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Cardano founder laughs off ‘ghost chain’ label, sets the record straight

Cardano founder laughs off 'ghost chain' label, sets the record straight

Although some opponents like to use the moniker ‘ghost chain’ (a blockchain with little to no activity on it) when referring to Cardano (ADA), mainly due to the drop in the sales of non-fungible tokens (NFTs) on it, the network’s founder Charles Hoskinson has made fun of these claims.

As it happens, Hoskinson shared a cartoon gif of a person dancing and impersonating a ghost while covered with a white sheet with the comment “Ghostchain gonna Ghost,” as well as reposted a tweet by user TapTools, which details arguments against the ghost chain claims, on August 1.

Challenging ‘ghost chain’ narrative

Specifically, TapTools listed several reasons that prove that Cardano being a ghost chain is only a myth, including more than 72.5 million transactions processed on the Cardano blockchain, which is “a testament to the very real activity happening every moment on Cardano.”

Furthermore, the user said:

“Cardano is also home to over 8.6 million native assets. That’s not a figure you’d associate with a ‘ghost chain,’ is it? The creation and exchange of these assets show that Cardano is a vibrant ecosystem teeming with life and innovation.”

On top of that, TapTools highlighted the exponential growth of the total value locked (TVL) in Cardano, which amounts to $185 million, and “is a clear signal of increasing confidence and engagement from the community” and, as such, represents “a direct contradiction to the ‘ghost chain’ narrative.”

Strength of Cardano community

Additionally, the user also pointed out that there were more than 4.2 million ADA wallets in existence and that this number was growing every day,” commenting that these were “the very heartbeat of our community – a community that’s anything but a ghost town.” Finally, the user praised the Cardano community itself, arguing that:

“But beyond the stats, what truly sets Cardano apart is the strength of its community. United by shared values and a vision of a decentralized future, the Cardano community is vibrant, engaged, and growing. Their passion and belief are the true driving force behind Cardano’s success.”

It is also worth noting that Cardano has recently launched Mithril, the long-anticipated innovative stake-based signature protocol that aims to boost the efficiency of the node sync and increase the blockchain’s decentralization, as Finbold reported on July 31.

Meanwhile, ADA was at press time changing hands at the price of $0.3056, indicating a loss of 2.34% in the last 24 hours but still a modest increase of 0.65% across the previous seven days, adding up to the 5.64% gain on its monthly chart.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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