BitMEX founder and former CEO Arthur Hayes has thrown shade at Cardano (ADA), contemptuously calling it “dogshit”. His controversial comment prompted Cardano creator Charles Hoskinson to respond on the X social media platform.
Why The ADA Shade?
In a recent Twitter post, Bitcoin billionaire Arthur Hayes shared an image showing the fee generation of several decentralized applications (dApps) and protocols across the crypto industry and called into question the existence and performance of ADA-based applications within this space.
The image by the BitMEX founder is from the crypto analytics platform Token Terminal. It portrays a bar chart of different cryptocurrency projects, including Kwenta, Gains Network, Aura Finance, Curve, Lido Finance, and Uniswap, ranked by the fees they have amassed over the last year. As per the data, the top fee-generating projects are Aave, MakerDao, Uniswap and Lido Finance.
For all you $ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That’s why $ADA is dog shit. @IOHK_Charles pls educate me.
Yachtzee
pic.twitter.com/riQORI6Ipy
— Arthur Hayes (@CryptoHayes) February 21, 2024
The absence of Cardano among the leading fee-generating projects in this list appears to be the basis for Hayes’ critical remarks. In his opinion, the lack of a largely used Cardano-based dApp is a sign of the platform’s underperformance in the wider cryptocurrency market.
In other related news, Hayes called Cardano the “first wannabe Ethereum” during a recent interview. Furthermore, he questioned the importance of Cardano in the crypto sector, arguing that it “may be the first one to be irrelevant.”
Hoskinson’s Response
Cardano founder Charles Hoskinson wasted no time responding to Hayes’ scathing remark.
Hoskinson posited: “Arthur, why are you throwing shade at Cardano? I like you, man.” To which Hayes replied, “Cause ur coin is a piece of shit man. I like u too man, regardless of the price of ADA. Just buy some ETH and chill.”
ADA, which registered a face-melting rally during the 2021 bull market, seems to have fallen out of favor with cryptocurrency investors in the last couple of months, significantly underperforming rival coins.
After climbing to $0.63 on Feb. 20, ADA has since retreated to $0.5852 at press time — a decline of 6.6% on the day. With a market cap of around $20.6 billion, the Ethereum competitor is ranked 8th on the crypto leaderboard, as per CoinGecko. Moreover, ADA is still down by 80.9% from its September all-time high of $3.09.
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