- With a quotient score of 52.6, the decentralized blockchain Cardano (ADA) has emerged as the top cryptocurrency brand, according to the MBLM Top Brand Intimacy 2022 survey.
- To place 26th overall, Cardano outscored other well-known businesses including carmaker Ford (NYSE: F) and food-processing business Nestle.
- Polkadot (DOT), which finished in position 111, was followed by Bitcoin (BTC), which came in as the second-placed digital asset brand overall.
- Overall, MBLM acknowledged that traditional financial services have underperformed cryptocurrencies, which will have an effect on the destinies of both businesses.
According to the MBLM Top Brand Intimacy 2022 report, decentralized blockchain Cardano (ADA) in particular has emerged as the leading cryptocurrency brand, with a quotient score of 52.6. As the industry as a whole evolves, various cryptocurrency projects are competing for market domination. In this vein, initiatives with broader use cases seem to connect well with a range of audiences.
Cardano outperformed other well-known companies like automaker Ford (NYSE: F) and food-processing company Nestle to come in at number 26 overall.
The second-placed digital asset brand overall was Bitcoin (BTC), which was followed by Polkadot (DOT), which came in at position 111. Ethereum (ETH), the fourth private cryptocurrency brand, was ranked 120th at the time.
The MBLM’s Brand Intimacy Study prioritizes the most emotionally compelling companies, and the ranking makes use of cutting-edge methods like artificial intelligence to gauge how closely customers relate to the products and services they use and adore.
According to a quotient score between 0 and 100, the study examines intensity, archetypes, and stages to determine how intimate a relationship is. The emotional connection to a brand is more intense the higher the score.
How Cardano was able to outperform Bitcoin?
The asset has reportedly outperformed Bitcoin, a widely used and traded cryptocurrency, as a result of many activities by Cardano developers, claims the study.
Notably, Cardano’s position was credited to the lower investment costs and capacity to reduce risks, as well as to the network’s branding, which positions it as a platform aiming to assist all changemakers.
“Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create the possibility for the many, as well as the few, and bring about positive global change.” This may explain why Cardano leads in building emotional connections and stronger bonds with users,” the study said.
The results are consistent with the ongoing Cardano network development, which intends to improve blockchain technology in an effort to displace Ethereum-like platforms.
The Vasil hard fork, which aims to make the blockchain more scalable, is one example of what the network is waiting to install.
“Cardano has been ranked 26 among the highest-ranking brands in the MNLMs Top Brand Intimacy 2022’ report. It ranks higher than brands such as IKEA, BMW and Bitcoin (which squeezes into the Top 30. Cardano is the top cryptocurrency brand, with a quotient score of 52.6”
"Cardano has been ranked 26 among the highest-ranking brands in the MNLMs ‘Top Brand Intimacy 2022’ report"
"It ranks higher than brands such as IKEA, BMW and Bitcoin (which squeezes into the Top 30"
"Cardano is the top cryptocurrency brand, with a quotient score of 52.6" pic.twitter.com/KkZW6DQ95P
— ₳lex (@Alex_ADA_) August 25, 2022
In other places, MBLM pointed out that even while Bitcoin lags behind Cardano, it is better integrated into people’ daily lives and stands out as a crucial component of those lives.
It’s important to note that cryptocurrencies were one of the 19 businesses on the list for the first time, arriving at number eight.
“This is indicative of users’ increasing frustration with traditional financial services. A decline in trust and an increase in disdain toward these institutions may prompt disgruntled users to search for an alternative,” the report added.
Overall, MBLM admitted that cryptocurrencies had outperformed traditional financial services, which will have an impact on both industries’ futures. However, the researchers emphasized that regulation and investor and user protection are essential for viability, particularly in light of the bankruptcy filings of cryptocurrency companies like Celsius.