A prominent Cardano ecosystem participant has elated the community with a prediction that ADA could reach $20 if a recent partnership runs its full course.
Altcoin Oracle, a delegated representative (DRep) in Cardano’s newly integrated decentralized governance system, recently shared a bold but bullish prediction. In an April 17 tweet, he suggested that Cardano could rally to $20 owing to a recent partnership between the Cardano and Bitcoin ecosystems.
Cardano to Become Bitcoin DeFi Catalyst
The DRep employed the AI bot ChatGPT to dissect Cardano’s price targets if the layer 1 network becomes a primary Bitcoin decentralized finance (DeFi) enabler. For the uninitiated, Cardano founder Charles Hoskinson has dwelled extensively on this project, which was born out of a collaboration with BitcoinOS, and its implications for the blockchain.
Last year, Cardano’s development arm, EMURGO, partnered with BitcoinOS to introduce DeFi features on the network that houses the pioneering blockchain network. The project, which Hoskinson has emphasized is the ecosystem’s main focus this year, will unlock smart contract properties for Bitcoin developers and leverage the network’s over $1.6 trillion liquidity for the Cardano ecosystem.
Meanwhile, Altcoin Oracle highlighted that the massive project would not only allow Bitcoin users to access features like lending, borrowing, and yield-bearing protocols but also significantly impact ADA’s price. He asked ChatGPT about the implications for Cardano by 2030 if the Cardano network becomes a primary Bitcoin DeFi enabler.
Analysis Highlights Implications for Cardano
ChatGPT predicted that Cardano’s market cap would skyrocket to between $500 million and $1 trillion, spurred by liquidity influx and institutional adoption of DeFi on the Cardano network. Recall that Hoskinson had earlier asserted that DeFi on Bitcoin would trounce that on the Ethereum and Solana blockchains.
Meanwhile, with a market cap and a hypothetical supply of 50 billion ADA, the AI bot predicted a surge to between $10 and $20, representing a staggering 1,522% and 3,144% increase from the current price. However, if Cardano maintains its current supply of 35.28 billion, the asset will rally to between $14 and $28 on the same valuation.
Furthermore, the bot predicted that Cardano would rival Ethereum in total value locked (TVL) and decentralized applications. Recall that the meager developer traction to the Cardano ecosystem had been a significant concern, bringing about the “ghost chain” tag.
Additionally, Ethereum has a TVL in DeFi of $46.32 billion per DeFiLlama, controlling approximately 52% of all TVL across all crypto networks. Cardano, on the other hand, has just $288 million, with newer chains like Aptos ($973 million) and Sui Network ($1.2 billion) outperforming the blue-chip network by a significant margin.
As a result, the hypothetical widespread adoption that would stem from the collaboration would ensure Ethereum has a proper DeFi contender in Cardano.
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