- Famous crypto YouTuber claims that Cardano will surpass Ethereum in market cap and users in the next ten years.
- Cardano is among the top blockchains whose development activities have been rising recently.
However, he added that Cardano’s overtaking Ethereum won’t happen soon. Armstrong stated that it might take 6 to 10 years before his prediction comes to pass. He further explained that the roadmap for the full rollout of Ethereum 2.0 would be slow. Thus, enabling Cardano to take over.
I officially now believe that Cardano will eventually pass Ethereum in market cap & users.
It won’t be soon, but ironically, the slow roadmap for full ETH 2.0 rollout will be the Achilles Heel.
Timeline: 6-10 years.$ADA
— Ben Armstrong (@Bitboy_Crypto) October 15, 2022
Some optimistic members of the Cardano community believed Armstrong’s prediction could become a reality over the long term. While Cardano’s valuation of $12.5 billion is impressive, it pales compared to Ethereum’s $156 billion valuation. Ethereum’s valuation rose to half a trillion dollars during the last bullish season.
It is worth noting that Cardano’s native token is underperforming compared to Ethereum. Many in the crypto space do not take Armstrong’s predictions seriously, given his reputation. He soiled his reputation when he sued a fellow YouTuber over an allegation of promoting fake crypto projects. The crypto space massively criticized Armstrong’s legal action, forcing him to withdraw the case.
Rising development activity in Cardano
Coin98 data has revealed that Cardano is one of the leading blockchains with the most active developer count. According to the data shared on Twitter, Cardano ranks second, with Ethereum occupying the first position. Others in the top 10 include Polkadot, Solana, and Polygon. The data ranks Bitcoin (the number one crypto asset) in a distant 9th position.
Ranking of active developer counts:
18. Fantom pic.twitter.com/M4dDfFImaG
— Coin98 Analytics (@Coin98Analytics) October 15, 2022
More developers are contributing to the GitHub repository of the Cardano developer portal; the portal currently has 600 forks. It includes everything being done on the Cardano mainnet. Previously crypto analysts nicknamed Cardano a ghost chain for the lack of activity on the network.
However, recent events show that the network has become a hive of developer activities. Developers are showing a strong commitment to the network by creating new products and improving the features of their existing products. Cardano’s Plutus script is now 3,474 and has been rising recently.
The Plutus script is an indicator of development activity in the Cardano ecosystem. Recent data from Input-Output Global, IOG, (the Cardano network developer) states that there are 102 projects on the network. Cardano’s native token (ADA) spiked massively following the recent Vasil hardfork.
However, it’s struggling to maintain that bullish run at the moment. The full capabilities of the Vasil upgrade were deployed within five days when the update started. Thus, developers can enjoy all benefits associated with the Vasil upgrade.