Bittime –Cardano (ADA)is back in the spotlight, this time regarding its marketing strategy. Rick McCracken, a prominent figure in the ADA community, highlighted Cardano's lack of popularity compared to competitors.
Even though it is known for its cutting-edge liquid staking innovation, the fact is that Cardano still lags behind Ethereum in terms of public adoption and recognition. The crux of the problem lies in Cardano's marketing strategy which is considered less effective.
According to McCracken, Cardano's marketing efforts failed to attract the attention of the blockchain industry and the media at large. Even though from a technological perspective, Cardano has an advantage.
"Cardano is actually the inventor of liquid staking , but Ethereum is the one being talked about because of Cardano's weak marketing strategy," tweeted McCracken on his Twitter account.
Cardano Project Vs. Solana
McCracken then compared Cardano to successful projects like Solana , emphasizing the importance of learning from competitors' promotional approaches. He emphasized the crucial role of marketing in attracting the interest of market players.
"In the fiercely competitive crypto world, attention is the most valuable commodity," said McCracken.
McCracken's views align with growing sentiment in the crypto community. Superior marketing capabilities often trump technological innovation in driving adoption and success of a project.
The younger generation interested in crypto is now looking for quick profits and interesting stories. Therefore, the ability to capture attention through strong marketing is becoming increasingly important.
An important lesson to be learned from the Cardano case is that in a fast-changing landscape with fierce competition, effective marketing can determine the success of a project.
As the crypto market matures and its users become more diverse, the ability to stand out and captivate users through visual marketing will become essential.
Check Today's Crypto Market:
Charles Hoskinson's Efforts Amid Declining Staking Rewards
While the popularity of Cardano (ADA) is a hot topic, the blockchain also faces internal challenges. The drop in ADA staking rewards below 3% sparked concerns about Cardano's long-term sustainability.
In response, Charles Hoskinson, founder of Cardano, outlined important steps to ensure the sustainability of the Cardano blockchain.
One of the important points that emerged in the discussion was the role of transactions. Patrick Tobler, CEO and founder of NMKR, believes that a drastic increase in transactions on the Cardano network is necessary to maintain the sustainability of the blockchain, given the decline in staking rewards.
Effectiveness of Transaction Fees Replace Staking Rewards
Tobler proposed a scheme where transaction fees replace staking rewards that come from the treasury.
Responding to this, Hoskinson acknowledged the need to increase transactions. However, he also mentioned other factors such as the presence of chain partners, increasing transaction volume, and increasing ADA value as balancing profitability for stake pool operators.
Hoskinson agrees on the importance of scalability and user adoption to make stake pool management profitable in the long term.
"Of course all cryptocurrencies require more transactions. That's the purpose of blockchain," Hoskinson said.
To make this happen, Hoskinson outlined the vital steps that need to be taken. This includes implementing decentralized governance, operating treasury, and enabling chain partners.
Staking is a fundamental aspect of the proof-of-stake mechanism that Cardano uses. Staking allows ADA holders to validate the network and earn rewards.
ADA staking rewards come from block rewards and transaction fees. Each epoch, 0.22% of total ADA reserves are allocated to block reward and treasury.
Meanwhile for transaction fees, reward distribution is based on the collection of transactions in a block printed at a certain epoch. As much as 20% of this reward goes to the treasury, while the remaining 80% is distributed to the stake pool.
The long-term goal is to make transaction fees the main source of rewards.
With strategic steps and continuous innovation, it is hoped that Cardano can overcome challenges and maintain its position as a major player in the blockchain industry.
Also Read How To Buy Crypto:
How to Buy Cardano (ADA) on Bittime
You can buy and sell Cardano (ADA) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Cardano (ADA) is available on Bittime with the ADA/IDR market pair . To be able to buy ADA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Cardano (ADA) on Bittime .
Monitor the price chart movements of Cardano (ADA) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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