- Charles Hoskinson, Cardano founder, dispels the ‘ghost chain’ label, pointing to the blockchain’s robust activity and growth.
- Hoskinson reiterates the strength of the Cardano community, crediting their shared vision and passion as key drivers behind the success of ADA.
In the face of criticism and dismissive tags like ‘ghost chain,’ Charles Hoskinson, the founder of Cardano (ADA), has stepped forward with an eloquent and data-driven defense of his blockchain project.
Challenging the ‘Ghost Chain’ Narrative
The term ‘ghost chain’ is used to denote a blockchain with minimal or no activity. Critics often employ this term to label Cardano, mainly in the wake of decreased non-fungible token (NFT) sales on the platform. Hoskinson, however, has met these accusations with a playful retort on social media, sharing an animated gif of a dancing ghost with the caption “Ghostchain gonna Ghost.”
— Charles Hoskinson (@IOHK_Charles) August 1, 2023
This light-hearted response, however, was accompanied by a far more serious argument. Responding to a post by the user TapTools, Hoskinson presented compelling data against the ‘ghost chain’ claims. TapTools had earlier listed several reasons why the ‘ghost chain’ tag was a misrepresentation of the true vibrancy of Cardano.
Foremost among these reasons is the significant transaction volume processed on the Cardano blockchain. More than 72.5 million transactions have been processed on Cardano, a number that TapTools describes as
“a testament to the very real activity happening every moment on Cardano.”
Moreover, Cardano hosts over 8.6 million native assets. This substantial figure further negates the ‘ghost chain’ perception, demonstrating that the ADA network is a dynamic and thriving ecosystem.
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Another metric worth highlighting is the total value locked (TVL) in Cardano, amounting to $185 million. This reflects the increasing trust and engagement from the community, presenting a clear counterargument to the ‘ghost chain’ narrative.
#Cardano is not a ghost chain. The statistics speak clearly:
– 22.6B staked $ADA
– 72.5M TXs processed
– 50K active users in the last 24h
– 8.6M native assets
– TVL is 190M ADA
– 4.2 M wallets
– Cardano belongs to the top 10: NFT, social engagement
– top 20: TVL, DEX activity
— Cardanians | stake with CRDN3 (@Cardanians_io) August 1, 2023
The Resilience of the Cardano Community
The strength of the Cardano community stands as an integral component of its success, as per TapTools. With more than 4.2 million ADA wallets and growing, the community is “the very heartbeat” of the Cardano network.
This active and growing community is united by shared values and a vision for a decentralized future. The passionate belief of these community members serves as a crucial propellant behind Cardano’s progress.
Lastly, it’s worth noting that Cardano has recently launched Mithril, a groundbreaking stake-based signature protocol designed to enhance node sync efficiency and boost blockchain’s decentralization. This is another testament to Cardano’s ongoing innovation and vibrant activity, moving far beyond the bounds of a so-called ‘ghost chain.’
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