Cardano (ADA) is caught in the crossfire once again as bitcoin millionaire Arthur Hayes attacks the network. Arthur, known for being the founder and former CEO of crypto exchange BitMex, has expressed his distaste for the network, which he believes he is trying to be like ethereum.
Cardano is an ethereum contender
in a interview Over at Coin Bureau, Arthur Hayes didn't hold back when sharing his scathing review of the Cardano blockchain. The interview, which focused on the performance of bitcoin and the cryptocurrency market so far, turned to Cardano, which Hayes appears to believe is a low-quality copy of ethereum.
The millionaire began by warning investors to stay away from altcoins, which appear to be all rumors and no substance. These projects, which he believes should reflect “over-commercialization,” have had a history of imploding and not surviving the market.
As for Cardano, Hayes made a scathing comment when he called the network the “first ethereum contender.” Furthermore, the founder also does not believe that the network is that relevant to the crypto industry and explains that the Cardano network currently risks being irrelevant unless it finds some way to differentiate itself from ethereum's countless competitors.
Hayes also talked about the bitcoin Spot ETFs, which were approved for trading in January. But unlike the warm reception these exchange-traded products have received, Hayes posits that it is not a victory for cryptocurrencies. Rather, it is a fee-generating vehicle for asset managers like BlackRock, he explained.
I'm still not convinced about the ADA
Hayes' comments on Cardano have not been limited solely to the Coin Bureau interview, as he also He turned to his page X (formerly Twitter) to attack the network one more time. In the post, Hayes refers to the network as “dog shit.” He he pointed that the most active decentralized applications (DApps) on the network were not originally launched on Cardano, questioning whether the network has any offerings that are widely used by investors,
Hayes takes it a step further by tagging Charles Hoskinson, founder of the Cardano network, and asking him to tell him about the network. However, instead of the usual criticism Hoskinson is known for, he adopts a happier tone. saying, “Arthur, why are you throwing shade at Cardano? “I like you, man.”
Currently, Cardano continues to show strength after its total value locked (TVL) increased by 18% in the last month to exceed $504 million. This makes it TVL's 16th largest network, ahead of Coinbase's Base and Aptos, according to data from DeFiLlama.
ADA price reaches $0.59 | Source: ADAUSD On Tradingview.com
Featured image by Vivere Jesi, chart from Tradingview.com
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