There’s no proof of Cardano being used for anythingCardano supporters would point to the average of around 90,000 daily transactions as a simple counterargument to my previous statement. But if you have been in crypto for a while and still equate blockchain transactions to meaningful transactions, you have been sleeping in class. There’s nothing else going on in the Cardano Network than exchange transfers and a group of bagholders fabricating blockchain activity. How can we know this? There is no outside proof of anything going on. It is only the blockchain data and trading on exchanges. In the protocols where we know there’s real activity, there’s always outside proof of that activity. Hence, the lack of this serves as a ‘proof by contradiction’. The best example of lack of activity is probably the stablecoin situation on Cardano.Stablecoins are the preferred unit of exchange for DeFi altcoin trading, especially on chains other than Ethereum. No USDT or USDC in a network generally means that no meaningful DeFi occurs, AND that Tether and Circle attest to this because if something went on, they would issue stablecoins there.So, what is the stablecoin situation on Cardano? It’s very simple: there’s not a single USDT or USDC in the Cardano network. The only ‘stablecoins’ that exist are 20 million of Cardano-collateralized stablecoins valued at 76 cents to the dollar, another word for nothing.
Why Cardano never will become big eitherWithout any traction but many years of history, there is no hope. There has been a multitude of projects through the years, starting with zero traction and promising heaven and earth later when some tech upgrade is added, or some partnership is secured. All of these have failed.Successful blockchains and their tokes emerge evolutionary. The creationistic, grand idea, subsidised bootstrapping and no real use-blockchains all get their time in the spotlight as investors jump in on the hype, but they also drift into irrelevance over time. Just look at IOTA, NEO, EOS, Concordium and many more. So why is Ada currently worth $19 billion? Ada is a well-established coin that is tradeable ‘everywhere’, also on smaller local exchanges, making it one of the coins that are “pushed” to aspiring crypto investors. Cardano also has an enticing story for newcomers, with Cardano being branded as “the peer-reviewed research-driven blockchain network“.The scientific mumbo-jumbo story will fool more people into Cardano, but the best bet is that they are growing ever fewer by the day.Things never happen overnight, and these processes often take years to play out fully. Still, all price signals also point to Ada gradually disappearing from the crypto map. Ada has not rallied in line with other ‘stronger’ smart contract tokens when markets have improved, which is a strong indicator of a dying coin. The market doesn’t kill these coins quickly; it rather bleeds them out.