In a bold retort to a critical report by K33 Research, Charles Hoskinson, the founder of Cardano, downplayed the research firm’s credibility. The firm tried to allege that Cardano’s native token – ADA, is useless.
This response comes amid a contentious debate sparked by K33’s analysis. The analysis deemed Cardano’s native token as lacking meaningful use and value.
Is Cardano (ADA) Useless?
K33 Research’s asserts that a smart contract network’s native token requires substantial use to hold any value. However, the firm claims ADA lacks such utility or a credible path toward achieving it. Analysts at K33 Research highlight the absence of proof of ADA’s utilization beyond exchange transfers. They also alleged artificial activity by holders
A pointed critique involves the stablecoin market on Cardano. In contrast to other networks where stablecoins like USDT or USDC dominate altcoin investing, Cardano appears to have a limited presence in this regard. It features only 20 million Cardano-collateralized stablecoins valued below one dollar.
Instead, K33 Research argues, successful blockchains emerge organically, growing out of real use rather than being propelled by grandiose ideas and subsidized bootstrapping.
In response to criticism claiming Cardano is useless, Charles Hoskinson questioned who K33 Research was. These dismissive remarks suggest a disregard for the analysis presented.
“Who? Never heard of them,” Hoskinson
This stance, eschewing a direct rebuttal to the specific points raised, raises questions about the network’s future trajectory and its ability to address valid concerns.
