In September, there were two big tech upgrades in the crypto world. One, of course, was The Merge from Ethereum (CRYPTO: ETH). The other was the Vasil Hard Fork from Cardano (CRYPTO: ADA). Unlike The Merge, there was little to no hype before Cardano's big upgrade. And there has been little to no hype after the upgrade. In fact, Cardano is currently trading at $0.43, which is almost exactly the price that it was trading at before the upgrade on Sept. 22.

So was Cardano's tech upgrade a big nothing burger, or are analysts discounting what the upgrade means? Maybe analysts are suffering from post-Merge fatigue, or maybe they were simply caught sleeping by Cardano's upgrade, but there are two reasons to believe Cardano could be undervalued right now.

The most common complaint about Cardano is that the Cardano ecosystem just isn't big enough. Developers aren't building on top of the Cardano blockchain, they say. As a result, there isn't much happening on the Cardano blockchain. If you look at Total Value Locked (TVL), which is a key metric for measuring blockchain activity, Cardano does trail far behind other Layer 1 blockchain rivals. And Cardano does not yet have a "killer app" that is attracting users in droves. That is one big complaint that billionaire investor Mark Cuban has made about Cardano.

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Source Fool.com