Cardano Soars 13% On Rumors Of Burn Mechanism Rollout, Charles Hoskinson Reacts
19 März 2022 - 7:52PM
NEWSBTC
In the last 7 days, Cardano is one of the best performers on the
crypto top 10 by market cap. Proof-of-Stake networks lead the
market, as Bitcoin and others stand in the back. Related Reading |
Cardano (ADA) Takes A Tumble After Hoskinson Is Accused Of
Falsifying Credentials Avalanche (AVAX) records almost 30% in
profits, as Ethereum (ETH) records 16% and Cardano (ADA) 13%
profits over the past week. ADA’s price trades at $0.89, as of
press time, and could see further gains in the short term as the
market experiences further gains. ADA’s price appreciation could be
fueled by rumors about the potential implementation of a burn
mechanism for Cardano. The news was shared on Twitter by
WatcherGuru triggering a reaction from the ADA community. The
source of the rumor could be a tweet from Clark Alesna, developer
and CEO of a company called SAIB Inc. Alesna accepted a “challenge”
from Hoskinson and said he will start production of a burn smart
contract for ADA. Alesna said: It seems like no one really took
Charles Hoskinson challenge to build a #Cardano $ADA burn smart
contract challenge that he put out some time ago. So, I’m taking
matters into my own hands and started to plan and code it this
weekend. I’ll update you guys soon. However, the tweet and its
replies suggest Alesna was simply joking. The message by taken
seriously by certain media outlets which triggered a reply from
Hoskinson himself. The inventor of Cardano shared the following
meme as a response to these reports. https://t.co/f9qU9xW5gl
pic.twitter.com/KfaZEEBXrw — Charles Hoskinson (@IOHK_Charles)
March 19, 2022 The ADA community seems to agree a burning mechanism
will never be implemented on Cardano and classified the rumors as
“misleading”. Most of the users seem to agree this system will
bring disadvantages to the network. A pseudonym user said:
Misleading information. There will never be layer 1 chain burns.
You can’t burn utxo protocol just like bitcoin. Token means layer 2
blockchain on Cardano may require burns. Have to get this clear.
Why eth burn? Because they build very differently in terms of
accounting model. We shall not talk about them as they are
struggling to roll out decentralised proof of stake. The Cardano
Ecosystem On Fire Data shared by Hoskinson suggest the Cardano
ecosystem has been expanding since the implementation of its smart
contract capabilities. As seen below, there are over 500 projects
building on this network, per Hoskinson. Currently, Non-Fungible
Tokens (NFTs) seem to be dominating development on this network,
native marketplaces for these digital assets follow at a much
smaller scale, with Decentralized Exchanges (DEX), GamiFi, and
wallets. Related Reading | Cardano (ADA) Attains 9th Position in
Market Valuation During Ecosystem Inflows He hinted at the
continuation of this trend, as Cardano deepest into its third era
of development, known as Basho. Hoskinson said: “Moving the chains.
A large wave will come after June when the Vasil hardfork happens”.
This could potentially support the continuation of the current
bullish trend for ADA’s price.
Avalanche (COIN:AVAXUSD)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Avalanche (COIN:AVAXUSD)
Historical Stock Chart
Von Apr 2023 bis Apr 2024