- An Ethereum influencer took a swipe at Cardano for struggling to expand its DeFi ecosystem despite having an incredible year.
- Evan Van Ness highlighted that a recently launched chain surpassed Cardano.
- The influencer’s shot comes at a time when the market is engulfed in fear and chaos.
Cardano’s DeFi ecosystem has showcased remarkable growth this year, expanding by 200% while introducing several innovative solutions and protocols to the industry. Despite its burgeoning status in the DeFi world, the network is still scrutinized and frequently dubbed a ‘ghost chain.’
In a recent development, a popular Ethereum influencer has aimed at the Proof-of-Stake network, calling it a zombie chain, especially when Cardano is facing an investor exodus following a market-wide crash.
Van Ness Targets Cardano’s DeFi
On Friday, August 25th, Evan Van Ness, a mainstream Ethereum influencer, took a jab at Cardano by pointing out its struggles to expand its DeFi TVL. Van Ness brought attention to Base, a Layer-2 network launched on August 9, which outpaced Cardano’s TVL, clinching the title for the fastest-growing DeFi network this year.
Cardano’s DeFi TVL stood at $160 million at press time and ranked 14th overall. In contrast, Base Chain boasted a $184 million TVL and placed 12th on the ladder. Much of Base Chain’s popularity can be attributed to Coinbase’s Onchain Summer event, which has attracted NFT mints from mega brands like Coca-Cola.
It’s also worth noting that Base Chain’s DeFi ecosystem is nearly four times as large as Cardano’s, boasting 79 protocols compared to Cardano’s more modest 24.
Adding salt to the wounds, Van Ness added that Cardano has struggled to achieve over 0.5 transactions per second, implying it lacks activity. However, it’s worth noting that the Ethereum influencer is taking his shot at Cardano while it’s facing challenges.
Hitting When Cardano is Down
Cardano’s DeFi TVL peaked at $200 million in July, propelling it into the top 15 rankings. However, with ADA having a hard time since the August 16 market-wide flash crash, plummeting by a whopping 18%, its DeFi TVL has substantially decreased.
Making matters worse is the prevailing bearish market condition that has triggered an investor exodus and a massive decline in Cardano’s Daily Active Addresses and network activity, leading to more struggles.
Nevertheless, it’s important to highlight that its TVL in terms of ADA remains at an all-time high, exceeding 600 million ADA. Should Cardano’s price recover to its pre-market crash level of $0.31, its DeFi TVL could reach $186 million, surpassing that of Base Chain.
On the Flipside
- Evan Van Ness claims to be the Ethereum Chief Decentralization Officer on his Twitter Bio. It’s worth noting that Ethereum doesn’t have that role.
- This isn’t the first instance that Evan Van Ness has butt heads with the Cardano community.
- Recent Santiment data named Cardano the industry’s top dev platform at press time, eclipsing competitors Polkadot and Kusama.
- Since launching on August 9, Base has experienced three major rug pulls on its network.
Why This Matters
Cardano is a prominent player in the crypto industry; it’s the seventh-largest token, the third-largest blockchain, and the 14th-largest DeFi ecosystem in the world. While the platform is actively vying to cement its position on multiple fronts, its meticulous approach draws criticism from the crypto community.
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