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- Crypto reviewer and researcher, Max Maher, bluntly says Cardano missed the train to $100 billion DeFi sector’s rise the previous year. However, he also added that it appears that certain catalysts are on the line.
- Yet the founder of Cardano, Charles Hoskinson has claimed that the ecosystem is actually busier than what people believe. Emphasizing, he added that along with a few on the mainnet, DEXs were already on the test net.
- Maher also urged crypto fanatics to keep watch over Cardano reminding them of its development in Africa such as locking a deal in Ethiopia for millions of decentralized identities and designing for “Web3 banking solutions”.
According to the coinmarketcap, Cardano’s ADA is the seventh-largest cryptocurrency by market cap with a 24-hour trading volume of USD 1,561,392,957. Its price stands at $1.17, experiencing a drop of 5.61% in the last 24 hours.
However, things have changed significantly since early 2021 when it held the position of the third-largest crypto asset by market cap and gave tough competition to Ethereum. Nonetheless, crypto researchers believe there are still various reasons to keep a watch over ADA.
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Cardano Missed The Train To DeFi Boom
Max Maher, Crypto reviewer, and researcher, without molding his words stated his assessment of Cardano’s failure to catch the trend train in time for the DeFi explosion.
According to Max, Cardano is not off the hook completely even though the blockchain failed to enter the 100 billion dollar DeFi sector, adding he said there are still some “catalysts on the horizon.”
Nevertheless, contradicting the founder Charles Hoskinson made the claim that the ecosystem is busier than it is perceived to be. Earlier, he disclosed that there are more than 127 projects that are actively being created on Cardano.
Hokinson further pressed that in addition to a few on the mainnet, DEXs were already on the testnet. Input-Output, Cardano’s developer arm, also didn’t forget to recall investors about the same.
Maher also reminded crypto enthusiasts of Cardano’s development in Africa, for instance, closing a deal in Ethiopia for millions of decentralized identities and planning for “Web3 banking solutions.” Adding the researcher said he believes Cardano will be collaborating with more and more governments in the future.
Further explaining, Maher said that Cardano’s “measure twice, cut once” approach may make it a better match for high-profile government initiatives than for investors who want to see speedy changes.
However, Cardano has also received a good deal of criticism owing to the blockchain experiments in conflict-struck and unbanked regions, some critics even accused the blockchain by comparing it to crypto-colonialism.
Cardano Didn’t Need Funds From VCs
VC funding has earned both critics and supporters, making it the most controversial subject in the crypto sector. Hoskinson, however, made it clear that the treasury of Cardano did not require funding from venture capitalists.
He explained his stance saying, that where they are heading, they do not require VCs since they have already built “one of the largest.”
