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Cardano has been criticized as one amongst the very most attention-grabbing ghost chains within the switch.
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But its metrics reveals that its network exercise is doing properly.
Cardano, one amongst the most current blockchains, is furthermore a highly controversial one as issues about its ecosystem boost remain. Some crypto watchers mediate that it is a highly overestimated venture whereas others argue it is a ghost chain.
Is Cardano a ghost chain?
A ghost chain is defined as a crypto venture that has nothing going on in its ecosystem. And there are so powerful of such chains within the crypto switch. Among the cease ghost chains are Kadena, Velas, and XDS Community amongst others.
Cardano, on the opposite hand, can’t be defined as a ghost chain on yarn of its ecosystem is increasing. As an illustration, its DeFi ecosystem is thriving even because the crypto winter continues. Recordsdata compiled by DeFi Llama reveals that Cardano’s TVL has jumped to $227 million, making it the 14th very most attention-grabbing chain on this planet.
In ADA terms, Cardano’s TVL has jumped to an all-time high of over 750 million ADA coins. This boost has been pushed by the rising choice of DeFi protocols in Cardano and the performance of platforms indulge in MuesliSwap, MinSwap, SundaeSwap, and Indigo.
Extra, Cardano furthermore has many users. As shown below, the network is averaging over 30k day-to-day users. Most ghost chains infrequently maintain any users.
Cardano is furthermore energetic within the NFT switch. Recordsdata by CryptoSlam reveals that the entire sales of Cardano NFTs within the previous 24 hours totaled $277k, making it the eighth very most attention-grabbing participant within the switch after Ethereum, Polygon, Mythos, Immutable X, BNB Chain, and Bitcoin.
Cardano’s valuation is stretched
As a result of this truth, we can beget surely that Cardano is no longer a ghost chain. As yet every other, I mediate that Cardano is correct highly overestimated. Per CoinMarketCap, Cardano is valued at over $10 billion. At its height, it used to be valued at over $90 billion.
Despite the drawdown, it is arduous to point to this valuation since $10 billion is quite a few money. Its valuation near that Cardano is valued elevated than American Airlines, Lazard, and Moelis.
The very most attention-grabbing place aside is that the ecosystem is getting highly competitive. Most of this competitors is coming from layer-2 networks indulge in Arbitrum, Polygon, Harmful, and Optimism amongst others.
Cardano has furthermore did no longer blueprint the very most attention-grabbing players in industries indulge in tokenization, stablecoins, and DeFi. As yet every other, huge players indulge in AAVE, Uniswap, and PancakeSwap maintain moved to L2 networks.
