BitMEX co-founder Arthur Hayes has leveled harsh criticism against Cardano (ADA) and Ripple (XRP).
Hayes argued that while neither project produced anything tangible, their strong communities allowed them to maintain their presence in the market in the long term.
Hayes, in his assessment of Cardano and Ripple, stated, “Cardano and Ripple are absolutely doing nothing. But if the community gets rich along with the founders, it will stay with you forever.” According to Hayes, ADA will likely remain among the top 50 cryptocurrencies by market capitalization even 15 years from now, and its supporters will continue to defend the project.
Hayes further intensified his criticism of Cardano, comparing it to AI stocks and arguing that ADA fails to generate fundamental value. Hayes stated, “An AI stock at least has some fundamentals. Cardano had a chance to revive its fundamentals. At least SK Hynix generates revenue and profit. ADA does absolutely nothing; it promised the world and delivered none of it.”
Hayes stated that Cardano’s long presence on the market and its significant price increases in the past have kept community support alive. However, he argued that the project has not met expectations on the technical development side.
Hayes stated, “Cardano is garbage, they haven’t done anything. The best thing about it was its initially good tokenomics. ADA has been on the market for a long time, its price has risen a lot, so people like it. Smart contracts? Never. What real progress has been made? Zero.”
