Mark Cuban says Cardano has not had ‘much of an impact’
The billionaire entrepreneur believes Cardano is not a successful cryptocurrency yet due to its low transaction volume, among other things.
During a recent interview, entrepreneur Mark Cuban said Cardano “is just not there yet” when it comes to impacting the cryptocurrency space.
Cardano is not there, according to Cuban
Speaking to Altcoin Daily, the billionaire owner of the Dallas Mavericks criticized Cardano from a business perspective.
Applying the same lens as he would for business pitches on Shark Tank, Cuban said, “there’s gotta be a there, there,” implying the chain has failed to live up to expectation.
Justifying this statement, Cuban said the “bellwether” of success for him is the number of transactions. And Cardano falls short on this metric compared to other, more popular chains.
“You can go to Coin Metrics, you can go to all these different places and look for transactions, and I guess the people in Africa are not using it as much as they expected because you don’t see the transactions, you don’t see the fees…”
For the last month, data from Messari shows daily Cardano transactions ranged between 52,900 and 93,409. By contrast, over the same period, Bitcoin’s ranged between 198,306 and 283,820.
Cuban pointed out that he has yet to see Cardano rise to the challenge and make an impact, which is all the more relevant considering smart contracts have been live for a year.
“I just don’t see where Cardano has had much of an impact at all. They got their smart contracts a year ago, and that was going to be the inflection point. Inflect away Cardano. I just have not seen it.”
However, “the door is open for that to happen” if the next great dApp is launched on Cardano and everyone needs to buy ADA to use it.
When asked what advice he would give Charles Hoskinson if he pitched on Shark Tank, Cuban said, “where’s your revenue?”
He explained that he would ask that question since “just because it’s crypto doesn’t mean you don’t need revenues.”
“No matter what you do, no matter what you say, no matter how you position it, no matter what your market cap is, there has to be some there, there.”
Vasil pump incoming?
Cardano developers are currently working on rolling out the Vasil hard fork, which they delayed for a second time after discovering three unanticipated bugs.
Input Output has yet to give a final release date for the upgrade. However, social media chatter expects the price of ADA to rise on announcing a rollout date.
Soooo…. anyone else think that $ada will explode once they announce a firm date for the Vasil Hardfork?
— Lark Davis (@TheCryptoLark) August 7, 2022
ADA has been trending upwards since July 26, which was approximately the period when the second delay was announced. The current price action shows an imminent retest of the $0.5578 resistance level.