Charles Hoskinson, the founder of Cardano, has taken to X to respond to detractors who argue that the network is dead, unsuccessful, and irrelevant. Hoskinson warned the detractors in a recent X post that the top blockchain is here to stay. Hoskinson asserts Cardano’s continued existence in the cryptocurrency sector despite the network’s constant detractors.
Hoskinson added, “No matter how many times the VC coins, the cryptomedia, or the maxi crowd proclaim we are dead, irrelevant, or failing, we always remind them that Cardano is here to stay.”
Hoskinson made the remark in response to a post by ADA supporter Stk with Pride, who highlighted some key characteristics that set it apart from other well-known blockchains. Cardano does not have splits, ledger reversals, slashing, reboots, narrative changes, DAO attacks, downtime, low nakamoto centralization, or value overflow problems, according to a tweet from Stk with Pride on August 14. The well-known ADA fan said that the Cardano team typically creates plans before carrying them out.
Cardano Community Reaction to Critics
It’s interesting to note how the Cardano community rushed the comments section to laud the top blockchain for its steady expansion. An X user pointed out that despite detractors believing the network will fail, Cardano is still going strong. ADA, according to another user, is what makes cryptocurrencies unique.
The cryptocurrency sector is rife with skeptics and detractors who constantly cast doubt on particular crypto initiatives. Notably, Cardano is the target of the majority of these criticisms. Cardano has been referred to as a “ghost chain” by some detractors, implying a dearth of activity on the network. As was previously said, CoinDesk called Cardano a zombie chain and a network of vaporware. According to the media outlet, Cardano will lose “speculative money” this year, and ADA will drop out of the top 10 cryptocurrency rankings globally.
Additionally, VCs have not expressed interest in funding Cardano or associated ventures. On November 23, the founder of NMKR, Patrick Tobler, revealed that he had received an email from a venture capitalist (VC) declining to invest in any initiatives including Cardano. Hoskinson’s wry response was that these VCs would gladly make substantial investments in initiatives like Terra and FTX.
Notably, both cryptocurrency schemes suffered severe failures. Following Terra’s demise, many VCs, including Galaxy Digital CEO Mike Novogratz, suffered significant losses. Despite setbacks and VCs opting out of the network, Cardano has nevertheless continued to expand tremendously. Recently, Messari announced that Cardano saw tremendous growth in Q2 2023. In Q2, Cardano’s average daily dApp transaction volume increased by 49%, and the network’s TVL increased by 9.7% to $151.7 million.