Cardano is one of the most popular blockchains, but it is also a highly controversial one. Some crypto watchers believe that it is a highly overvalued project, while others argue it is a ghost chain. So, is Cardano a ghost chain?
First of all, a ghost chain is defined as a crypto project that has nothing going on in its ecosystem. However, Cardano cannot be defined as a ghost chain. Its DeFi ecosystem is thriving, and its Total Value Locked (TVL) has jumped to an all-time high of over 750 million ADA coins. This growth has been driven by the increasing number of DeFi protocols on the network, as well as the performance of platforms such as MuesliSwap, MinSwap, SundaeSwap, and Indigo.
In addition, Cardano is also averaging over 30k daily users. This is a sign of an active network, something that ghost chains rarely have. Plus, the total sales of Cardano NFTs in the past 24 hours totaled $277k, making it the eighth biggest player in the industry.
So, why do some people still think Cardano is overvalued? According to CoinMarketCap, Cardano is valued at over $10 billion. At its peak, it was valued at over $90 billion. This is a lot of money, and it means that Cardano is valued higher than American Airlines, Lazard, and Moelis.
The biggest challenge for Cardano is that the ecosystem is becoming increasingly competitive. Most of this competition is coming from Layer-2 networks, such as Arbitrum, Polygon, Base, and Optimism. Furthermore, the biggest players in tokenization, stablecoins, and DeFi have moved to L2 networks instead of Cardano.
If you’re interested in buying Cardano, you can do so through various exchanges. However, it is important to remember that Cardano is highly overvalued at the moment, and its future in the highly competitive crypto space is uncertain.
