Between Hoskinson and BitMEX Co-Founder about Cardano (ADA) Use Cases

The cryptocurrency space can be a breeding ground for passionate debate, and a recent exchange between Arthur Hayes, co-founder of BitMEX, and Charles Hoskinson, founder of Cardano ADA), exemplifies this.

Hayes ignited the discussion by labeling Cardano (ADA) a “piece of sh.t” and a “meme coin,” prompting Hoskinson and the Cardano community to push back on this critique.

Cause ur coin is a piece of shit man. I like u too many regardless of the price of $ADA.

Just buy some $ETH and chill.

😘😘😘😘😘😘😘

— Arthur Hayes (@CryptoHayes) February 20, 2024

Hayes’ Critique: Lack of Utility in Question

Hayes’s argument centers around Cardano’s perceived lack of utility. In a post on X, He highlights prominent decentralized applications (dApps) within the crypto space, showcasing functionalities like decentralized exchanges (DEXs), liquid staking, NFT marketplaces, and infrastructure projects.

He then challenges Cardano (ADA) enthusiasts to identify similar dApps built on Cardano or offering heavily utilized Cardano-based services.

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

Cardano Community Responds

This claim, however, is met with strong opposition from the Cardano community. Liqwid Labs, a non-custodial lending protocol on Cardano, emphasizes its contributions, including developing Aave v3 liquidity pools alongside Lido liquid staking. Additionally, it highlights innovative DeFi products from other teams, showcasing a growing ecosystem.

Similarly, Minswap Labs, a Cardano-based DEX, points to its impressive 2023 figures, exceeding 2.1 million trades and processing over 4 billion ADA. It asserts that these milestones represent only a fraction of the ongoing expansion within the ecosystem.

Hoskinson Seeks Clarification

Charles Hoskinson, responding directly to Hayes, expresses both surprise and disappointment. He acknowledges his admiration for Hayes but seeks clarification on the specific reasons behind the harsh criticism.

While Hayes reiterates his negative assessment, Hoskinson persists, urging him to pinpoint the exact aspects of Cardano he finds unfavorable. This call for specific details remains unanswered by Hayes at the time of writing.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

Assessing Cardano’s Roadmap

It’s crucial to consider the broader context when evaluating such critiques. While Cardano is still under development, with its smart contract functionality launched in September 2021, its roadmap outlines ambitious goals for the future.

On the other hand, established players like Ethereum boast a more comprehensive range of existing dApps. Therefore, a direct comparison might not be entirely fair, given the different stages of development.

Ultimately, the exchange between Hayes and the Cardano community highlights the dynamic nature of the cryptocurrency landscape. While differing opinions and passionate debate are inevitable, fostering open and constructive dialogue remains vital.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.