Cardano Founding Entity EMURGO Maps Out Growth Strategy For 2024

EMURGO, a founding entity of the Cardano blockchain, has recently reflected on the achievements of 2023 and unveiled a roadmap for the ecosystem in 2024.

With a focus on sustainable community governance, technical advancements, interoperability, and ecosystem expansion, Cardano aims to improve its position in terms of decentralized applications (DApps) and real-world Web3 solutions in 2024.

Cardano Roadmap Unveiled

As EMURGO highlights in its roadmap, in 2023, Cardano took steps toward establishing sustainable community governance through initiatives such as CIP1694 and the launch of Intersect, a member-based organization. 

According to the founding entity, these developments laid the foundation for the blockchain’s minimum-viable community-run government. 

With a vision of 2024, the upcoming Chang hard fork, which will be implemented by community consensus, will begin the “bootstrapping phase” of Cardano’s governance model. 

In particular, Delegate Representatives (DReps) will play a critical role as elected voting representatives of the  community, participating in decision-making processes regarding the network.

Moreover, in 2024, Cardano plans to take further strides towards achieving full community governance, known as Voltaire. This involves organizing Cardano constitution workshops, conventions, and voting events throughout the year. 

These activities aim to “empower” the community by providing opportunities for active participation and decision-making in shaping the future of the ecosystem. EMURGO expects the progress made by Intersect to contribute significantly to the realization of full community governance.

Cardano’s No-Smart-Contract Tokenization 

EMURGO notes that Cardano’s blockchain has become a “thriving ecosystem” for decentralized applications in sectors such as decentralized finance (DeFi) and non-fungible tokens (NFTs). 

The entity emphasizes Cardano’s approach, which allows the issuance of tokens without the need for smart contracts, making it easier for brands and creators to embrace Web3 and tokenize real-world assets. 

By the numbers, the ecosystem is witnessing a growing number of projects using Cardano’s technology, with more than 150 projects already launched and over 1,300 in development. 

Notably, EMURGO highlights programming languages such as Plutus, Marlowe, and Aiken, along with open-source tools, which provide developers with resources to build innovative solutions on top of the blockchain.

Moreover, the founding entity emphasizes that Cardano recognizes the importance of interoperability and has developed a sidechain toolkit to enable developers to build sidechain solutions and seamlessly connect them with the ecosystem. 

ADA Sees Impressive Long-Term Surge

Cardano’s native cryptocurrency, ADA, currently trades at approximately $0.6346. Over the last 24 hours, ADA experienced a minor decline of 2.14%. However, the cryptocurrency has shown resilience over the past seven days, with a positive growth rate of 3.52%.

Looking at the longer-term trends, ADA has surged by a significant 61.67% over the past 30 days and a notable 120.47% over the past 180 days. 

According to Token Terminal data, ADA’s market capitalization, based on the circulating supply of ADA, stands at $21.80 billion. This represents a substantial increase of 56.89% in the past 30 days.

Moreover, when considering the fully diluted market capitalization, which takes into account the maximum supply of ADA, the figure rises to $27.99 billion, indicating a similar growth rate of 56.73%. 

Featured image from Shutterstock, chart from TradingView.com