Today, the Cardano subreddit in on fire, following the decision by moderators to delete posts asking about the new roadmap and the Shelley release. The price has taken a hit too, at least relative to the other top 10 cryptos, which is contrary to the expectation that Cardano would have gained after the summit. The root of it all is that, the IOHK had promised the community that the new roadmap would be released after the summit, and so far nothing is forthcoming. On top of that, the community was expecting specifics, dates and other updates about Shelley during the summit, and none of this happened.
Considering that Shelley was delayed a couple of times last year, any more delays could create a negative perception about Cardano (ADA) in the market. In fact, it’s already happening, if its price action in the last 12-hours is anything to go by. So are the community concerns legit or is it a case of investors expecting too much?
Well, it goes both ways. On one hand, the IOHK have over the last 18 months positioned Cardano as this superior project that is founded on academic and scientific principles, and the market bought that. However, as time goes by, this need to translate into results. That’s because, other projects are getting things done, and if Cardano falls back, it could risk losing relevance. Projects like Tezos (XTZ) have already achieved what Cardano is still promising to deliver at a future date. Even far inferior projects have delivered results, and are slowly picking up in adoption. As such, if there is no transition from the academic and philosophical quick enough, then Cardano could arrive at the scene with an amazing product, but a year or two too late. It could even get worse if a perception develops that the team creating Cardano doesn’t tolerate criticism and only wants to push a positive narrative of the project. This could see capital flight from the project into Bitcoin (BTC) and other projects that investors feel are delivering.
Nonetheless, the average crypto investor tends to expect too much too quickly too. For instance, there was a lot of buzz that Shelley would be released during the summit, and take Cardano to the moon. This explains Cardano’s positive trajectory in the last few weeks. There has been a trend to put too much expectations on summits and conferences. This is expected given that the market has been deep in bear territory for so long. It’s only natural to want to hold on to anything that can the price.
That said, Cardano (ADA) is still a strong crypto to hold in a crypto portfolio. As long as they can deliver Shelley this year, then it has a real chance of success. This project has so much going on, that it is unlikely to fail. Besides, Charles has a good reputation, and would not want to risk it by failing to deliver on the Cardano roadmap.