Cardano has been the newly hyped protocol in the ecosystem which has been making great growth. It has been hitting new highs since July 2020, when it broke through the $0.08 mark for the first time in a year. Ever since it has climbed to an all-time high of $1.54 in just the last 24 hours.
A well-known analyst Coin Bureau, in a new video, reveals his Crypto investment profile. 8% of which is Cardano along with Bitcoin, Ethereum, Polkadot, and others.
“Like Polkadot, I see Cardano primarily as a hedge in case anything goes wrong with Ethereum. I am a huge fan of Cardano’s peer review approach to research and developments”.
Cardano is currently prepping for its smart contract platform Plutus implementation. The platform will be stress-tested before integrating it with the mainnet.
The analyst considers Cardano “the next runner up to Etheruem” as smart contracts on Cardano will be available earlier than on Polkadot. He also notes how Cardano already has built a great hype and has ready users once the update is launched on the platform.
However, Coin Bureau also points out its drawbacks, the low number of competing projects in development, and the smart contracts not being tested in real-world conditions are the prominent ones.
Moving further, he also says,
“More than 60% of all ADA in circulation is also being staked in nearly 2500 staking pools. Cardano may not have as many DApps waiting to deploy as Polkadot, but it probably has millions of people waiting to use them.”
Cardano is growing up to be a formidable competitor if it can live up to the hype. There are projects ready to launch once Cardano’s smart contracts are introduced, such as Liquid Finance, which could kick off Cardano’s Defi Market.