Cardano (ADA) Releases New Version, Price Remains Stagnant

The next version of Cardano was announced by founder Charles Hoskinson, but the market activity remains stagnant.

Cardano (ADA) latest version was announced by founder Charles Hoskinson himself, as he returned to Twitter after abandoning the social media. In a recent tweet, Hoskinson announced the new version of the Cardano protocol:

https://twitter.com/IOHK_Charles/status/1026555655035867136

There are still few details on the exact improvements of version 1.3 of the protocol. Most of the improvements concern the protocol itself and the Daedalus wallet. Hoskinson announced that the chief concerns were speed and memory improvement, and the 1.3 version has completed the QA period. The update for the entire network should be completed in the next couple of days. Version 1.4 of the Cardano protocol is scheduled to go in for the QA process after September 4.

Cardano was seen as a project potentially displacing Ethereum with a better consensus approach. However, at the moment, the Cardano network does not even line up among the most active ones. Numerous ADA owners hold their assets in the Binance wallet, which is the richest one with around 10% of ADA holdings.

In the future, ADA holders will have to use the wallet for staking the coin. Those who hold their coins on Binance may miss out on the staking, as the exchange has not yet announced readiness to participate in the reward distribution program.

However, the Cardano project will have a long way to go, as it does not line up among the most active blockchains, and is far behind even projects like TRON (TRX) in terms of daily transactions. The Cardano blockchain explorer shows that blocks usually hold one or two transactions - mostly block rewards.

The reason for this is that ADA is rarely moved to the Daedalus wallet, which was met with criticism. The other reason is the lack of a smart contract layer, and no ecosystem of additional projects. Right now, most of the promises of Cardano are hypothetical, and ownership is speculative, with predictions of potential future growth. Since the start of 2018, accumulation of ADA has gradually increased, as seen in this visualization. Small-scale ownership of 100-10,000 ADA is prevalent.

But even with positive developments, the market price of ADA has remained stagnant in the past weeks. ADA trades at around $0.12, down about 9% this week. The price is less volatile, and volumes remain low.

ADA trading is concentrated on Binance, based on data from Cryptocompare. The asset sees more than 33% of volumes against Tether (USDT), though the market price still has not budged.

https://twitter.com/OKEx_/status/1026732235368673280

Some price action may come from the newly opened OKEx trading competition, which may boost activity. Still, ADA is quite far from the predictions of a return to prices above $1.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.