Hayes and Hoskinson’s Interpretation of Cardano
Journalist
Posted:
- Hayes questioned the network’s ability to create successful dApps.
- Cardano has one of the highest market cap to TVL ratios in the industry.
Bitcoin [BTC] Arthur Hayes, co-founder and proponent of cryptocurrency exchange BitMeX, ruffled a few feathers when he used unsavory terms to describe the popular blockchain Cardano [ADA].
Hayes attacks Cardano again
The American entrepreneur has expressed concerns about the network’s ability to create effective, natively built, decentralized apps.
Hayes asked, after attaching an excerpt of the Web3 projects that were most successful in the past year: “Which dApp was originally built on Cardano or has a Cardano product that is heavily used?
Even Bitcoin billionaire Charles Hoskinson asked to enlighten him about Cardano’s achievements in a seemingly sarcastic remark.
Charles Hoskinson answers
Hoskinson’s answer was bait. Hayes was asked why he didn’t like Cardano. Hoskinson said that Hayes was a man he admired.
Hayes replied that his dislike of Cardano was not personal and that he admired Hoskinson. However, Hayes continued to be tough on Cardano.
Arthur Hayes has not previously shied away from criticizing Cardano. In a recent interview with Coin Bureau, Arthur Hayes called Cardano a “wannabe Ethereum” in terms of its relevance in the blockchain space.
Was Hayes right or not?
According to AskFX’s analysis of DeFiLlama’s data, Cardano has seen its DeFi growth lag behind its market capital increase over the years.
The total value of the chain was only $460 million at the time of this writing. This is much lower than other chains that stand on a similar base. This is despite a 147% increase in the last 4 months.
Source: DeFiLlama
Check out ADA’s price prediction for 2024-25
Cardano had one of the highest market cap to TVL ratios in the industry, indicating a highly valued asset indicates. Simply put, ADA’s native assets did not justify its large market cap.
Investors are generally less interested in such projects because they offer less room for growth. According to CoinMarketCap, ADA was trading at $0.59 at the time of writing. This represents a 6.68% decline in the last 24 hours.
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