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“Despite the fact that we don’t have full programming ability at the base layer, already applications like shoe authentication on New Balance and cattle authentication with BeefChain are using the metadata features of Cardano. Yet they say, what are the DApps running on Cardano?”
Most people believe Ethereum has attained everyday consumption levels. Hoskinson, on the other hand, was not convinced. According to him, the Ethereum network is comprised of a small group of people that are reportedly cheating consumers with “$100 transaction fees, yield farming, worthless DeFi, and NFTs trading for millions of dollars that are unnecessary and useless.”
“There’s no real substance that’s sustainable or viable in the long term.”
Hoskinson warned users of “how easily things can change, and in crypto land, everything goes hard.” He believes Ethereum will fade in popularity, just as older applications such as MySpace and Netscape. Hoskinson also expected that Ethereum would move to Cardano, saying:
“All this DeFi you see, it’s not loyal to its underlying infrastructure. These businesses are not in the game to make Joe Lubin or Vitalik Buterin money. They are there to provide a service. If it’s better, faster, and cheaper, with higher liquidity and more users on our chain than another chain, then they’ll migrate over out of self-interest.”
Hoskinson has previously pointed to Cardano as a “Ethereum destroyer” and forecast bullish support for ADA. At the time of publication, ADA had gained 0.2 percent in the previous hour and was trading at $1.18.
In terms of exchange volume, Ethereum has seen encouraging returns in 2021. The coin momentarily breached the prized $2,000-price range a month ago, but it quickly retraced as the coin was unable to hold that spot. Furthermore, there has been an increase in the amount of ETH staked on ETH 2.0. The new CoinMetrics study offered a YoY analysis of Bitcoin and Ethereum, with the same result that Ether’s valuation increased 16 times compared to BTC’s 10x returns over the same time span.