Former BitMEX CEO Arthur Hayes described Cardano’s native token (ADA) as “dog shit” due to its low usage in protocols.
For all you $ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That’s why $ADA is dog shit. @IOHK_Charles pls educate me.
Yachtzee ??????? pic.twitter.com/riQORI6Ipy
— Arthur Hayes (@CryptoHayes) February 21, 2024
He attached a screenshot to his post on X, highlighting fees earned by various decentralized applications.
“For all who believe in ADA: which application from this list was originally launched on Cardano or has a network application that is actively used? From my very limited knowledge, it seems none of them did,” Hayes wrote.
The projects mentioned included Kwenta, Gains Network, Aura Finance, Curve, Aave, MakerDAO, Uniswap, and Lido Finance.
According to the former BitMEX head, the absence of an actively used dapp created or available on Cardano indicates the platform’s inefficiency.
Given the blockchain founder Charles Hoskinson’s usual sharp responses to criticism, his comment this time was more restrained.
@CryptoHayes Arthur, why are you throwing shade at Cardano? I like you man.
— Charles Hoskinson (@IOHK_Charles) February 20, 2024
“Arthur, why are you throwing shade at Cardano? I like you, man,” he wrote.
Hayes later stated that he “also likes” Hoskinson but stood by his comments on ADA, advising to buy Ethereum instead.
Earlier, the Cardano founder expressed skepticism about the development of second-layer solutions on the Bitcoin blockchain.
Back in November 2023, Hoskinson and Blockstream CEO Adam Back debated Bitcoin’s decentralization. Hoskinson suggested that a 51% attack would require just three court subpoenas for the owners of the largest mining pools.
In October, the head of Cardano accused Ethereum of plagiarizing the Ouroboros consensus protocol.