- Ben Armstrong, formerly known as BitBoy, just rained a tirade on Cardano (ADA), insinuating that it’s probably dead in the water.
- Cardano founder Charles Hoskinson swiftly responded to the crypto influencer’s remarks via X (formerly Twitter).
Ben Armstrong: ADA is Dead for Real
“Is ADA dead, is this the end for Cardano?” This is how Ben Armstrong started a video titled “Cardano Investors: ADA is Dead for Real” which eventually caught the ire of some members of the crypto community and got the attention of the cryptocurrency’s founder, Charles Hoskinson.
The nearly 10-minute long video posted on April 6 by the crypto influencer blasted on how Cardano is being left behind by newer projects. He even went on to say that the average person couldn’t even name three projects in its ecosystem.
Armstrong attributed the stagnation of ADA to its lack of price action compared to other chains. He likewise questioned its low rate of usage on crypto exchanges, which should have been crucial for its liquidity. The crypto personality said this is deterring the network from offering lower fees.
The critic added that Cardano had a large pot of its liquidity locked in staking, which is preventing the entry of institutional money into its ecosystem. This in turn makes investors reluctant to pour their money into the project.
“I think the markets are telling us that very clearly–look at where the big money is and look at where it’s going, it’s TradFi coming in and it’s getting spread around and ADA is getting left out,” he explained starting at the 7:31 mark of the video.
“It doesn’t mean it can’t still have a great bull run,” he added. “What it means is it’s going to be limited and it’s going to be capped until the big fish are able to come in and get their fill.”
Cardano Founder Charles Hoskinson Replies
Cardano founder Charles Hoskinson was visibly upset by the video. Nonetheless, his initial remarks on X following the release of the video maintained some class despite the harsh critique his brainchild got.
“Well, Ben Armstrong was always friendly in person to me,” Hoskinson reacted. “Sad to see him go down this road.”
The entrepreneur concluded his short tweet with “Wish him well and hope for the best.”
Armstrong was notably a huge supporter of Cardano, especially during his time as BitBoy. He even disclosed that he used to have a stake in it. However, his views eventually turned sour over time, leading to the heated situation he’s in right now with the Cardano founder.
The crypto personality tried to cool down the tension by emphasizing that his comments were only made in a constructive manner, and he actually had good points about Cardano in his video. He even extended an invitation for Hoskinson’s interview to which the latter declined.
Instead, Hoskinson followed his earlier post with a more lengthy one highlighting the upcoming upgrades in the platform, which should provide a solution to some issues and limitations in its network. It was not specifically directed toward Armstrong but it was made to address “all the dunking on Cardano.”
Hoskinson highlighted the Chang hard fork, which he referred to as “the biggest step forward towards solving the blockchain trilemma ever.” He also reminded everyone that their protocol has never failed in over 2,300 days.