Key Takeaways
- Charles Hoskinson has called out Cardano’s critics.
- Objecting to narratives of the blockchain’s demise, he insists Cardano is here to stay.
- The price of ADA has underperformed compared to other alt coins.
Cardano will turn 7 in September, which makes it middle-aged in blockchain terms. Yet according to some critics, the platform is well on its way to being obsolete.
Lashing out against the haters, founder Charles Hoskinson recently asserted that “Cardano is here” no matter what its critics think.
Why do People Say Cardano is Dead?
While Hoskinson didn’t mention critics by name, a quick Google search reveals dozens of articles with headlines like “Is Cardano Dead?”
A large part of this is down to ADA’s sluggish price performance in the past 2 years.
Compared to Solana, BNB, XRP and others, the cryptocurrency has certainly failed to deliver as an investment.
In recent months, first Dogecoin and then TON eclipsed ADA’s market capitalization, shunting the cryptocurrency into tenth place among its peers.
The Cardano ecosystem has also struggled with a high rate of deadcoins and project failures.
But as Hoskinson’s recent comments highlight, none of that matters to true believers.
Hoskinson Claims Ecosystem Thriving
Listing a string of technical achievements, the IO boss argued that Cardano is “leading the industry” in research and development.
Accomplishments he mentioned include the upcoming Chang hardfork, “tons of community DApps,” the Hydra Layer 2, the Midnight privacy network, and the PRISM digital identity framework.
“Cardano is here to stay, and it’s a juggernaut that will drag this industry kicking and screaming if it has to towards solving the real-world economic, political, and social issues we all face,” he proclaimed.
Cardano Sticking Power
Market dynamics aside, technical and economic decentralization are arguably Cardano’s biggest selling points. And once the Chang hardfork is implemented, the blockchain will have secured a level of decentralized governance that few of its peers can compete with.
The blockchain outperforms Ethereum by almost every measure tracked by the Edinburgh Decentralization Index, suggesting the existence of a broad base of ADA holders.
In the end, this distributed community of users could provide Cardano with staying power. Token prices will always rise and fall, but it takes time to build a community. And few crypto tribes are as loyal as the Cardanians.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
