Cardano continues to draw criticism despite significant growth
Chris Burniske, a partner at Placeholder, has criticized Cardano as “vaporware” in a recent tweet that refers to the underperformance of the ADA token.
Last year he commented that the project was mostly based on “hype” rather than substance.
Burniske is far from being the only Cardano naysayer. Billionaire Mark Cuban has also questioned the utility of the popular proof-of-stake blockchain.
As reported by U.Today, Galaxy Digital CEO Mike Novogratz called the community behind the project a “strange cult,” adding that its valuation shocked him in an interview with Yahoo! Finance:
ADA has been underperforming the broader cryptocurrency market since his comment.
The token is also down 17% since the start of 2022, and it is 62.82% away from regaining its all-time high.
Vaporware-disproving growth
Despite criticism, Cardano has shown significant growth over the past year. Earlier this month, the blockchain recently topped three million wallets.
According to a recent report by the research arm of cryptocurrency exchange Kraken, the recent price movements of the token are directly related to the growing activity on the network.
SundaeSwap, the leading Cardano-based decentralized exchange, recently made a debut on the blockchain’s mainnet. Non-custodial banking protocol MELD, non-fungible token platform SpaceBudz and wallet extension Nami are among some of the most prominent projects building on Cardano.
The project is currently in the “Basho” era, during which the developers will focus on creating scaling solutions for the blockchain.
