When a new project launches, there are high expectations as to its performance. Most of the time, speculation floods the market as to how it will fare in a year. The owners or the managers of these projects also play a huge role in heightening people’s expectations. Sometimes they deliver on these aims and most of the time they fail.
The latter is true of Charles Hoskinson, founder of Cardano. In a tweet sometime last year (July 26), Hoskinson laid out plans that will be achieved this year.
He predicted that by this time next year there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects, and lots of unique uses and utilities. He added that 2021 is going to be so much fun watching Cardano grow and evolve.
This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate
— Charles Hoskinson (@IOHK_Charles) July 26, 2020
Fast forward a year later, the Cardano founder was called out for failing to deliver on the prediction.
One year later & still no:
Nothing against @IOHK_Charles, I advise @Cardano projects, own $ADA & support all. But people need to realise network effects put $ETH 100x ahead of competitors. ⌛️????https://t.co/fyzxA7uex9 pic.twitter.com/XWd75rGJdL
— Alex Saunders ???? (@AlexSaundersAU) July 4, 2021
On February 12, the Cardano founder said in an interview that there are more than 100 projects in the pipeline or aspiring to move or build on Cardano. As of the time of writing, no major announcement was made to show that this project left the “pipeline”.
The list of failed expectations continues for the project as the fifth coin by market cap is yet to boast any live decentralized app with hundreds, if thousands, of users. Hoskinson also predicted that there will be thousands of dApps on Cardano, unfortunately, Hoskinson’s project is only still working on upgrades to accommodate new projects.
Cardano recently launched its first testnet for the Alonzo upgrade. The upgrade is said to be part of a series of upgrades to the Cardano blockchain that will bring smart-contract functionality to the blockchain and enable the deployment of a wide range of decentralized finance (DeFi) applications for the first time.
While Cardano readies smart contracts, major competitors like Ethereum, Binance Smart Chain (BSC), Solana, Polygon, and Avalanche all have working applications and boast millions of users. Cardano’s wait for smart contract functionality on the mainnet has continued four years after the project raised $62.2 million in a 2017 initial coin offering (ICO).
One of the few things Cardano achieved this year is that its ADA token hit an all-time high and climbed the market cap rankings. On the tech and adoption side, though, there is very little to show for Cardano, and ADA holders will be hopeful that the tide turns soon.
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