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The ninth largest cryptocurrency by total market value, Cardano (ADA), is currently going through a horizontal phase, which is causing concerns and reactions within the community. While ADA price has experienced a 1.7% decline in the past 7 days, other cryptocurrencies in the top 10 have managed to hold relatively steady, leading to increased criticism towards ADA.
Increasing Criticism Towards ADA
The criticism towards ADA is not only due to its price movements. The cryptocurrency community seems to have serious criticisms about the functioning principles and promises of the Cardano network. Charles Hoskinson, the CEO of Cardano, responded to these criticisms and defended ADA. Hoskinson stated that the venture capital coins, which are held and invested in by venture capitalists, are different from ADA. He emphasized that these coins and their communities always label ADA as dead, irrelevant, or unsuccessful, but this is not true.
The CEO of Cardano responded directly to those claiming that Cardano, or ADA, is transient, stating that “Cardano is here to stay.” One of the main reasons behind the criticism of the Cardano network is its scalability and efficiency. Additionally, the fact that the network is coded in Haskell has led to a serious shortage of developers. Hoskinson conveyed that Cardano is still in the development phase and everything is progressing smoothly.
Cardano Progresses Slowly but Steadily
So far, there have been no instances of slashing, network downtime, or restarts in the Cardano network. A prominent Twitter user called Stake with Pride hinted at this, stating that Cardano is progressing slowly but steadily.
ADA made a significant impact on the market with a 3000% surge during the rally in 2021. Since then, although many technical developments have been made, the price of ADA has continued to decline. This actually shows that technical developments are not as important before a bull market, indicating a bull-oriented process for ADA.
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