Cardano Moves Closer to Decentralization, ADA’s Uptrend Approaches Exhaustion

Key Takeaways

  • Cardano’s Shelley mainnet has attracted over 856 stake pool operators over the past week
  • Regardless, retail investors seem to have lost excitement around ADA due to the recent lackluster price action
  • If this trend continues, the price of this cryptocurrency could soon pullback based on different technical metrics

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Cardano has finally transitioned to proof-of-stake after the successful launch of its Shelley upgrade. Although many crypto enthusiasts have shown interest in staking rewards, different fundamental and technical metrics suggest that ADA is bound for a retracement. 

Staking Pools Rush to the Network

Cardano launched the much anticipated Shelley mainnet last week, introducing staking rewards for all ADA holders. Since then, hundreds of stake pools have joined the network helping to make it more “decentralized,” according to Charles Hoskinson, the head of IOHK. 

Indeed, the smart contracts protocol is getting closer to “equilibrium.” It currently has 856 stake pools in operation out of the 1,000 stake pools needed to reach this milestone. 

The development team behind Cardano is already preparing for the next upgrade, dubbed “Voltaire.”

This new stage in the project’s roadmap is set to introduce a governance system to foster development on top of the protocol. The co-founder of Ethereum expects that thousands of developers around the world will flock to this blockchain to build their decentralized applications.

“This time next year, I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects, and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate,” said Hoskinson.

While the founder of Cardano remains optimistic about what the future has to offer, the hype around this altcoin has faded dramatically over the past month. 

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