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Cardano: ‘I guess you haven’t been paying attention’

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Source: Unsplash

Cardano is in an interesting yet crucial transition phase and on the verge of becoming a smart contract compatible blockchain with the Alonzo upgrade scheduled for next month.

Earlier this week, cryptocurrency asset manager Grayscale Investments added Cardano (ADA) to its digital large-cap fund (GDLC), marking the project as the fund’s third-largest component.

Even with all these developments, however, few critics were focused on Cardano’s shortcomings in delivering the promised developments.

Consider this tweet from June 2020, by IOHK CEO Charles Hoskinson.

The same was used by critics as a basis to slam Hoskinson, by implying that Cardano was not everything it claimed to be. Chris Burniske, the co-founder of Placeholder, a New York venture firm that specializes in crypto assets, criticized the goals mentioned in the tweet above. “Did any of this happen?” he asked, re-tweeting Hoskinson’s June 2020 tweet.

Another tweet directed at Charles Hoskinson stated,

Hoskinson was quick to acknowledge and even respond to the tweet, stating,

“There are thousands of assets on Cardano. I guess you haven’t been paying attention. Tons of devs learning, training, writing. Lots of launch apps.”

Hoskinson was not entirely wrong about his claims as the proof-of-stake blockchain added native tokens back in March after the successful launch of the much-anticipated Mary hard fork.

But a majority of tokens issued on top of the chain barely witness any activity at all. While there are 6859 listed assets on the Cardano blockchain, only two of these tokens have notable transaction activity with over 10,000 transactions per second.  These are spacecoins and ADAX, which accounted for 12,649 and 10,686 transactions respectively.

Source: Cardano Assets| Token list

The so-called “Ethereum killer” is likely to roll out its smart contract capabilities by early September. This integration would make Cardano more compatible with Dapps and also help it compete against the likes of Ethereum, Solana, and Polkadot.

While skeptics remained unmoved, many have even called Cardano a ghost blockchain. On the other hand, Cardano has been trending within the cryptocurrency community. LunarCrush a platform that delivers community insights to crypto investors, funds, and exchanges recently titled Cardano “coin of the day” on its platform.

Source: LunarCrush

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.