Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Kitco News) – Over the past few years, Cardano (ADA) has consistently been one of the top-ranking layer-one blockchain protocols in terms of market cap and popularity on social media.
Despite these facts, the network continues to fall short of its full potential, according to billionaire entrepreneur Mark Cuban who recently stated, “it’s just not there yet” when it comes to having a larger impact on the cryptocurrency ecosystem.
When looking at the project from a business owner’s perspective in a similar fashion as he does on the popular show Shark Tank, Cuban noted that “there’s gotta be a there, there,” suggesting that Cardano has yet to make itself stand out from the field and offer something new.
As for the main metric that Cuban uses to judge the success of a blockchain network, the Dallas Mavericks owner pointed to the transaction count. “You can go to Coin Metrics, you can go to all these different places and look for transactions, and I guess the people in Africa are not using it as much as they expected because you don’t see the transactions, you don’t see the fees,” he said.
A deeper dive into Cardano’s on-chain activity shows that Cuban has a valid point, with data from Messari showing that the network’s transaction count has ranged between 52,900 and 93,409 over the past two months.
Cardano network transaction count vs. ADA price. Source: Messari
This pales in comparison to the most active blockchain networks such as WAX and Stellar, which processed 22.5 million and 8.9 million transactions, respectively, over the past 24 hours, according to data provided by Bloctivity.
Even Bitcoin outperformed Cardano in terms of transaction count over the past month despite not boasting any smart contract capabilities, processing a daily average that ranged between 198,306 and 283,820.
Despite the adoption struggles for Cardano, Cuban noted that “the door is open” for the network to see an uptick in use if it can launch a popular decentralized application (DApp) that excites users and helps the protocol generate more revenue.
“Just because it’s crypto doesn’t mean you don’t need revenues,” Cuban said, further elaborating that “No matter what you do, no matter what you say, no matter how you position it, no matter what your market cap is , there has to be some there, there.”
Heavy resistance for ADA at $0.54
This insight into Cardano from a business perspective comes as ADA is attempting to breakout above the major resistance found at $0.54, which has proven to be a tough nut to crack following three previous attempts.
ADA/USD 4 hour chart. Source: TradingView
The network is currently in the process of preparing for its Vasil hard fork, which has already been delayed twice due to the discovery of unanticipated bugs. IOHK, the company behind the advancement and promotion of Cardano, has yet to announce the scheduled date for Vasil, but the price of ADA is expected to respond positively once the official hard fork date is revealed.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.