Cardano Founder Dismisses Critical Report
Charles Hoskinson, the founder of Cardano, has responded to a report by K33 Research that claimed Cardano’s native token, ADA, is useless. Hoskinson downplayed the credibility of the research firm in his retort.
Contentious Analysis
K33 Research’s report argues that a smart contract network’s native token needs significant use to hold value. However, the firm believes that ADA lacks utility and does not have a credible path toward achieving it. The research highlights the absence of proof of ADA’s utilization beyond exchange transfers and alleges artificial activity by holders.
Limited Presence in Stablecoin Market
The report also criticizes Cardano’s limited presence in the stablecoin market compared to other networks. It points out that Cardano only has 20 million Cardano-collateralized stablecoins valued below one dollar, indicating a lack of meaningful DeFi activity on the network.
Gloomy Future for Cardano
K33 analysts project a bleak future for Cardano, comparing it to other blockchain projects like IOTA, NEO, and EOS that have fallen into irrelevance due to a lack of evolutionary growth. They argue that successful blockchains emerge organically from real use rather than grandiose ideas and subsidized bootstrapping.
Hoskinson Questions Credibility
In response to the criticism, Charles Hoskinson questioned the credibility of K33 Research, suggesting a disregard for their analysis. However, his dismissive remarks raise questions about Cardano’s ability to address valid concerns and its future trajectory.
Hot Take: Charles Hoskinson Defends Cardano Against Uselessness Allegations
Charles Hoskinson, the founder of Cardano, has responded to a report by K33 Research that claimed Cardano’s native token, ADA, is useless. In his retort, Hoskinson downplayed the credibility of the research firm, questioning who they were. While he did not directly address the specific points raised in the report, his dismissive remarks raise questions about Cardano’s ability to address valid concerns and its future trajectory. The analysis by K33 Research highlighted the absence of proof of ADA’s utilization beyond exchange transfers and criticized Cardano’s limited presence in the stablecoin market. It remains to be seen how these criticisms will impact Cardano’s reputation and development moving forward.
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