2023-8-23 22:04 |
As comparisons between Ethereum and Cardano continue to percolate in the digital asset ecosystem, Cardano’s founder Charles Hoskinson has stepped in to defend his project from critics.
On August 16, X user WhaleChart quizzed followers on whether or not Cardano will ever become a worthy competition to Ethereum, prompting a wave of responses. A response from OxNLY.arf claimed that Cardano is merely following Ethereum’s road map, and within six months, Hoskinson will ditch the entire concept of Hydra.
In 2020, Cardano unveiled plans for Hydra as a layer two solution for the network to improve its speed and scalability using sidechains.
Responding to OxNLY.arf predictions, Hoskinson reeled out Cardano’s innovations, noting that Hydra has achieved a mainnet launch as it continues to experiment on novel ways around transaction fees.
“It’s getting to delusion town,” said Hoskinson. “Hydra is live on mainnet and evolving fast. Mithril is live as well and the first step towards a rich DA and light client strategy. We already designed a significantly better way of handling transactions via tiered pricing and Babel fees.”\
Hoskinson’s response took swipes at Ethereum’s programming model, poking holes at the dominance of its layer 2 solutions. He stated that with Hydra, Cardano’s side chains will offer many benefits to Cardano in a symbiotic relationship.
“Meanwhile Ethereum has a dumpster fire of a consensus layer, has a terrible programming model that they can’t change, and are getting eaten alive by their own layer 2 ecosystem,” said Hoskinson. “We are living rent-free in the maxi minds. I pity them.”
Cardano has received flak from critics over the slow pace of its development and the perceived lack of use cases. Hoskinson had previously stated that it would adopt a slow-and-steady approach toward development to avoid major pitfalls.
The project’s founder cites data from Cardano Scan as proof that the ecosystem continues to buzz with activity. At the moment, Cardano’s blockchain processes an average of 60,000 transactions daily compared to Ethereum’s over 1 million transactions in a 24-hour period.
Cardano continues to trade sidewaysADA trades at $0.266 as it continues its sideways trading pattern for over a week. Onchain analytics indicates that ADA whales are adding to their holdings en masse, bringing their holdings to a near 12-month high.
“As Cardano sits just above $0.2, whales and sharks holding between 100K-10M $ADA have accumulated back to their highest level since September 2022,” said Santiment. “Additionally, on-chain transaction volume has been rising nearly every week for the past 6 months.”
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