Key Takeaways:
- Cardano blockchain continues to be the biggest dissapointment
- Years after its launch, Cardano has failed to keep up with the pace of the industry
- With 86% of holders at a loss, the blockchain hopes the Vasil hard fork can change its faith
YEREVAN (CoinChapter.com) – Cardano (ADA) is one of the biggest disappointments or failed projects when it comes to the blockchain industry. As one of the relatively early entrants to the scene, the platform has repeatedly failed to dazzle. Its lethargic attitude and failure to evolve have pushed many investors and developers away. Charles Hoskinson, one of the co-founders of Ethereum (ETH), started work on Cardano in 2015 and launched the network in 2017. It shot to fame in its larger-than-life claims of being an “Ethereum Killer.” Yet many latecomers such as Avalanche, Solana, and Elrond have offered better ecosystems.
For some funny reason, Hoskinson and his team think the entire industry is wrong. Their attitude suggests investors should put up with them even if they drag their feet for another 5 years. Never mind that the industry wants quick solutions, they want to sell the idea that they are bringing quality, which, of course, takes time.
The problem is everything but recent. Investors have been complaining for years, all in vain.
“I’ve been invested in the space for 2 years and haven’t seen much adoption or positive price movements. WTF is going on? When will the train leave the station. Why the hell doesn’t Charles Hoskinson think he owes investors anything?”
an investor vented on Reddit thee years back.
Two years after this post, ADA, Cardano’s native token, soared in anticipation of the Alonzo upgrade. However, after touching an all-time high of $3.10 in September of 2021, it lost all gains. At the time of writing, ADA exchanges hands at $0.8696 per token. This is around 74% lower than its ATH.
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Nearly 90% of Cardano investors are at loss as TVL dips
As Cardano continues to dip in value, it has become a headache for its supporters. According to data provided by crypto analytic platform IntoTheBlock, 86% of all addresses holding ADA are at a loss. Only 11% of holders are currently in profit while 3% are breaking even.
In what comes as a further indication of people dumping Cardano, only 13% of addresses hold ADA for more than a year. A vast majority of holders, amounting to 78%, have acquired and held the token for under 12 months.
According to DeFi TVL aggregator DeFi Llama, the Cardano blockchain has $208.71 million in total value locked. However, Miniswap (MIN) protocol dominates with over $86 million in locked value. This amounts to nearly 45% of the total TVL.
Other big protocols having major dominance are WingRiders (WRT), with $62.3 million, and SundaeSwap (SANDAE), with $48.5 million. It is evident that Cardano is heavily dependent on a handful of platforms that have launched on its blockchain. Moreover, Cardano’s TVL has fallen steeply from the $326 million on March 24.
In comparison, Ethereum (ETH) has $81.43 billion in TVL distributed among hundreds of protocols.
Meanwhile, Input Output Hong Kong (IOHK), the research and development firm behind the Cardano project announced 900 new projects will launch on the network.
However, such slow news has failed to translate to anything positive for Cardano as the price continues to dip.
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Will the Vasil hard fork mean anything for Cardano?
Bruised and discredited, Cardano(ADA) will be looking to its upcoming Vasil hard fork to make a case for itself. Scheduled in June, the hard fork will make the blockchain more scalable, or, at least, investors hope it will.
Nonetheless, people are having a good time making fun of Hoskinson’s unreasonable delay only to come up with a copy of Ethereum.
If one were to ask Charles Hoskinson, he is building a “truly decentralized” platform” which we skeptics don’t want to appreciate. However, how long before we get honest and acknowledge that Cardano is the biggest failure in blockchain?
At this pace, we might move on to Web4 before Cardano finally decides to get here. But don’t say anything, they have a fancy roadmap and are in it long term. You know, the typical jargon that comes up when you can’t acknowledge you are lagging behind.
