The posts on the front page about Cardano right now are bipolar as fuck. It’s true…most people would probably agree that Cardano is one of the most divisive topics of discussion on this sub. I’ll admit my bias for the project, but my opinions have not been formed based on rampant, baseless speculation. Let’s look at the facts and the data. I believe I’ve been able to leave my bias out of most everything below…
You can sort this table in all sorts of ways. As of today, if you sort by “Real Volume”, “Transaction Volume”, or “Adjusted Transaction Volume”, you’d see Cardano ranked 3rd behind BTC and ETH. Now, some will refute this evidence of Cardano’s utility by saying that Messari skews these numbers for UTxO platforms because of “change” UTxOs. Fair enough…let’s sort by “Active Addresses” and we see Cardano ranked 4th at ~383k addresses, 80% of ETHs active addresses and about 42% of BTC…and this is without any DeFi projects having launched yet. You can see here that is a growth of about 250% over the last week. TheDeFi project with the biggest reputation at this point, SundaeSwap, will most likely launch before the end of the year. People LOVE to measure the value of a chain based on TVL, which many Cardano bears will correctly state that there is currently zero TVL. Yeah, no shit…you can’t measure something before it’s been created. It’s like trying to say somebody will be a shit athlete before they’re even born, they have to at least grow to an age where they can start participating (analogies not always my strong suit, bare with me…). Anybody calling Cardano “vaporware” is lying, and anyone saying it “has no dapps yet” is not paying attention to the activity in the community and, while true at THIS VERY MOMENT, is basically ignoring the state of current DeFi projects. Ethereum took far longer than 11 weeks for good quality dapps to get going, Cardano will have them in about 4 months time from launch of smart contracts.
Ok…so Cardano is being used A LOT right now…how is it handling the load? Well, you can see here that the blockchain load has been steadily increasing since October. And you can see here that the number of transactions is spiking greatly. (You can adjust the graphs to an earlier date to see that the trend is increasing but I can’t link directly to it). Best thing about Cardano? It was built to BEND NOT BREAK!!! There are many parameters that can be adjusted on an epoch’s notice to accommodate more transaction volume. In fact, that is exactly what is being done. At the moment this is controlled by IOG, but when we eventually get full on-chain governance we, the community, will be in control of how Cardano adapts.
I’m hoping I’ve laid out the facts with evidence pretty clearly here and I think I’ve avoided bias. I’m not trying to convince anybody to buy or sell, I want everybody to make up their own minds based on the data. It’s exactly what attracted me to the Cardano project. There are ups and downs in the market, but Cardano’s design will allow it to stand the test of time because of its “bend don’t break” approach. The demand for its use is pushing up against the flood gates and they will be opening over the next few months.
Edits for grammar