The year 2022 has been less successful for Cardano on the ADA price side. But these price losses are understandable given the bear market. Nevertheless, the project hopes for a successful year 2023. The signs are not bad. What could 2023 bring to Cardano?
In this article, we want to take a look at the future of Cardano and see what the coming year can bring to Cardano.
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Where is Cardano at the end of 2022?
In the bullish year 2021, the ADA price recorded massive gains and the development phase of Goguen was completed with the implementation of smart contracts. A year later, work on the scalability of the Cardano blockchain begins. This phase of development is called Basho and it started this year.
The first big step was updating Vasil. This significantly increases the transaction throughput of the Cardano blockchain. Additionally, Cardano is developing the Hydra layer 2 scaling solution, which should also massively increase the speed again. At the end of 2022, the network took the first important steps to make its network extremely scalable.
What are Cardano’s plans for 2023?
Despite the ADA token’s price losses, 2022 has been a very exciting year for Cardano. Despite the usual delays, the network is still on a great path to becoming probably the most mature and technically capable blockchain in the future.
The year 2023 should bring the maturity of functions that guarantee massive scalability in the network. But other interesting projects are also planned for Cardano in the coming months.
What are the most important Cardano projects in 2023?
At this year’s Cardano Summit, developer Emurgo recently announced the development of its own stablecoin for early 2023. It is said to be the USDA stablecoin. It is based on the famous USDC (Circles USD-Coin). With the USDA, users can convert their US dollars directly 1:1 and thus participate in the Cardano DeFi system. In particular, DeFi growth is one of Cardano’s most important goals, as the use cases are relatively still very small.
Algorithm-backed stablecoin DJED may launch ahead of USDA. This should give easy access to stablecoins in the Cardano ecosystem. This would pave the way for the network to support decentralized payments with the US dollar around the world.
Another big project for 2023 is Cardano’s own privacy chain called Midnight. The developers have been working on this project in secret for a few months. It is said to be a Cardano sidechain, which is said to have its own token called Dust and anonymously executable smart contracts. This chain of confidentiality should also include possible access for regulators without infringing the privacy of users.
How do these developments affect ADA forecasts?
In 2022, the ADA token lost massively in value. However, this was due to the development of the overall market with a strong bear market. However, the year 2023 could be more positive for the ADA price again.
On the one hand, the developments mentioned are promising and could once again attract many new investors to Cardano. On the other hand, the overall market is expected to pick up again. The second year of the bear market was already in the last cycle, a year in which prices sometimes rose more sharply again. This could also be the case again in 2023.
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