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Cardano (ADA) Prints 22% Weekly Growth, Top Reason Powering Its Growth

Fri, 01/13/2023 - 13:54
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Godfrey Benjamin
Cardano (ADA) price up 22% amid sustained rally on broader market
Cardano (ADA) Prints 22% Weekly Growth, Top Reason Powering Its Growth
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Since the start of the year, the price of Cardano (ADA) has defied gravity and has been trading above the $0.25 support level in what seems to be one of its most resilient strides in recent times. At the moment, Cardano has sustained week-to-date (WTD) growth of 22.28% after obtaining a 2.36% jump over the past 24 hours to $0.3293.

Based on the current price strides, Cardano is fulfilling the mandate for which it was created, embodied in its design as a proof-of-stake blockchain platform that says its goal is to allow "changemakers, innovators, and visionaries" to bring about positive global change.

Building this positive global change as a dynamic blockchain will entail regular improvements on its Layer 1 network. One of these upgrades or protocol enhancements was just unveiled by Input Output Hong Kong (IOG), the blockchain firm overseeing the development of the Cardano protocol.

This recent enhancement is branded as the Cardano sidechain toolkit.

"Purpose-built solutions are crucial for communities to address unique social and technical needs. And scaling means empowering applications and communities with their own design choices. And that's where #Cardano sidechains come in. These custom solutions and sovereign communities can be built on a secure and interoperable parent network like Cardano," IO shared in a Twitter thread.

Banking on superior technology

Since its inception, Charles Hoskinson has always presented Cardano as a blockchain protocol that will be dominant based on its superior technology and development activities. The blockchain network is evolving to become a dominant chain with respect to utility and mass adoption for enterprise-grade solutions in the near future.

Over the course of 2023, the Cardano community is billed to see additional enhancements, including the introduction of Layer 2 solutions; additional stablecoins and smart contracts are also in the works.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.