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Cardano Founder Shares Reason Behind Impressive Quarterly Performance

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Thu, 10/08/2023 - 13:00
Cardano Founder Shares Reason Behind Impressive Quarterly Performance
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Cardano founder Charles Hoskinson has given his insight into a report going viral about the performance of transactions on the proof-of-stake (PoS) blockchain protocol in the second quarter. With Messari's report stating the transaction count on Cardano jumped by 49% in the second quarter, Hoskinson has attributed this growth to two major factors.

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The veteran blockchain developer noted that the Cardano blockchain places an emphasis on "organic methodical real adoption." He noted that this adoption is "driven by a decentralized community, not an astroturfed pay-to-play centralized curator, Cardano is growing and every day getting more advanced."

Amid these accolades, what Hoskinson failed to point out is the consistency with which the developers working on Cardano are rolling out new products and upgrades for the benefit of everyone on the blockchain. In the second quarter, the Hydra Head protocol, with a focus on scaling Cardano, was launched on the mainnet.

The Messari highlight of the protocol's growth was based on the immense patronage experienced by the blockchain's top decentralized exchange, Minswap. While Minswap dominated, a lot of emerging DEXes and protocols also complemented the growth of the Cardano blockchain in the quarter under review.

Cardano and growing rivalry

While many blockchain protocols have recorded one significant growth or the other since the start of the year, Cardano has been taking the fight much more to its top rivals, especially Ethereum (ETH), Solana (SOL) and Algorand (ALGO), among others.

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The Hydra protocol that went live on the mainnet has been tagged as a major competitor to the Layer 2 scaling solutions that have proliferated over the past year.

Cardano's native token, ADA, also recorded impressive price growth to rival most of its peers. While still maintaining its rank as the eighth largest digital currency, ADA is trading at a spot price of $0.289, up 1.4% at the time of writing, per data from CoinMarketCap.

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