Cardano continues to attract criticism despite significant growth
Chris Burniske, a partner at Placeholder, criticized Cardano as “vaporware” in a recent tweet, reflecting the poor performance of the ADA token.
Since $ada Vaporware is. https://t.co/SOwHDpxQDz
— Chris Burniske (@cburniske) 8 February 2022
last year he commented That the project was mostly based on “hype” rather than substance.
Berniske is far from being the only Cardano naysayer. billionaire mark cuban have also questioned The utility of the popular proof-of-stake blockchain.
As U.Today reports, Galaxy Digital CEO Mike Novogratz slammed the community behind the project as a “strange cult”, and said its evaluation was shocking to him in an interview with Yahoo! Finance:
ADA has been outperforming the broader cryptocurrency market since its remarks.
Ever since Mike Novogratz told me that Cardano has overtaken the broader crypto market, he was amazed by its sticking power. #cardanoADA Community
From June 2021:
— Zack Guzman (@zGuz) 7 February 2022
Cardano🔻22%
bitcoin ️ 21%
Ether ️ 31% https://t.co/fNCEpIa70Z
The coin is also down 17% since the start of 2022, and is 62.82% away from reclaiming its all-time high.
vaporware-rejecting development
Despite the criticism, Cardano has shown significant growth over the past year. Earlier this month, blockchain recently topped three million wallets.
According to a recent report published by the research arm of cryptocurrency exchange Kraken, the coin’s recent price moves are directly linked to increased network activity.
Leading Cardano-based decentralized exchange SundaeSwap recently debuted on the blockchain’s mainnet. Non-custodial banking protocol MELD, non-fungible token platform SpaceBudz and wallet extension Nami are some of the most prominent projects built on Cardano.
The project is currently in the “Basho” era, during which developers will focus on building scaling solutions for the blockchain.