Veröffentlicht von • Cardano has been criticized as a ghost chain, but its metrics show that its network activity is doing well.
• Its DeFi ecosystem is thriving and Cardano is also active in the NFT industry.
• However, many believe that the project is highly overvalued with a market cap of over $10 billion.
Is Cardano a Ghost Chain?
Cardano has been criticized as one of the biggest ghost chains in the industry. But its metrics shows that its network activity is doing well. Some crypto watchers believe that it is a highly overvalued project while others argue it is a ghost chain. A ghost chain is defined as a crypto project that has nothing going on in its ecosystem, however Cardano cannot be categorized as such since its ecosystem is growing and active.
Growth of Cardano’s Ecosystem
Data compiled by DeFi Llama shows that Cardano’s Total Value Locked (TVL) has jumped to $227 million, making it the 14th biggest chain in the world. In ADA terms, Cardano’s TVL has jumped to an all-time high of over 750 million ADA coins. This growth has been driven by the rising number of DeFi protocols in Cardano and the performance of platforms like MuesliSwap, MinSwap, SundaeSwap, and Indigo. Further, Data by CryptoSlam shows that the total sales of Cardano NFTs in the past 24 hours totaled $277k, making it the eighth biggest player in the industry after Ethereum, Polygon, Mythos, Immutable X, BNB Chain and Bitcoin.
Cardano’s Valuation
According to CoinMarketCap ,Cardano is valued at over $10 billion despite being only 14th on TVL rankings . At one point it was even valued at over $90 billion which makes this valuation hard to explain when compared to companies like American Airlines , Lazard , or Moelis .
Conclusion
We can conclude without a doubt that Cardano is not a ghost chain but instead just highly overvalued . It remains to be seen whether its price will continue to increase or decrease due to competition from other chains and projects .
Takeaway
Cardano may have been criticized for being a ghost chain but its metrics show otherwise . Its DeFi ecosystem continues to grow and thrive while its NFTs are also performing well . However , many believe it may be too highly valued with concerns about competition from other projects lingering .