Cardano founder Charles Hoskinson has fired back at the critics labeling Cardano a “ghost chain.”
The Cardano founder was reacting to a report by American business magazine Fast Company that fewer than 500 people are responsible for up to $250 million a year in profits and over $3.2 trillion in artificial trading, according to a new study published by Cornell Universitys preprint server arXiv. According to the report, some crypto projects inflate their numbers to generate nonexistent hype.
Cardano with its real numbers = ghostchain. The chains with fake numbers = VC darlings, mass adoption, changing the world
Hoskinson reacted to this report, saying, “Cardano with its real numbers = ghost chain. The chains with fake numbers = VC darlings, mass adoption, changing the world.”
Despite being called a “ghost chain,” Cardano continues to see significant growth and adoption. Hoskinson maintains that Cardano's development is based on genuine user activity rather than fake trading volume.
Cardano continues to grow
According to the most recent Cardano development update shared by Input Output, Cardano's ecosystem is growing, with 1,989 projects currently building on the network. The number of delegated wallets has risen to 1.328 million, representing a 0.07% increase in staking activity since last week.
The issuance of native tokens has reached 10.72 million, with 210,662 token policies, representing a 0.14% increase over the prior week.
Smart contract adoption remains steady, with 129,374 Plutus scripts and 5,691 Aiken scripts now deployed.
Transaction volume continues to rise, hitting 107.69 million transactions, a 0.16% increase from the previous week. Governance participation continues to be robust, with 1,217 DReps, 923 of which are active, contributing to decentralized decision-making.
The Lace wallet is increasing its capabilities by going multichain, beginning with Bitcoin. This enables Lace users to store, manage and interact with Bitcoin right from their wallet. This step improves Web3 interoperability and positions Lace to support the growth of Bitcoin layer-2 protocols and decentralized finance (DeFi).
This week, Coinbase derivatives filed with the CFTC to self-certify Cardano futures, while AMINA Bank launched Cardano staking services.