Cardano’s Initial Coin Offering (ICO), conducted between 2015 and 2017, stands out as a remarkable success story in the cryptocurrency space. Raising 108,845 BTC during its ICO, initially valued at $62 million, the project has since experienced explosive growth.
Cardano’s market capitalization has surged to $6.23 billion, with its token market value reaching an impressive $15.71 billion. This remarkable ascent underscores Cardano’s success compared to other blockchain projects from that era.
Review of Major ICO Projects Around 2017: EOS raised up to 7.21 million ETH, then exchanged it for BTC, and currently still holds more than 140,000 BTC. Only Filecoin, Polkadot, and Cardano currently have a market value far higher than the funds raised during ICO. pic.twitter.com/kdaSuCyMxL
— Wu Blockchain (@WuBlockchain) July 22, 2024
While other projects like EOS, Filecoin, and Tezos have also seen substantial growth, Cardano’s performance has been exceptional. In contrast to Bancor and TenX, which have seen mixed results, Cardano and Polkadot have demonstrated remarkable growth.
This success reflects their strong development and ongoing adoption in the cryptocurrency market. The stark contrast in results highlights Cardano’s robust market presence and investor confidence.
In recent developments, Cardano is preparing for a major transformation with the upcoming Chang hard fork. This upgrade marks the first phase of the network’s transition to decentralized governance.
The new Node 9.1.0 software, released on July 8, is essential for this transition. It incorporates the Conway Genesis file, a necessary component for the move to the Chang hard fork. Currently, 18% of validators have updated to the new node, but further work is needed on scripts and tooling.
The Chang hard fork is expected to bring significant changes to Cardano’s ecosystem. This upgrade will establish on-chain governance mechanisms, including a constitutional committee and delegate representatives who will vote on behalf of ADA holders.
Subsequent phases will introduce “bootstrap governance,” allowing the ecosystem to adapt to new features as outlined in Cardano Improvement Proposal 1694.
Cardano’s recent upgrades include the Vasil hard fork in September 2022, which improved block creation speed and smart contract performance, and the Alonzo hard fork in September 2021, which introduced smart contracts to the network.
Despite a minor delay due to a DDoS attack in June, the Chang hard fork is on track to be activated, marking a significant step towards decentralization.
At press time, Cardano is trading at $0.411778 with a 24-hour trading volume of $322,119,732, reflecting a 4.11% increase over the last 24 hours.