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- Hayes raised questions on the community’s potential to construct profitable dApps.
- Cardano’s market cap to TVL ratio was one of many highest within the area.
Bitcoin [BTC] proponent and co-founder of cryptocurrency change BitMeX Arthur Hayes ruffled few feathers through the use of unsavory phrases for standard blockchain Cardano [ADA].
Hayes assaults Cardano once more
In a controversial X post that has gone viral, the American entrepreneur raised questions on the potential of the community to supply efficient natively-built decentralized apps (dApps).
“What dApp on this record initially launched on Cardano, or has a Cardano providing that’s closely used?,” Hayes requested after attaching a snippet of probably the most profitable Web3 initiatives within the final yr.
In what appeared like a tongue-in-cheek comment, Bitcoin billionaire even requested founder Charles Hoskinson to teach him about Cardano community’s accomplishments.
Charles Hoskinson’s reply
The bait was taken as Hoskinson responded. He requested Hayes the explanation behind him detesting Cardano. Hoskinson even stated that he admired Hayes as an individual.
In response, Hayes indicated that his disdain for Cardano was not private, and that he additionally admired Hoskinson. However Hayes continued to make use of harsh phrases for Cardano.
Properly, it wasn’t the primary occasion of Arthur Hayes throwing a shade at Cardano. Throughout a latest interview with Coin Bureau, he labeled Cardano as a “wannabe Ethereum” and its relevance within the blockchain area.
Did Hayes have some extent?
Over time, Cardano’s DeFi progress has lagged nicely behind its market cap improve, as per AMBCrypto’s evaluation of DeFiLlama knowledge.
As of this writing, the full worth locked (TVL) on the chain was simply $460 million, a lot lower than chains on the identical pedestal when it comes to recognition. This regardless of a 147% bounce within the final 4 months.
Supply: DeFiLlama
Learn ADA’s Price Prediction 2024-25
Cardano’s market cap to TVL ratio was one of many highest within the area, suggesting a extremely overvalued asset. Put merely, the native asset ADA didn’t justify its excessive market cap.
Sometimes, such initiatives are much less interesting to traders since they provide much less scope for progress. As of this writing, ADA was exchanging arms at $0.59, dropping 6.68% within the final 24 hours, in line with CoinMarketCap.
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