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.
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.
For all you $ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That's why $ADA is dog shit. @IOHK_Charles pls educate me.
Yachtzee 😚😚😚😚😘😚😘 pic.twitter.com/riQORI6Ipy
— Arthur Hayes (@CryptoHayes) February 21, 2024
Cardano Army Debunks Claims
Meanwhile, the Cardano community has greatly contested the claim that no prominent dApps launched on Cardano with tailored offerings.
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.
Hey @CryptoHayes, Minswap is a DEX on Cardano. Last year alone, we saw over 2.1 million trades and a 4 billion $ADA in volume through Minswap, with more than 401K users. Just a glimpse into the vibrant activity and growth on Cardano!
— Minswap Labs (@MinswapDEX) February 21, 2024
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.
So what don't you like about it?
— Charles Hoskinson (@IOHK_Charles) February 20, 2024
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.
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