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Cardano Hayes vs Hoskinson

Arthur Hayes Labels Cardano “Dog Shit”, Hoskinson Reacts Meekly

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Arthur Hayes, the co-founder and former CEO of BitMEX has made a controversial comment about the Cardano blockchain. Hayes shared an image via social media highlighting the fee generation of various decentralized applications (dApps) and protocols across the crypto ecosystem, questioning the presence and performance of ADA-based applications within this landscape.

Hayes Blasts Cardano As “Dog Shit”

Hayes remarked, “For all you ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, it looks like none of them do. That’s why ADA is dog shit. Charles Hoskinson, pls educate me. Yachtzee.”

Related Reading: Internet Computer (ICP) Blasts Past Cardano (ADA) To Become #1 Crypto In This Metric

The image shared by Hayes is from Token Terminal, a platform that tracks financial performance metrics across different blockchain projects. It displays a bar chart of various crypto projects, ranked by the fees they have accumulated. The projects listed include Kwenta, Gains Network, Aura Finance, Curve, and others, leading up to the highest fee-generating projects like Aave, MakerDao, Uniswap and Lido Finance.

Crypto projects by fees generated last 365 days
Crypto projects by fees generated last 365 days | Source: X @CryptoHayes

According to the data, Cardano is not represented among the top fee-generating projects in this list. This absence is the basis for Hayes’ criticism, suggesting that the lack of a heavily used dApp originating from or available on Cardano is indicative of the platform’s underperformance in the broader crypto market.

ADA Founder And Community Reacts

In response, Charles Hoskinson, the founder of ADA, has not provided an extensive rebuttal as of this reporting. Hoskinson, known for his typically vociferous defense of Cardano, has instead taken a more subdued approach, which can be characterized as meek.

He replied, “Arthur, why are you throwing shade at Cardano? I like you man,” to which Hayes retorted, “Cause ur coin is a piece of shit man. I like u too man, regardless of the price of ADA. Just buy some ETH and chill.” This exchange highlights a seemingly friendly yet pointed critique of ADA’s performance and utility in the current crypto landscape.

Related Reading: Cardano’s Ecosystem Booms: 166% Surge in TVL Marks New Phase Of Expansion

The Cardano community and associated projects have not remained silent in the face of Hayes’ comments. Liqwid Labs, a project built on the blockchain, pointed out their development of Aave v3 liquidity pools and Lido liquid staking on the platform, indicating the existence of innovative DeFi products within the ADA ecosystem.

Similarly, Dan Gambardello, founder of Crypto Capital Venture, emphasized ADA’s unique features, such as its native liquid staking system, which he argues showcases the platform’s innovation and security. “It’s not about “believing” in Cardano. […] That’s called innovation. And it’s secure. Long term value investors find security attractive. You can very simply hop into the newly developing Cardano ecosystem of dapps to answer your other questions,” he remarked.

Moreover, the stake pool “Stake with Pride” referenced the “State of Cardano Q4 report” by Messari, which documented significant ecosystem growth, including a 166% increase in Total Value Locked (TVL) and a 37% increase in stablecoin value. These metrics suggest a thriving ecosystem, contrary to Hayes’ critique.

At press time, ADA traded at $0.598.

Cardano price
ADA price rejected at key resistance, 1-week chart | Source: ADAUSD on TradingView.com
Featured image from Chartwell Speakers / Medium, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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