Arthur Hayes, the co-founder and former CEO of BitMEX has made a controversial remark in regards to the Cardano blockchain. Hayes shared a picture through social media highlighting the charge technology of varied decentralized purposes (dApps) and protocols throughout the crypto ecosystem, questioning the presence and efficiency of ADA-based purposes inside this panorama.
Hayes Blasts Cardano As “Dog Shit”
Hayes remarked, “For all you ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, it looks like none of them do. That’s why ADA is dog shit. Charles Hoskinson, pls educate me. Yachtzee.”
The picture shared by Hayes is from Token Terminal, a platform that tracks monetary efficiency metrics throughout completely different blockchain initiatives. It shows a bar chart of varied crypto initiatives, ranked by the charges they’ve amassed. The initiatives listed embrace Kwenta, Beneficial properties Community, Aura Finance, Curve, and others, main as much as the best fee-generating initiatives like Aave, MakerDao, Uniswap and Lido Finance.
In line with the info, Cardano shouldn’t be represented among the many high fee-generating initiatives on this checklist. This absence is the premise for Hayes’ criticism, suggesting that the dearth of a closely used dApp originating from or obtainable on Cardano is indicative of the platform’s underperformance within the broader crypto market.
ADA Founder And Group Reacts
In response, Charles Hoskinson, the founding father of ADA, has not offered an in depth rebuttal as of this reporting. Hoskinson, identified for his usually vociferous defense of Cardano, has as a substitute taken a extra subdued method, which could be characterised as meek.
He replied, “Arthur, why are you throwing shade at Cardano? I like you man,” to which Hayes retorted, “Cause ur coin is a piece of shit man. I like u too man, regardless of the price of ADA. Just buy some ETH and chill.” This trade highlights a seemingly pleasant but pointed critique of ADA’s efficiency and utility within the present crypto panorama.
The Cardano neighborhood and related initiatives haven’t remained silent within the face of Hayes’ feedback. Liqwid Labs, a challenge constructed on the blockchain, identified their growth of Aave v3 liquidity swimming pools and Lido liquid staking on the platform, indicating the existence of progressive DeFi merchandise throughout the ADA ecosystem.
Equally, Dan Gambardello, founding father of Crypto Capital Enterprise, emphasised ADA’s distinctive options, reminiscent of its native liquid staking system, which he argues showcases the platform’s innovation and safety. “It’s not about “believing” in Cardano. […] That’s referred to as innovation. And it’s safe. Long run worth buyers discover safety engaging. You’ll be able to very merely hop into the newly growing Cardano ecosystem of dapps to reply your different questions,” he remarked.
Furthermore, the stake pool “Stake with Pride” referenced the “State of Cardano Q4 report” by Messari, which documented vital ecosystem development, together with a 166% improve in Whole Worth Locked (TVL) and a 37% improve in stablecoin worth. These metrics counsel a thriving ecosystem, opposite to Hayes’ critique.
At press time, ADA traded at $0.598.
Featured picture from Chartwell Audio system / Medium, chart from TradingView.com
