2022-12-9 22:27 |
Cardano supporters assert that 2023 will be a highly bullish year for the Cardano network’s ecosystem and native token ADA.
In a recent Twitter thread, pseudonymous Cardano community pundit and ambassador ‘ADA Whale’ revealed why he believes the coming year will be massive for the network.
‘ADA Whale’ stated that with governance coming in 2023, Cardano is set to turn the tables on other blockchain networks as opposed to what has been playing out in 2020-2022, where Cardano has been “mostly playing catch up” and letting them set the narrative.
With governance, Cardano will be self-governed and start taking things in a more ambitious direction than flipping shitcoins. According to the pundit, this will shock the blockchain space and get participants in other networks demanding on-chain self-governance.
“The real shock to the system will come when they realize that to many there’s more appeal in joining a global digital people’s movement that wants to improve the world, rules itself and has a fully loaded treasury at its disposal, than there is to becoming a wannabe banker,” he wrote.
How will governance put Cardano ahead of other networks?‘ADA Whale’ isn’t the only Cardano community member bullish on the new era the network is set to enter. Back in October, CEO of IOG Charles Hoskinson stated that the era dubbed the Age of Voltaire—after the 17th-century French philosopher and prolific writer—will teach other industry players “how to do decentralized governance.”
The Voltaire era will essentially see Cardano become fully autonomous by introducing voting and treasury systems to mark the complete decentralization of the network.
According to an IOG blog post, Cardano is already testing running treasury mechanisms in Project Catalyst—Cardano’s ecosystem support program—which combines research, social experiments, and community consent to establish open, a democratic culture within the Cardano community.
The initiative will ultimately remove Cardano core companies like IOG, the Cardano Foundation, and Emurgo from the driving seat of the network and place all future advancement decisions in the hands of the entire community.
The network has also started to see benefits from upgrades carried out this year, including the Vasil hardfork, which has cut transaction fees and block space consumption.
Meanwhile, the price of ADA has continued to trade far below its previous all-time high (ATH) of about $3 reached in Sept. 2021. At press time, ADA was trading at around $0.31, up 1.95% in the last 24 hours and 89.9% from ATH.
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