- Cryptocurrency analyst said the ADA token will be worthless over time.
- The analyst based the prediction on the lack of “meaningful activity on Cardano network.”
- Absence of stablecoin issuers such as Tether, and Circle indicates low DeFi activities, the analyst argued.
In a recent post, Anders Helseth, head of research at K33 Research, asked cryptocurrency community members to stay clear of layer-1 blockchain Cardano (ADA). According to Helseth, “the Cardano network’s complete lack of meaningful activity will make the ADA token worthless over time.
Helseth based his arguments on several factors. Firstly, the analyst argued that a smart contract network like Cardano ought to have a meaningful use for its token. However, Cardano has no meaningful use or any credible track to get it, Helseth stated.
Furthermore, the analyst said there is no proof Cardano being used for anything. While acknowledging the 90,000 daily transactions on the network, Helseth said it doesn’t equate to meaningful transactions.
Explaining further, the analyst pointed at the absence of stablecoins on Carda…
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