Cardano went through different phases in 2021. After a solid development of the ADA token in the first half of the year with price losses after the crash in May, the ADA price rose massively at the end of summer/beginning of autumn. However, in the final quarter of the year, ADA had great struggles. How can Cardano remain successful in 2022? These two weaknesses should be addressed by the network.
Cardano ADA had a Great Year in 2021
All in all, the year 2021 was a very successful one for Cardano. With the introduction of smart contracts, the network took an enormously important step towards becoming an important hub for dApps and thus remaining competitive in the market. In terms of technical requirements, the network has long been considered excellent – secure, efficient, and inexpensive.
In September, the ADA token peaked at over $ 3. This happened around the “Alonzo” hard fork, which Cardano ultimately made smart-contract-capable. In the fourth quarter, however, we saw a sharp drop in the ADA rate to as low as $ 1.20. These heavy losses happened despite a record number of Cardano transactions in November. However, the major crash of the overall market was the main reason for the losses.
What Improvements are Needed for a Cardano Comeback in 2022?
#1 Development Speed
The strong Cardano community appreciates that the developers always act with patience when further developing the blockchain and actually design technical innovations in such a way that they bring added value in the long term. But criticism of the rather slow speed of technical innovations comes up again and again.
The fact that Cardano is pursuing a long-term plan and prioritizing safety and technical excellence is commendable. However, the network has to keep its finger on the pulse. New networks such as Solana and Avalanche made extreme progress in the last quarter and convinced numerous investors. More networks will come onto the scene in 2022. Cardano has to make sure that you don’t lose touch.
Another point of criticism of Cardano is the often highly academic approach to the further development of the blockchain. The Foundation works closely with scientists on the blockchain according to evidence-based standards. However, it is ultimately the economic benefit of a project that decides whether it can survive on the market in the long term.
Cardano has to ensure that it remains competitive in the large growth markets DeFi and NFT. In the first half of the year, CEO Charles Hoskinson, therefore, wants to ensure that the commercialization of several hundred Cardano projects progresses quickly. The success of the blockchain must not only remain an academic one, it must also become an economic one.
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