Cardano was created by the former co-founder of Ethereum and was designed to scale in a way that Ethereum never could.
This Proof of Stake platform addresses the mounting environmental issues of Proof of Work blockchains, all the while scaling in a decentralized manner. As Cardano approached the release of the update that enabled smart contracts on the blockchain, its price hit all-time highs.
The release of smart contracts did not go as many had anticipated. While the network update launched without a hitch, the number of developers and applications did not show up. It was 11 weeks after that Cardano launched smart contract capabilities, the utilization of the network is still underwhelming. To this day, there are very minimal dapps on the Cardano blockchain and its usage is extremely low. The price has sunk and since struggled to regain the previous levels it once held.
Now the issues surrounding Cardano have increased with the European exchange delisting eToro. In a statement from the exchange, they claimed that both Cardano and Tron would be delisted from their platform due to regulation and compliance issues. Trading and staking of these coins will cease just after Christmas. The news came as a shock to the community and the price of Cardano sank to a three-month low.
The founder of Cardano, Charles Hoskinson was quick to jump on Twitter to make a statement. Hoskinson pointed out that the Cardano coin, ADA, would not be fully delisted from the eToro exchange, but only be limited to non-US customers. He also pointed out that other and much larger exchanges have added ADA recently.
Regardless of the founder’s response, the token price has continued to sink. The price of ADA is 26% less than it was one month ago. The popularity surrounding the blockchain is beginning to dissipate as many are not seeing the results they thought they would. Other trading platforms like Solana have seen incredible adoption lately and have taken over as the most desired chain behind Ethereum.
If Cardano can find the adoption they need to be a contender in the blockchain race, they have the potential to reach the highs they saw earlier this year. If they continue to struggle it could be a long road ahead for the chain.