Cardano has failed to live up to expectations thus far – Mark Cuban
In recent years, Cardano (ADA) has consistently been one of the top-rated first-tier blockchain protocols in terms of market capitalization and social media popularity.
Despite these facts, the network continues to lack its full potential, according to billionaire trader Mark Cuban, who recently said “not yet” if there is more influence on the cryptocurrency ecosystem.
Looking at the project from a business owner’s point of view, the same way he did on the popular show Shark Tank, Cuban noted that “there’s got to be something there,” suggesting that Cardano has yet to see the field. and offer something new.
As for the most important metric Cuban use to evaluate the success of the blockchain network, the Dallas Mavericks owner pointed to the number of transactions.
“You can go to Coin Metrics, you can go to all these different places and look for transactions, and I think people in Africa are not using it as much as they hope because you can’t see the transactions, you can’t look… look at the load,” he said. A deeper dive into Cardano’s on-chain activity shows that the Cuban have a point, with data from Messari showing that the number of transactions on the network has fluctuated between 52,900 and 93,409 over the past two months.
That doesn’t compare to the most active blockchain networks, such as WAX and Stellar, which processed 22.5 million and 8.9 million transactions in the last 24 hours, respectively, according to data provided by Bloctivity.
Even Bitcoin has surpassed Cardano in terms of transactions over the past month, despite not having smart contract capabilities, processing a daily average of between 198,306 and 283,820.
Despite Cardano’s adoption issues, Cuban noted that “the door is open” for the network to see an increase in usage if it can launch a popular decentralized application (DApp) to attract users and help the protocol generate more revenue.
“Just because it’s crypto doesn’t mean you don’t need income,” Cuban said, further explaining that “Whatever you do, whatever you say, whatever your position is, whatever your market cap is. something there.”
Heavy resistance for Cardano at $0.54
This view of Cardano from a trading perspective comes as ADA attempts to break above major resistance located at $0.54, which appears to be a tough nut to crack after three previous attempts.
The network is currently in the process of hard forking Vasil, which has been delayed twice due to the discovery of unexpected bugs. IOHK, the company behind the development and promotion of Cardano, has not yet announced the planned date of Vasil, but the ADA price is expected to react positively when the official hard fork date is revealed.