Are the people who call Cardano the ghost chain wrong?

Cardano’s recent developments and bullish momentum are all the rage on social media. In it, supporters emphasize their credibility for the project. When ADA stayed with ATH for a short period, it was one of the top four cryptocurrencies in the market. After that, however, the market correction helped push ADA back to 5th place.

However, some critics focus on Cardano’s failure to meet the goals IOHK’s Charles Hoskinson set for himself a year ago. In fact, there are many who have referred to Cardano as the “spirit of blockchains”. As mentioned earlier, some even criticize it for the lack of decentralized assets or applications that work on the blockchain. Twitter user Evan Van Ness asked:

“Do people realize that Cardano only makes 20,000 transactions a day? However, ADA has a valuation of $ 63 billion, despite being unremarkable five years after its ICO. That equates to $ 1.93 million per daily transaction. “

Source: Evan Van Ness

Is Cardano just a “ghost chain”?

GitHub (developed daily)

As of July 6, Cardano is the leading blockchain in terms of average developer activity, followed by chains like Polkadot, Solana, and Filecoin.

Source: Grant S.

The above results underscore the optimism in the community. Proponent Grant S. Say more:

“The digital ecosystem is emerging right before our eyes. It is very early. Enjoy the process. Congratulations to all developers who are still working hard. “

Cardanos ecosystem card

On the other hand, such FUDs are not new. Charles Hoskinson, CEO of IOHK, once rejected all “FUD ghost chains” by simply sending a card of the Cardano ecosystem, in which the platform connects to companies, to developer tools, wallets, infrastructure providers, etc. speak:

“Ghost Chain Cheerleader, my card is full. I think I need a bigger one. “

Source: Charles Hoskinson

Since then, others have quickly updated the Cardano ecosystem map in protest against the “FUD Ghost Chain”. A Twitter user laughed:

Gost chain they said ????#Cardano $ Ada pic.twitter.com/PSttI1RxNF

– Michel – König TUT Stake Pool (@MichelAziz) July 7, 2021

“You say ghost chain. Hahaha. “

Bitcoin and Cardano

BitBoy Crypto, a popular analyst on YouTube, recently Quote There are many different reasons to confirm that Cardano has the ability to outperform Bitcoin in the long run.

With the Alonzo developments, Cardano becomes mainstream. In addition, Grayscale has added ADA to its large-cap digital fund, making it the third largest in the GDLC basket after Bitcoin and ETH. Grayscale’s latest move could set a benchmark for adoption by other companies.

Additionally, PoolTool’s data shows that around $ 31 billion, or 72% of the ADA, was staked out prior to the introduction of smart contract functionality.

In addition, retailers’ interest in ADA is also exploding. Not long ago, the eToro exchange revealed that ADA was the most widely held cryptocurrency, not Bitcoin, in the second quarter of 2021. At that time, Weiss Crypto observe see:

“ADA has overtaken Bitcoin and is the most widely held crypto on eToro in the second quarter of 2021. As a successful decentralized network, it’s not just about powerful technology, it’s also about building a community. Data points like this show that ADA is well on its way to building a strong community around it. “

At the time of writing, ADA is trading at $ 1.36 after up about 2% in the past 24 hours.

ADA Price Chart | Source: Trade view

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