Cardano’s founder Charles Hoskinson recently addressed claims that Cardano is a “ghost chain,” which the network opponents call it to reference a drop in NFT sales.
However, Hoskinson laughed it off, making fun of the claims and the moniker.
Cardano is not a ghost chain, and here is why
“Ghost Chain” is a name typically used to describe a blockchain with little to no activity. With a drop in NFT sales, some have started referring to Cardano (ADA) as such, but the project’s founder responded by sharing a cartoon gif of a person dancing under a white sheet, impersonating a ghost.
— Charles Hoskinson (@IOHK_Charles) August 1, 2023
His only comment was: “Ghostchain gonna Ghost,” showing that he finds the whole situation amusing.
On a more serious note, he also reposted a tweet by TapTools, which has listed a number of arguments against the claims that Cardano is seeing no activity.
GHOST CHAIN MYTH DEBUNKED
There’s a certain myth circulating within the cryptosphere, a tale spun about #Cardano being a ‘ghost chain’. Today, we stand to challenge and dispel this narrative, with irrefutable facts.
To start with, the Cardano blockchain has already processed…
— TapTools (@TapTools) July 31, 2023
According to the tweet, Cardano has seen over 72.5 million transactions processed, which serves to show that the blockchain is seeing almost constant activity.
The post also argues that Cardano acts as a home for over 8.6 million native assets, which is certainly not a figure one would associate with a ghost chain.
TapTools also highlighted the exponential growth of the network’s TVL, which exceeded $185 million, stating that this is a clear signal of increasing confidence and engagement from the community. All of this directly contradicts the ghost chain narrative, according to the post.
The user further pointed out that the number of ADA wallets has exceeded 4.2 million and continues to grow daily.
According to them, this shows the heartbeat of the Cardano community, which is just another way to show that Cardano is anything but a ghost town.
But beyond the stats, what truly sets Cardano apart is the strength of its community. United by shared values and a vision of a decentralized future, the Cardano community is vibrant, engaged, and growing. Their passion and belief are the true driving force behind Cardano’s success.
Cardano development continues even when the price stagnates
Cardano is also advancing in terms of development. Recently, the project launched its long-anticipated stake-based signature protocol, Mithril.
Mithril is an innovative protocol that intends to increase node sync efficiency and boost the decentralization of Cardano’s blockchain.
In terms of market cap, Cardano currently sits as the 8th-largest cryptocurrency, with over $10.6 billion. Its price did see a hit recently, likely caused by the drop in the Bitcoin price.
At the time of writing, it sits at $0.3048, with a 2.68% drop in the last 24 hours. On the plus side, Cardano is still 0.17% higher than it was a week ago, and its 24h volume is at $244.6 million.
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