The report by Olga Karif was cynical of the growth and claims that billionaire fund manager Michael Novogratz crowdsourced data related to ADA.
As per Karif, Cardano is a blockchain platform that “still lacks many functionalities available on its more established rivals” and calls ADA as ‘meme’ stock similar to GameStop that surged in January. Nic Carter, co-founder of Coin Metrics sarcastically told Bloomberg:
“I am not aware of a single popular application deployed on Cardano, nor have I seen any enthusiasm for the platform among developers. I am truly mystified as to why it is enjoying a resurgence in popularity.”
Hoskinson refutes charges by stating that Ethereum is not practicable for developers due to exorbitant charges. Furthermore, he emphasized that security and overall management of Cardano is superior to Ethereum and supports apps such as distribution chain monitoring and voting. Hoskinson was “less interested in decentralized exchanges such as Uniswap and collectible art like digital cats.”
My goal is to run countries on this blockchain. I don’t care about Uniswap and CryptoKitties and other things. It’s a bubble, and it comes and it goes, like Pet Rocks and Beanie Babies.
With regards to likely postponements in various stages of development, Hoskinson clarified “We did it right, but it meant we were one of the last ones to get to market.” That has resulted in benefit for users who can simply shift their DeFi project to Cardano platform for a mere “1/100 to 1/1000 of the cost.”
Notably, the crucial statement in the interview, nevertheless, is that Hoskinson states that there are over 100 enterprises in discussion to “shift from Ethereum to Cardano when its functionality matures.”
Interestingly, Project Catalyst has transformed into the world’s biggest DAO in less than 7 months.