'Cardano Is Dog S**t': BitMex Co-Founder Arthur Hayes Challenges ADA's DApp Utility
Portfolio Pulse from Mehab Qureshi
Arthur Hayes, co-founder of BitMex and a Bitcoin supporter, criticized the utility of dApps within the Cardano ecosystem, calling ADA 'dog sh*t'. He challenged the Cardano community to name heavily used dApps that launched on Cardano. Charles Hoskinson, Cardano's co-founder, was tagged in Hayes' comments but responded without addressing the challenge directly. Hayes has previously described Cardano as a 'wannabe Ethereum'. Despite growth, Cardano's DeFi sector remains modest with a TVL of $460 million.
February 22, 2024 | 5:59 am
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POSITIVE IMPACT
Arthur Hayes, a Bitcoin supporter, indirectly promotes BTC by criticizing ADA, potentially influencing BTC's perception positively.
While the news is primarily about ADA, Hayes' support for Bitcoin and his critique of Cardano could indirectly benefit BTC by contrasting its perceived value and utility against ADA's.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Hayes suggests buying ETH over ADA, potentially influencing investor sentiment towards Ethereum positively.
Hayes' recommendation to buy ETH over ADA, coupled with his critique of Cardano, could lead to a positive shift in investor sentiment towards Ethereum, potentially impacting its price positively in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
Arthur Hayes criticized the utility of dApps within the Cardano ecosystem, impacting the perception of ADA's value and utility.
Hayes' criticism, especially coming from a prominent figure in the crypto community, could negatively affect investor sentiment towards ADA in the short term, potentially leading to a decrease in its price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90