Cardano (ADA) founder Charles Hoskinson has proposed a potential collaboration with cryptocurrency exchange Kraken to develop a layer-2 blockchain network. This move comes as Cardano aims to scale its ecosystem and attract more users and developers.
Another positive thing about Cardano is that prominent analysts are bullish on ADA, with price targets ranging from $10 to $30 by 2024.
Cardano-Kraken Potential Partnership
Charles Hoskinson recently posted on X to suggest a partnership between Cardano and Kraken in building a layer-2 solution. This proposed collaboration aims to enable faster, cheaper, and more scalable transactions on the Cardano network. Hoskinson believes such a partnership could accelerate the adoption of decentralized applications (dApps) on Cardano.
— Charles Hoskinson (@IOHK_Charles) November 12, 2023
While Kraken has not yet responded to Hoskinson’s proposal, the exchange has previously expressed interest in exploring layer-2 technologies. In May 2023, Kraken CEO Jesse Powell mentioned that the crypto exchange was actively working with leading companies to launch its layer-2 solutions.
Coinbase, another prominent cryptocurrency exchange, launched its own layer-2 network called Base in June 2023. Base, a Layer-2 Optimistic Rollup, aims to enhance the scalability, security, and cost-effectiveness of decentralized applications (dApps) on the Ethereum blockchain. Notably, Base has already attracted prominent partners such as Aave, Chainlink, and Uniswap.
Prominent Analysts Set $10 to $30 ADA Price Target
ADA, the native token of Cardano, has been experiencing impressive performance in recent weeks. Since the beginning of 2023, ADA has surged by over 100%. Analysts are optimistic about ADA’s future, with price predictions ranging from $10 to $30 by the end of 2024.
Cryptocurrency analyst Ali Martinez believes that ADA could reach $10 by the end of 2024. Lucid, another cryptocurrency analyst, is even more bullish, predicting that ADA could soar to $30 within the same timeframe.
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Implications for Cardano and Investors
The proposed partnership between Cardano and Kraken holds significant potential for the Cardano ecosystem. A layer-2 solution would enable Cardano to scale its network, facilitating faster and more cost-effective transactions. This scalability enhancement would make Cardano more appealing to users and developers, further driving adoption and growth.
The bullish price predictions for ADA also provide encouraging prospects for Cardano investors. However, it is crucial to remember that the cryptocurrency market is highly volatile and unpredictable. Investors should conduct thorough research and exercise caution before making any investment decisions.
Cardano stands as one of the most promising blockchain projects in the industry. The potential collaboration with Kraken and the bullish price predictions for ADA indicate that Cardano is well-positioned for future growth and success.
Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.
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