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With the Alonzo update expected for next month, Cardano is in an exciting yet critical transition period and on the edge of becoming a smart contract compliant blockchain.
Grayscale Investments, a cryptocurrency asset management, added Cardano (ADA) to its digital large-cap fund (GDLC) earlier this week, making the project the fund’s third-largest component.
Despite all of these improvements, few critics focused on Cardano’s difficulties in delivering on the promised developments.
Consider this tweet from IOHK CEO Charles Hoskinson in June 2020.
This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate
— Charles Hoskinson (@IOHK_Charles) July 26, 2020
The same was used by critics as a basis to slam Hoskinson, by implying that Cardano was not everything it claimed to be. Chris Burniske, the co-founder of Placeholder, a New York venture firm that specializes in crypto assets, criticized the goals mentioned in the tweet above. “Did any of this happen?” he asked, re-tweeting Hoskinson’s June 2020 tweet.
Another tweet directed at Charles Hoskinson stated,
Ok, so @IOHK_Charles predicted this a year back.
No asset on $ADA, forget 1000’s of DApps not a single dapp on $ADA, only 1-2 projects announced working on $ADA@IOHK_Charles what happened to your predictions? What’s the prediction for next 1 year now? https://t.co/qreMVlOX1i
— Undervalued Cryptos (@altcoin_bets) July 4, 2021
Hoskinson was quick to acknowledge and even respond to the tweet, stating,
“There are thousands of assets on Cardano. I guess you haven’t been paying attention. Tons of devs learning, training, writing. Lots of launch apps.”
Hoskinson’s comments were not totally incorrect, since the proof-of-stake blockchain introduced native currencies in March following the successful deployment of the much-anticipated Mary hard fork.
However, the bulk of tokens produced on top of the chain see very little activity. While the Cardano blockchain has 6859 listed assets, only two of these tokens generate significant transaction activity, with over 10,000 transactions per second. These are spacecoins and ADAX, which were responsible for 12,649 and 10,686 transactions, respectively.
The so-called “Ethereum killer” is expected to launch its smart contract capabilities in early September. This integration would make Cardano more compatible with Dapps while also allowing it to compete with Ethereum, Solana, and Polkadot.
While doubters remained unconvinced, several have referred to Cardano as a “ghost blockchain.” Cardano, on the other hand, has been surging in the cryptocurrency world. Cardano has been named the “coin of the day” on LunarCrush, a website that provides community insights to crypto investors, funds, and exchanges.