The Cardano community was thrown into euphoria recently as CEO Charles Hoskinson shared in a tweet, details of a rollout plan with a result of Shelley’s mainnet to be launched on July 29th.
With the Shelley Testnet already live, the Cardano project was in afore times compared to a tortoise, concerning the slow and steady that always wins the race.
Founded by the mathematician, cryptographer, and entrepreneur Charles Hoskinson in 2015, Cardano’s roadmap has the vivid details of each of the five eras of Cardano’s development with the Shelley era being the initial phase towards Cardano being decentralized.
Following on from the Byron era, the transition to Shelley is designed to achieve a smooth, low-risk transition without service interruptions significantly different from the Byron era, which began at a single point in time when the mainnet was launched.
The Shelley era is expected to make Cardano 50-100 times more decentralized than other large blockchain networks, with the incentive scheme designed to reach equilibrium around 1,000 stake pools.
Charles Hoskinson, Cardano co-founder has oftentimes defended IOHK’s thoroughness of scientific philosophical approach whom many see as a weakness stating that it is the greatest means of creating cutting edge technologies.
ADA/USD Daily Chart
Cardano (ADA), 11th cryptocurrency by market cap is trading at the moment at $0.064, slightly down from its intraday high of $0.067.
Cardano (ADA) Bulls Launch Out in Top Gear Following On-Chain Development Activity
At the news wake of the Shelley mainnet, Cardano (ADA) gained 15% which is one of the best performances among the top 20 crypto assets by market capitalization. Cardano (ADA) has been caught within an intense uptrend continuing the bullish momentum that it begun in early May when it surged from its lows of $0.045. Cardano (ADA) bulls gained strength after rebounding from key support level setting new monthly highs in the process.
In recent times, Cardano (ADA) has been seen to staunchly outperform Bitcoin and other Altcoins apart from Chainlink and Tezos, this recent stunt still however seems unnoticed by investors. Analysts have maintained positivity on Cardano (ADA) mid-term outlook as the crypto showed an overwhelming signal of fundamental strength as on-chain development rises.
Image Courtesy of Santiment
Although technicals seem in favor of the bull’s activity, statistics also allude its bullish momentum to be driven partly by recent blockchain developments which were substantiated by blockchain data and analytics firm, Santiment which noted in its latest tweet that since January, Cardano’s blockchain development activity has been forged higher. This is stated:
“ADA continues to show signs of strength in the market, and there are some emerging decoupling indications. Year to date, its impressive development activity rate continues to rise.”
Santiment had earlier indicated that there has been little interest in Cardano (ADA) from investors despite Cardano’s ability to outdo Bitcoin in recent times. The social data from Santiment showed the lack of any substantial growth in social volume.
It is however believed that Cardano’s newfound strength will eventually amass greater investor attention toward it, extending its bullish momentum in days ahead.
Image Credit: Santiment, Shutterstock