Forbes recently listed Cardano (ADA) and Ethereum Classic (ETC) as Zombie chains, while Cardano (ADA) co-founder Charles Hoskinson previously called Ethereum Classic (ETC) a dead horse.
Here we analyze these claims and also look into a new token and project built on Ethereum, that is attracting a lot of positive attention for its high functionality.
Cardano (ADA) – a dead horse or a sleeping giant?
Cardano (ADA) is one of those love-it-or-hate-it chains. Many were entranced by Hoskinson’s lofty goals – to use Cardano (ADA) to increase social justice, and reduce corruption and global inequality. And this was given credence by the number of academics who collaborated with Cardano (ADA).
Whether Hoskinson’s intentions were genuine or not, the fact is that in the crypto world, time moves ten times as fast as in other industries. Cardano’s whitepaper was written in 2016. But rather than starting development, the team went deep into research.
The result is a chain that is way behind others in terms of protocols, functionality, users, and money generated.
According to DefiLama, Cardano (ADA) had just 29,000 active addresses in the last 24 hours. Compare that to newer chains such as Arbitrum or Solana, which both had around 1 million active addresses in the same time frame.
On the plus side, an expert from TheCoinRepublic.com analyzed Cardano (ADA) using the NVT ratio (Network Value to Transactions). This metric is similar to P/E (Price to Earnings ratio) in stocks, and looks at fees each chain generates, in comparison to the value. Cardano (ADA) scores well by this metric, while Ethereum Classic (ETC) does not.
Ethereum Classic (ETC) generates no real revenue
Charles Hoskinson is not a big fan of Ethereum Classic (ETC), and has called it a ‘dead horse’ and a ‘scam’.
Before co-founding Cardano, Hoskinson worked on Ethereum with Vitalik Buterin. However, conflicts led Hoskinson to leave the team and set up Cardano.
Ethereum Classic (ETC) came about as a result of a hard fork of Ethereum, when the original chain’s DAO got exploited for $60 million worth of Ether (ETH). Most of the community wanted to roll back the chain to undo the hack, but purists disagreed, arguing for the immutability of the blockchain.
And so Ethereum Classic (ETC) was born.
Currently, the chain has almost no development or usage. This is demonstrated well by the NVT ratio of Ethereum Classic (ETC). It shows that while Ethereum Classic (ETC) has a market capitalization of $3.5 billion, it generates an average of 15 ETC in revenue per week.
That’s a mere $359 at today’s prices.
What Ethereum Classic and Cardano seem to have in common is a commitment to an ethical standpoint, without following through on their promises. This leaves them with little to no functionality, supporting the idea that they are ‘dead horse’ chains.
Let’s compare this to a new bullish ERC-20 token in presale, built with functionality in mind – DTX Exchange.
DTX Exchange is alive and kicking
DTX Exchange is a hybrid model trading platform in the making. The team behind DTX aims to increase financial inclusion and access to different asset classes, from crypto to traditional financial instruments such as stocks, bonds, CFDs, derivatives, and synthetic assets such as precious metals.
They want to make things easy for both experienced and newer traders. And so DTX offers everything from social trading and copy trading to automated trading bots and detailed onchain analytics.
So how is that different from existing products?
Right now there is nowhere you can go to get all of these things. Traditional brokerages such as IG and Etoro offer some of these features but are centralized. This means that many people are excluded from trading due to regulatory issues. And it also raises questions about security.
On DTX Exchange people can be anonymous as no KYC is needed, and minimal personal data is collected so that in the unlikely event of a breach, sensitive details cannot be revealed.
As DTX is still in presale, there is an opportunity for huge gains.
DTX is currently up by 200% from its initial price of $0.02, now at $0.04. With a minimum launch price of $0.12, and the potential to 100x from there due to its innovative concept, DTX is the place for those looking for massive ROIs that won’t be found in Ethereum Classic (ETC) or Cardano (ADA) any time soon.
