The correction in the crypto market does not spare the ADA. The price also suffers from criticism regarding the potential of its smart contracts, a major feature for Cardano.
The launch of smart contracts on the Cardano blockchain is the event of 2021 and undoubtedly a crucial step in the development of the network. To compete with the benchmark smart contracts platform, Ethereum, this function is essential.
The actual production of this feature will normally take place in September. The ADA course, Cardano’s native token has been surfing this prospect for several weeks.
Cardano unsuitable for DeFi?
But dysfunctions come to sow doubt, causing criticism and turbulence for the course of ADA (-13.23% in 24 hours). Categorically, Eric Wall, chief investment officer of crypto fund Arcane Assets, seriously scratches Cardano at Decrypt.
“Cardano was not built for the current DeFi landscape,” he said. He therefore believes that DeFi application developers are constrained, as they stand, to too many adjustments to allow normal operation on Cardano.
At the start of these reviews, the difficulties encountered by the first users during the tests. The first dApps to use smart contracts, the DEX Minswap, does indeed encounter some technical issues.
Due to so-called “competition” problems, the latter was prematurely forced to temporarily stop his testnet. Critics of Cardano believe that if other DEXs also intend to migrate to the network, they are exposed to the same incidents.
A boon for Ethereum supporters like Anthony Sassano. The rivalry between the Cardano and Ethereum communities is not new. And statements from the founder of Cardano have often fueled this rivalry.
Cardano’s promises to be demonstrated
“Six years of ‘peer-reviewed’ research and a market of over $ 90 billion later, the first Cardano dapp isn’t even capable of handling concurrent transactions (i.e. the thing which you need for DeFi) ”, quips Anthony Sassano.
But the most virulent is undoubtedly Eric Wall. “Cardano does not measure up to competing smart contract platforms, despite all their talk about research and scientific breakthroughs,” he denounces.
For the CIO, Cardano’s initial promises were excessive and are not being kept. But blockchain and its smart contracts also have their defenders. Sundaeswap, a future Cardano exchange, refutes attacks over the network’s inability to handle competing transactions.
Maladex, another DEX in development on Cardano, further recalls that Minswap’s difficulties do not bode well or disqualify the blockchain. The developers report that Minswap is still under construction. Nothing more normal then that incidents occur.
As for Charles Hoskinson, the founder of Cardano, he denounces a simple operation of destabilization. “Noise and FUD”, he assures [Ndlr : fear, uncertainty and doubt, soit peur, incertitude et doute].
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