Cardano: Forging the Future of DeFi

Influencers from the crypto community often provide unique insights into Cardano’s journey.

Yesterday, Dan Gambardello, Founder of Crypto Capital Venture, as well as the host of the very popular YouTube channel “Crypto Capital Venture,” wrote that the crypto market’s strong rally in response to the fake news about the U.S. SEC approving the first-ever spot Bitcoin ETF) strongly suggest that alternative digital currencies like Cardano are set to attract a substantial slice of the incoming trillions of dollars in the sector.

Today revealed very clearly that altcoins like Cardano are going to absorb a massive portion of the trillions of dollars about to enter this space.

— Dan Gambardello (@cryptorecruitr) October 16, 2023

Earlier today, he said that the decline in Cardano’s price to its low point has surprisingly led many to believe it indicates vulnerability. He went on to say that, in reality, $ADA is following the same pattern as its previous cycle and that a broader perspective easily clarifies the situation.

As Cardano price fizzles out towards its bottom, it’s shocking to see how many people come to the conclusion that this signifies weakness.

ADA is doing exactly what it did last cycle. It’s simple data.

It’s not difficult to see what’s happening if you zoom out. pic.twitter.com/oX1h8Xn6Sk

— Dan Gambardello (@cryptorecruitr) October 17, 2023

Also, ADA Whale, a well-known influencer and educator in the Cardano community, voiced his excitement for what lies ahead in Cardano’s decentralized finance (DeFi) sector. According to ADA Whale, the Cardano community has endured two years of ridicule for not aligning with the broader crypto ecosystem, particularly regarding Ethereum Virtual Machine (EVM) compatibility. Despite these obstacles, ADA Whale states that Cardano is on the cusp of a new chapter that will feature the roll-out of some of the most innovative DeFi applications.

Hyped for the next few months in Cardano DeFi. They laughed at us for 2 years for not being like 99% of the rest of the space (EVM and alike) and overcoming some hurdles, but we now begin the chapter where some of the most innovative DeFi apps are about to be launched RIGHT HERE.

— ADA whale (@cardano_whale) October 17, 2023

As for Rick McCracken, the host of the YouTube channel “Digital Fortress,” he stated that Proof of Stake (PoS) Layer 1 platforms like Cardano ought to be classified as active income rather than passive income. He emphasized that individuals who allocate their stake to pools are essentially contributing computational power, similar to operating a proof-of-work mining setup. McCracken also pointed out that existing laws may require amendments, as this form of income should not be equated with passive investments like stock holdings.

Proof of Stake L1s like Cardano should be active income, not passive income. The people providing stake to pools are providing hash power, just like running a proof of work mining rig. It’s active income.

Legislation may need to be fixed. It’s not like a passive stock holding.

— Rick McCracken DIGI (@RichardMcCrackn) October 16, 2023

And finally, Cardano YODA commented on the common perception that decentralization and self-custody are exclusive to Bitcoin. He noted that some people label similar features in other projects as fraudulent or pyramid schemes. The popular influencer argued that for decentralization to truly take hold, it must be collectively demanded across various platforms where it is applicable. He emphasized that if the goal is to have decentralized currency, then decentralized financial services are equally crucial. In this context, Cardano YODA stated that Cardano and Bitcoin can serve as complementary forces. He warned that without this understanding, the widespread adoption of cryptocurrencies will remain an unattainable goal.

People sometimes say that decentralization and self-custody are the future. Sometimes the same people say that it only applies to #Bitcoin. The same features are necessarily some scam or ponzi in other projects.

Decentralization only has a future if we demand it together…

— Cardano YODA (@JaromirTesar) October 17, 2023

These insights paint a picture of Cardano’s journey, characterized by a commitment to decentralization, potential growth, and a vibrant DeFi landscape on the horizon.

Featured Image via Unsplash

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