Cardanoprice has joined the opposite cryptocurrencies in a powerful sell-off as considerations concerning the new crypto winter intensify. It has tumbled by greater than 8% up to now 7 days, bringing its complete market cap to over $13 billion, making it the tenth greatest crypto within the business.
Cardano has change into one of many greatest ghost chains within the crypto business. A ghost chain is outlined as a blockchain that lacks any utility. In Cardano’s case, there is no such thing as a main dApp that has come out from the ecosystem whereas the variety of builders has waned.
In distinction, Ethereum has some well-known purposes like AAVE, Compound, and Lido DAO. Equally, Solana hosts common meme cash like Dogwifhat and Bonk and DeFi protocols like Orca, Jupiter, and Raydium.
Cardano’s DeFi TVLhas plunged to $289 million, making it the twenty eighth greatest platform within the blockchain business. All gamers within the community like Minswap, Indigo, Liquid, and SingularityNET staking pool have plunged by double digits up to now few weeks.
Most significantly, Cardano has a restricted quantity of stablecoins in its ecosystem. These stablecoins have lower than $20 million market cap, which means that most individuals will not be utilizing its ecosystem. In distinction, Tron has over $50 billion in stablecoins whereas Ethereum has greater than $80 billion.
Cardano has now change into a smaller platform than many blockchains which have a smaller market cap. For instance, Gnosis, whose GNO token has a market cap of $814 million has a DeFi TVL of about $328 million.
Cardano can also be smaller than Mantle, which has a TVL of over $383 million and a market cap of over $2.5 billion. Additionally it is smaller than different smaller than networks like Aptos, Close to Protocol, and Sui.
On the identical time, Cardano has no market share in different industries within the blockchain business. For instance, knowledge by CryptoSlam exhibits that the community dealt with NFTs price simply $48k up to now 24 hours and $1.8 million up to now 30 days. Worse, most of those gross sales have been wash gross sales.
All this supplies additional proof that Cardano is the largest ghost chain within the crypto business and that it was arduous to justify its valuation. On the constructive facet, its valuation has dropped from a report excessive of over $90 billion within the final crypto bull run.