In a recent research note, K33 Research has raised significant concerns about the Cardano network, suggesting that it lacks meaningful use, which poses risks to the value of its native token ADA. The research note argues that little activity is happening on the Cardano network, primarily limited to "exchange transfers and a group of bagholders fabricating blockchain activity."
K33 Research points to the absence of major stablecoins like USDT or USDC on the Cardano network, indicating a lack of purposeful activity, especially in the decentralized finance (defi) space. The research firm emphasizes that stablecoins are crucial for defi altcoin trading, and the absence of these stablecoins on Cardano suggests a dearth of meaningful defi activities.
While there are some Cardano-collateralized stablecoins on the network, K33 Research highlights that their trading value at 76 cents to the dollar indicates limited activity.
When asked about K33 Research's claims, Cardano founder Charles Hoskinson responded by stating, "Who? Never heard of them."
The research note concludes that without meaningful traction, Cardano risks drifting into irrelevance over time. It draws parallels with other networks like IOTA, NEO, EOS, and Concordium that met a similar fate. Regarding Cardano's native token ADA, valued at around $19 billion, the research suggests that the network's "scientific mumbo-jumbo story" may be the reason behind ADA's value. However, it predicts that over time, even Cardano's claim of being a "peer-reviewed research-driven blockchain network" might not prevent ADA's gradual disappearance from the cryptocurrency landscape.
This critical assessment raises questions about the sustainability and adoption of Cardano, highlighting concerns about its lack of meaningful use and potential impact on ADA's value.
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