Hayes Questions Cardano’s Crypto dApp Impact

Arthur Hayes, co-founder and former CEO of BitMEX, has made fun of the Cardano blockchain, which has caused a big argument in the crypto community.

In a move that caused a stir on social media, Hayes shared a picture from Token Terminal, a platform that tracks financial performance data. The picture made people wonder why Cardano wasn’t listed among the top fee-generating projects. 

Hayes Criticizes Cardano, Community Fires Back with Innovation and Growth

According to Hayes’s harsh commentary, Cardano supporters were directly addressed: “For all you ADA believers, what dAPP on this list was first released on Cardano or had a heavily used Cardano offering?” From what little I know, it looks like none of them do. That’s the reason ADA is rubbish. Charles Hoskinson, please teach me. What a Yachtzee.”

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

The picture showed a bar chart that ranked different crypto projects by how much money they had made. Notably, Cardano did not get a spot among the top fee-generating projects, which is what Hayes used to criticize.

The founder of Cardano, Charles Hoskinson, reacted to Hayes’s comments in a reasonably calm way. “Arthur, why are you making fun of Cardano? “Man, I like you,” he told her. In a back-and-forth, Hayes replied, “Because your coin is a piece of shit, man.” I like you, too, man, no matter how much ADA costs. “Buy some ETH and take it easy.” There was a mix of friendly banter and criticism of ADA’s work in the conversation.

@CryptoHayes Arthur, why are you throwing shade at Cardano? I like you man.

— Charles Hoskinson (@IOHK_Charles) February 20, 2024

The Cardano community and projects that work with it did not take Hayes’s statements at face value. Liquid Labs, a project built on the Cardano blockchain, discussed making Aave v3 liquidity pools and Lido liquid staking, focusing on new DeFi goods in the ADA ecosystem.

Dan Gambardello, founder of Crypto Capital Venture, supported ADA’s unique features, saying that the platform’s built-in liquid staking system was proof of its innovation and safety. “It’s not about ‘believing’ in Cardano,” Gambardello said. […] That’s what we call new ideas. It’s also safe.”

Messari’s “State of Cardano Q4 report” showed that the environment had grown significantly, and the “Stake with Pride” stake pool mentioned it. According to this report, total Value Locked (TVL) went up by 166%, and stablecoin value went up by 37%. This shows that the Cardano community is doing well despite Hayes’ criticism.