Cardano (ADA) Outperforms Crypto Market Rising 400% Year-to-Date

Cardano (ADA) Outperforms Crypto Market Rising 400% Year-to-Date

Cardano’s ADA cryptoasset has appreciated more than 400% so far this year, thanks to the efforts of development team IOHK and a string of exciting releases. 

Cardano recently announced the launch of its new update Goguen, replacing the previous Shelley protocol.

While the update is limited to the project’s public testnet, Goguen seeks to offer smart contract functionality through Cardano, transforming the project into a decentralized finance (DeFi) platform and competitor to Ehtereum. 

ADAUSD Chart via TradingView

IOHK, the Hong Kong-based development team founded by ethereum co-creator Charles Hoskinson, has announced they will give up control of new block production on March 31, solidifying the transition to Goguen.

The company also announced efforts alongside the Cardano Foundation to push blockchain adoption in Africa, creating a potential corridor of millions of new ADA users. 

Speaking in an interview last week with Proof of Africa, IOHK director of operations John O’Connor revealed a blockchain project would be released specifically for tackling issues unique to the continent. 

He said: 

What I can say is that we are at the final stages of a large government contract that would have multimillion users being onboarded onto the platform for real-world blockchain implementation.

In addition to Goguen and smart contract functionality, the market has been responding to the potential user base growth for cardano, driving the altcoin to the fourth-largest cryptoasset by market capitalization. 

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