As the cryptocurrency market continues its downtrend, the founder of Cardano (ADA) isn’t the least bit worried as his platform prepares for a major upgrade, and he even sees a glimmer of hope in the current situation.
Indeed, Charles Hoskinson described the anticipated Cardano Vasil hardfork upgrade as “a basket of improvements related to the evolutionary side and also to the development experience“, in a video interview with Yahoo Finance Live published on June 9.
Additionally, he added:
“And then the other side you need to improve performance, be able to handle increased demand. If you look at the trading volume on Cardano, we are experiencing exponential growth right now. And so, if you need to, you can make some upgrades to make sure we can handle that ecosystem.”
The bear market is the origin of major advances
Discussing the current bearishness of the market, Charles Hoskinson expressed his optimism, saying that “bull markets are really frustrating because nobody wants to cooperate. You have a lot of poaching, unrealistic salaries and surreal expectations.”
However, unlike bull markets:
“Bear markets are actually quite comfortable…I’ve personally been through about six bear markets now. And each time, we have seen major advances. This is where the smart contract revolution comes from. This is where much of the DeFi revolution is coming from. In this particular case, a lot of people are focused on improving their operability.”
According to him, examples of these improvements include integrating things like ISO 222 on the Open Banking Initiative with the crypto space, protocol scalability, portability, better consumer experience, as well as the side governance of things – and the perfect time to focus on working on those improvements are bear markets.
NFTs on the Cardano blockchain
Alongside this, the founder of Cardano noticed a growth area on the network – the non-fungible token (NFT) space, saying that “approximately 40% of all applications that are deployed are related to NFTs. There were three, about $270 billion per month in NFT volume. That’s over $3 billion a year“.
The ADA token was trading at $0.6196, down 4.86% on the day, but saw a gain of 5.96% through the previous week, according to data from coingecko.
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