I'm talking about the protocol, not the token, since I once thought it was on par with Ethereum. What really catches my attention is how the founder is still super active, yet the project still hasn't found its footing.
Anyone else feel like something's off with Cardano? Which other protocol does this lack of progress remind you of?
I reckon you meant the word "chain" or "network" instead of "protocol"?
Well, yep, its been live for many years and it's still a ghost chain, less active than barely surviving L1s and L2s.
What it reminds me of? Any chain that used to be in top-10 and then went into oblivion: NEO, NEM, Stratis, EOS, Tezos, Polkadot. There were more and there will be more.
The protocol and token has been useless for the last 5 years. I don't know why there is still so much value in Cadano especially since almost no one uses the protocol to do any serious activity and you can't even do anything there because there's lack of liquidity as well as lack of quality projects building on it. Do they have smart contracts now? Last I checked no smart contracts.
I've been keeping an eye on this coin, and it appears to be nearing the bottom. I believe that this coin will be hyped on the next block halving, but not right now. For the time being, having a few of these coins on hand is a good idea. The developers are still active, and this coin is still among the top 20 on coinmarketcap and coingecko.
Facing a lot of roadblock, they want to keep the ecosystem alive by funding from the treasury, community voted no.
There's not much you can do when you're stuck like that, this might be the beginning of an end if they don't take other measure to grow their popularity back.
I still wonder how they're still valued this high when there is rarely use case though, 6 billion market cap is surprisingly too big for a coin that never find its true use case.
Cardano is not even relevant with the current trend of crypto, which is focusing on RWA. No doubt it keeps falling so hard from the top to the bottom. So, what's running on ADA at this moment? 6 billions mcap chain has less than 100m TVL.
So what Cardano teams doing for years is that they're building the wealth for themselves. It's crazy if you're still putting your hope on this one.
This reminds me with EOS. It most probably Cardano will have the same fate as EOS too.