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Cardano Community Gives One Reason for Its "Standalone" in Larger Crypto Space

Sun, 07/31/2022 - 13:15
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Tomiwabold Olajide
Cardano consistently faced criticism from larger cryptocurrency space
Cardano Community Gives One Reason for Its "Standalone" in Larger Crypto Space
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Cardano has consistently faced criticism from the larger cryptocurrency space, the most significant being its comparison with a ghost chain. While that might seem baffling to newbies, ADA whale, a Cardano community-focused Twitter account, seems to know the reason for Cardano's seeming lack of acceptance by the larger crypto community, dominated largely by Bitcoin and Ethereum.

He says that "Cardano remains a major crypto culture, aiming to build out its own version of what a crypto should be". Cardano is yet to be listed on some top platforms such as Gemini and Robinhood, about which some members of its community have expressed discontent in recent times.

According to ADA whale, "The reasons why Cardano often gets excluded are complex." He continues that this "exclusion" is making Cardano stronger and self-sufficient, "Now Cardano can do everything others can, has superior stability/security, PoS long before Eth, perhaps most educated & strongest community."

In times past, Cardano faced significant criticism over its UTXO model, its systematic approach to implementation, and most recently, the slow pace of growth in Cardano's DeFi ecosystem, as reflected in its TVL. A common criticism of the ADA price is that, unlike the top two cryptocurrencies, it lacks extra zeros at the back.

Cardano continues to build

Currently, 1,045 projects are building on Cardano, while 93 projects have recently been launched on Cardano. The number of NFT projects is at 6,304, while Cardano native tokens stand at 5.6 million. Plutus scripts are now at 2,981.
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Cardano, like Bitcoin but unlike Ethereum, has a finite supply limit, with only 45 billion ADA ever to be created over the coin's existence. Presently, 33.93 billion ADA are in circulation, accounting for 75% of the maximum supply, and 34.51 billion ADA have been created so far, per CoinMarketCap data.

At the time of publication, ADA was changing hands at $0.53, up 2% in the last 24 hours.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.