A controversial report from analytics firm and think tank K33 Research recently raised some extremely critical questions about the actual usability of the Cardano (ADA) network, sparking a wave of debate and speculation among investors and enthusiasts. This issue begs the question: is Cardano really at a turning point, or is it just a storm in a teacup? In any case, Cardano founder Charles Hoskinson has responded to the report.
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Cardano news
Critical report casts shadow on ADA
The report, titled “Why you should sell all your ADA (Cardano),” claims that despite processing an average of 90,000 transactions daily, most activity on the Cardano network is speculative in nature with little to no real-world applications. This is in sharp contrast to competitors such as Bitcoin (BTC) and Ethereum (ETH).
A notable detail according to the report is the absence of major stablecoins such as USDT and USDC on the Cardano network, which the report says indicates a lack of substantial activity outside of blockchain data and trading on exchanges. This has led to speculation about the authenticity of the network traffic, with some suggesting that the activity is mainly generated by a small number of holders.
Responses and future perspectives
However, Cardano founder Charles Hoskinson has dismissed the report as unreliable, with a snide comment on social media: “Who? Never heard of it,” questioning the credibility of K33 Research. Meanwhile, staunch Cardano supporters continue to criticize the report mainly for its lack of detailed information about the network.
Who? Never heard of them
— Charles Hoskinson (@IOHK_Charles) January 15, 2024
ADA price holds steady
As for the future of ADA, recent development reports highlight a steady increase in activity on the network. At the time of writing, 157 projects have been launched on the network, with another 1,319 in development. In terms of price action, ADA is currently in a downward trend.
Despite this, renowned crypto analyst Ali Martinez speculates that ADA could experience an uptrend, leading to a possible astronomical price increase of over 1,300%.
While the recent report from K33 Research has caused unrest within the Cardano community, it is clear that the future of ADA does not depend solely on a think tank report.
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2024-01-21 20:30:51
#Sell #ADA #warns #tank
