Cardano ADA/USD is a Proof-of-Stake (PoS) blockchain network that is founded on peer-reviewed research and has seen a consistent level of development through evidence-based methods.
Cardano is designed to be a decentralized application (dApp) development platform that features a multi-asset ledger and verifiable smart contracts powered by the ADA token.
The Basho Phase progress as a catalyst for growth
On January 11, we covered if the ADA token could reach $2 after its latest developments.
On January 14, we saw an update from Input Output showcasing how they are scaling Cardano in 2022 through the Basho development stage, intended to handle the demand brought by the new functionality that came to Cardano with smart contracts.
In the report, it was noted that the company behind Cardano would develop both on and off-chain improvements, which will pave the way for the expanding decentralized application (dApp) ecosystem.
The Basho stage will focus on investing resources in optimization and scaling, with the goal of dealing with the anticipated surge in Cardano-based decentralized applications.
One of the on-chain improvements will be an increase in the block size, following the recent increase from 8KB to 72KB.
Pipelining will also reduce block propagation times by combining validation and propagation. Additionally, blocks are expected to reach 95% of peers within five seconds, and there will also be an introduction of input endorsers.
All of these improvements can lead to an increase in the value of the ADA token.
Should you buy Cardano (ADA)?
On January 17, Cardano (ADA) had a value of $1.543.
To get a better perspective as to what kind of value point this is for the ADA token, we will go over it’s all-time high point of value alongside its performance in December.
Cardano had an all-time high value of $3.09 on September 2, 2021. Here, we can see that at its ATH point of value, the token was $1.547 higher in value or by 100%.
On December 2, the token had its highest point of value at $1.751. Its lowest point of value was on December 17, when the token decreased in value to $1.2. This gives us an indication that the token decreased in value by $0.551 or by 31%.
With this in mind, after the Basho phase, the ADA token has the potential to reach $2 by the end of January, making it a solid buy.
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