 ▲ Cardano (ADA) |
Cardano (ADA) has come under fire after being labeled the most useless network in the market by a prominent cryptocurrency analyst, sparking controversy over its underlying value.
According to cryptocurrency outlet The Crypto Basic on March 9 (local time), analyst Max Keiser, known as a Bitcoin (BTC) maximalist, launched a sharp critique of Cardano and questioned the project’s fundamental value. Keiser argued that Cardano significantly lags behind other major blockchains in terms of real-world use cases and network activity. He went so far as to claim that “Cardano is the most useless network in the crypto market and will ultimately converge to a value of zero dollars.”
Keiser’s main criticism centers on Cardano’s relatively low network utilization compared to its market capitalization. Although Cardano ranks near the top in market cap, key on-chain metrics—such as total value locked in decentralized finance and daily transaction counts—fall short of that standing. He warned that this imbalance could eventually lead to a collapse of the perceived bubble. In particular, he pointed to what he sees as a fatal flaw: Cardano lacks a clear store-of-value narrative like Bitcoin or a robust ecosystem comparable to Ethereum (ETH).
In response, founder Charles Hoskinson and the Cardano community have strongly pushed back. Hoskinson has emphasized that Cardano is building one of the most secure and scalable networks based on scientific research and peer review. Supporters also cite the recently launched privacy-focused sidechain Midnight and governance upgrades, arguing that Keiser’s remarks reflect a biased view rooted in a lack of technical understanding.
Experts remain divided over Cardano’s future. Some believe the project is steadily building long-term credibility through its slow but methodical development approach, while others worry that in a rapidly evolving market, Cardano is losing competitiveness in execution speed and ecosystem expansion. With meme coins and artificial intelligence-related projects currently dominating investor attention, some analysts suggest that Cardano’s relatively quiet progress may leave investors feeling sidelined.
Cardano’s next phase will likely depend on the success of upcoming network upgrades and its ability to secure tangible adoption cases. Market participants are closely monitoring higher time-frame price trends as well as capital inflows from institutional investors. Whether Cardano can defy critics and prove its real-world utility may become a key narrative in the next bull cycle.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.*