Data: Cardano (ADA), up 150%, is the hottest smart contract coin of 2020 ๐จ This article is 4 years old...
Data: Cardano (ADA), up 150%, is the hottest smart contract coin of 2020
2 min read
Updated: Jul. 3, 2020 at 9:11 pm UTC
Photo by SpaceX on Unsplash
In 2017 and 2018, smart contracts were seen as the next big thing in crypto.
Ethereum rallied from literal dollars to a peak of ~$1,400, ICOs promising evolutions in smart-contract tech raised billions, and many of the cryptocurrencies in the top-50 touted smart contracts as their killer use case.
Despite the promise, this segment of the cryptocurrency market crashed with all the rest as a bear market ensued.
But two years on, it appears that the smart contract craze is back; crypto assets in the smart-contract sector have strongly outperformed Bitcoin since the start of 2020.
It’s been a good year thus far for smart-contract crypto assets: Messari data
According to data from crypto research firm Messari, many smart-contract cryptocurrencies have seen really strong performances in 2020.
Below is an image depicting the performances since the start of the year of Ethereum, EOS, Cardano (ADA), Tron (TRX), Ethereum Classic (ETC), NEO, Algorand (ALGO), and Vechain (VET).
Save for EOS, all of the coins listed are up on the year.
In first place is ADA, up 157 percent since the start of the year. In second place is Ethereum, up 85 percent since the start of the year. And in third is VET, up 70 percent since the start of the year.
This is impressive: for context, BTC is up by ~25 percent since the start of the year, as of this article’s writing.
The strong performance of these smart-contract coins shows the strength altcoins as a whole have exuded in 2020.
Industry data analyst “Ceteris Paribus” shared the below image near the start of June, showing that Bitcoin has underperformed the small-cap altcoin, mid-cap altcoin, and large-cap altcoin indices by FTX.
Cardano is being boosted by ShellEy
By far, ADA is the best-performing smart-contract coin. It outperforming its contemporaries by dozens of percent is seemingly related to one key trend/event: the launch of “Shelley.”
Shelley is a phase in Cardano’s development that will optimize the blockchain for decentralization and functionality. As the Cardano Foundation explains:
“Shelley will also see the introduction of a delegation and incentives scheme, a reward system to drive stake pools and community adoption… Come the end of the Shelley era, we expect Cardano to be 50-100 times more decentralized than other large blockchain networks.”
The founder of Cardano, Charles Hoskinson, has been quoted as saying that the blockchain may be able to achieve 1,000 transactions per second in the future due to Shelly and other upgrades.
He added in a recent interview with Messari’s CEO that this upgrade will allow Cardano to begin to encroach on the market share Ethereum has in smart contracts.
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Algorand
$0.24515
Algorand removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.
Ethereum Classic
$27.9774
Ethereum Classic (ETC) is a continuation of the original Ethereum blockchain – the classic version preserving untampered history prior to the July 2016 DAO hack..
EOS
$0.71767
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications..
Neo
$13.3925
Neo is an open-source, community-driven platform that is leveraging the intrinsic advantages of blockchain technology to realize the optimized digital world of the future..
VeChain
$0.03335
VeChain is an enterprise-focused blockchain ecosystem that aims to enhance supply chain management by connecting blockchain technology with the real world through ‘a comprehensive governance structure, a robust economic model, and advanced IoT integration’.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Cardano Foundation
There are three organizations that are contributing to the development of Cardano.
Messari
Messari is a fast growth startup in New York that is building the next generation data layer for the global cryptoasset community.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.