The upcoming staking rewards are subpar compared to some of the DeFi lending so it’s not a sustainable advantage for ADA in the long term. The ecosystem is small compared to the competition and its growth which is hindered by the absence of smart contracts. Similarly to its competitors, Cardano was active with updates this year but they may not be enough to stop the project from going behind but the ADA holders could experience another disappointment once the hype goes away.
The IEO craze this year brought exchanges into the spotlight as the reputation of a particular exchange means more than the features of the project that are promoted. A Binance-hosted IEO for example will perform merely because of the platform’s clout. In 2020, technology recaptured the headlines because of the Layer 1 solutions represented by Ethereum and Ethereum 2.0, while projects such as TRON are making huge progress on their base-layer solutions. The blockchain space is still quite new compared to the traditional equities relatively small.
No platform gained enough network effects to create something huge yet but another battle between Layer 1 solutions is preparing. With the multitude of updates, Cardano is set to join the frontline of the platform as well. Cardano is criticized often for its slow progress while the main point of the team is that they choose to create a platform that will be reliable and secure from the start instead of going too fast.
The platform’s full decentralization phase Shelley added another year to the Cardano’s roadmap. The team has been in touch with the community assuring that the needed work on it was being done but the long wait is soon to be over. Cardano resumed updating the transition to Shelley but the team also announced the Byron reboot, which brought crucial functionality of the network’s nodes. The reboot was followed by the launch of the Shelley Testnet in May which sparked even more optimism.
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