Hoskison Dismisses Damning Report On Cardano
Cardano founder Charles Hoskinson has responded to a report that criticizes the blockchain ecosystem of the cryptocurrency. The report suggests that Cardano has little real-world utility compared to Bitcoin and Ethereum, and that its native token ADA is mostly speculative. However, Hoskinson dismissed the report and questioned the credibility of the research company behind it.
Claims of Fabricated Network Activity
The report from K33 Research argues that the activity on the Cardano network is mostly fabricated. Despite averaging 90,000 daily transactions, the report claims that these transactions are generated by a few holders of ADA, with no outside activity beyond blockchain data and trading on exchanges.
Stablecoin Market Critique
A major point of criticism in the report is the absence of stablecoins like USDT and USDC on the Cardano blockchain. The report suggests that this indicates a lack of real activity on the network, as stablecoin issuers Tether and Circle are aware of this.
Hoskinson’s Response
Hoskinson responded to the report with skepticism, questioning who the research company was. His comment implies a disregard for the reliability of the report.
ADA Investors Reject Report
Many ADA investors have also rejected the credibility of the report. One prominent Cardano enthusiast dismissed it for lacking sufficient information about the blockchain network.
What’s Next For ADA?
This isn’t the first time Cardano has faced such criticism, but development activity on the network continues to grow. There are currently 157 projects launched on the chain, with 1,319 still under development. In terms of price action, ADA has experienced a downtrend recently, trading at $0.5153 at the time of writing.
Potential Price Surge for ADA
A crypto analyst suggests that ADA could experience a significant price surge. The analyst notes that the current consolidation period for ADA resembles its behavior in late 2020, which led to a 2,980% surge in the following months. If history repeats itself, ADA could see an upswing starting in April and reach a price target of $7.
Hot Take: Hoskinson Dismisses Report Criticizing Cardano’s Blockchain
Cardano founder Charles Hoskinson has dismissed a report that questions the real-world utility of the cryptocurrency’s blockchain ecosystem. The report suggests that Cardano lacks activity beyond fabricated transactions and trading on exchanges. It also highlights the absence of stablecoins on the network as an indication of low real activity. Despite these claims, Hoskinson has expressed skepticism towards the report and questioned its credibility. ADA investors have also rejected the report for lacking sufficient information about the blockchain network. Despite criticism, development activity on Cardano continues to grow, with numerous projects launched and under development. Additionally, there is potential for a significant price surge for ADA if history repeats itself.
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