Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Cardano Reaches Grayscale: Slow and Steady Wins the Race

CryptocurrencyJul 08, 2021 03:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Cardano Reaches Grayscale: Slow and Steady Wins the Race

  • Cardano surprised its sceptics after the groundbreaking announcement that Grayscale added the asset to its fund.
  • Grayscale reduced the share of Bitcoin in its Digital Large Cap Fund to make room for Cardano.
  • This comes after sceptics teased Cardano and called it “vaporware” due to the ambitious nature of the project.
  • Cardano’s impressive developments over the last month see the asset trade at a respectable $1.40, threatening to take fourth place in the cryptocurrency rankings from BNB.

Cardano is a testament to the proverbial saying that “slow and steady wins the race” following its marriage to Grayscale. Before the addition into Grayscale’s Digital Large Cap Fund, Charles Hoskinson, founder of Cardano revealed extensive details about the ambitious plans for the network.

The plans took a while to materialize, triggering dissent amongst some members of the crypto space. A few months down the line it seems the stars are aligning for Cardano and the addition to Grayscale’s Digital Large Cap Fund has proved sceptics wrong.

Grayscale: Cardano Rubs Shoulders with Bitcoin and Ethereum

The largest crypto asset manager in the world, Grayscale, sent the Cardano community into fits of excitement following the announcement they would add the asset to the Digital Large Cap Fund.

The addition into the fund pursued the rebalancing of the fund in the quarterly review. The review led to the sale of some fund components by Grayscale and the realized amount was used for the purchase of ADA.

In particular, Bitcoin’s share of the trust was reduced from 79.8% to 67.47% while Ethereum increased from 17.5% to 25.39%. After the announcement, Cardano occupied the third spot with 4.26% of the total fund.

Speaking on the development, Edward McGee, VP of Finance at Grayscale commented that Grayscale was “excited” to welcome Cardano to the family and reiterated the Fund’s desire to “safely hold assets that collectively comprise 70% of the entire digital asset market.”

The latest addition brings the digital assets under Grayscale’s management to around $29.8 billion.

Vaporware: Charles Hoskinson’s Big Plans

Over the years, the moniker “vaporware” has been used, by sceptics, to refer to Cardano because of the grand and ambitious nature of the project. The slow pace of the project cast suspicions in the mind of the cryptocurrency enthusiasts that Cardano may have no practical use case.

According to Charles Hoskinson, Cardano spent four years researching the creation of an ideal programming model for smart contracts.

Given the substantial amount of time, Cardano faced criticisms for its slow development which its founder said was due to engineering, not scientific delays.

On the Flipside

  • However, Cardano has proved to sceptics that it is the real deal with innovations and stellar partnerships.
  • Regardless, it still has to do more to maintain its status as part of the leading pack.
  • This means the proposed roadmap should follow the timeline with minimal delays.

Picking Up Pace and Leading the Pack

In the face of mounting criticisms, Cardano has flipped the script with its stellar upgrades and impressive milestones. The success of the Alonzo upgrade introduced smart contracts to the network as the project gears for Alonzo White.

The technical advancements made by Cardano and the ecosystem’s exodus to environmental sustainability led to Cardano setting a new all-time high of $2.46. Another development saw the network grow to 1 million wallets and a whopping $30 billion worth of ADA being staked amounting to 70% of its supply.

The announcement by Grayscale is just another milestone in its ever-growing list of achievements, giving credence to the saying that slow and steady wins the race.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Cardano Reaches Grayscale: Slow and Steady Wins the Race
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email