Cryptanalyst urges users to get rid of ADA tokens
Head of Research at K33 Research Anders Helseth has urged members of the cryptocurrency community to stay away from Cardano's layer 1 blockchain (ADA). According to him, âa complete lack of meaningful activity on the Cardano network will render the ADA token useless over time.â
This pessimistic position is supported by several arguments. First, the analyst believes that a smart contract network like Cardano should have a real-world use for its token. However, Cardano does not have any meaningful use.
Moreover, Helseth said that there is no evidence that Cardano is used for anything. Recalling that 90,000 transactions are made on the network every day, Helseth said that this cannot be called a significant figure.
In addition, the expert pointed out the lack of stablecoins issued on the Cardano network, considering this a sign of inactivity. The lack of presence of popular stablecoins such as USDT or USDC suggests that DeFi activity is very low.
