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HomeCrypto NewsMarketBitcoin Proponent Arthur Hayes Calls Cardano Piece of Sh.t, Hoskinson Reacts

Bitcoin Proponent Arthur Hayes Calls Cardano Piece of Sh.t, Hoskinson Reacts


Arthur Hayes, the pro-Bitcoin co-founder of BitMEX, has taken to the social media platform X to criticize Cardano (ADA), sparking a response from Cardano founder Charles Hoskinson.

In a recent statement, Hayes characterized Cardano as a cryptocurrency lacking utility, dubbing it a sh.tty meme coin.

He supplemented his argument by presenting a list of the most prominent decentralized applications (dApps) within the crypto space. The list included dApps offering functionalities such as decentralized exchanges (DEX), liquid staking, NFT marketplaces, gaming platforms, and infrastructure projects.

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In parallel, Hayes challenged ADA enthusiasts to identify any dApps launched on Cardano or offering heavily utilized Cardano-based services.

While acknowledging his limited knowledge on the matter, he concluded that it appears none of them do. Consequently, he derisively dismissed ADA as “dog sh.t,” inviting the Cardano founder to enlighten him.

Cardano Army Debunks Claims

Meanwhile, the Cardano community has greatly contested the claim that no prominent dApps launched on Cardano with tailored offerings.

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Liqwid Labs, the first non-custodial pooled lending protocol with liquid staking on Cardano, responded by highlighting their contributions. 

They mentioned their development of Aave v3 liquidity pools alongside Lido liquid staking. Liqwid Labs emphasized that ADA lenders have the opportunity to earn yields from staking and borrow interest using a unified interest-bearing LP token.

Furthermore, they pointed out the innovative DeFi products by Cardano teams, including Minswap Labs, Optim, and Indigo.

Similarly, Cardano-based DEX Minswap Labs responded to Hayes. The team highlighted that in 2023 alone, Minswap facilitated over 2.1 million trades and processed a volume exceeding 4 billion ADA.


Moreover, it pointed out that Minswap attracted more than 401,000 users. Minswap Labs noted these figures are merely a fraction of the expansion occurring within the Cardano ecosystem.

Cardano Founder Reacts

In a tweet, Charles Hoskinson called out Arthur Hayes, seeking clarification about the motivation behind his criticism of Cardano. Moreover, Hoskinson remarked that Hayes is someone he admires, suggesting he does not expect such unfair criticism from him.

In reply, Hayes reiterated his perspective, stating ADA is a “piece of sh.t.” Similarly, he noted that his appreciation for Charles Hoskinson remains unchanged, regardless of his reservations about ADA.

As a result, Hoskinson pressed further, urging Hayes to specify precisely what aspects of Cardano he finds unfavorable. 

However, as of press time, Arthur Hayes has remained silent and provided no response to the straightforward question despite repeated calls from other community members.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

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