- Is Cardano a ghost chain? No. Cardano is not a ghost chain because its ecosystem is growing. It has a thriving DeFi sector, many users, and an active NFT industry.
- Valuation of Cardano Data from CoinMarketCap shows that Cardano is valued at over $10 billion which is higher than some companies.
- Conclusion Despite the drawdown, it’s hard to explain this valuation since $10 billion is a lot of money. Therefore, Cardano cannot be defined as a ghost chain but rather just highly overvalued.
What Is A Ghost Chain?
A ghost chain is defined as a crypto project that has nothing going on in its ecosystem. Some of the top ghost chains are Kadena, Velas, and XDS Network among others.
Cardano’s Ecosystem Growth
Cardano , one of the most popular blockchains, is also a highly controversial one as concerns about its ecosystem growth remain. However, data shows that its network activity is doing well. For example, its DeFi ecosystem has jumped to an all-time high of over 750 million ADA coins driven by platforms like MuesliSwap, MinSwap, SundaeSwap and Indigo. The network also averages over 30k daily users and has an active NFT industry with total sales of $277k in the past 24 hours.
Valuation Of Cardano
According to CoinMarketCap, Cardano is valued at over $10 billion which was once at over $90 billion at it peak. This makes it more valuable than American Airlines, Lazard and Moelis making it hard to explain this valuation since $10 billion is a lot of money.
ConclusionWe can conclude without doubt that Cardano cannot be defined as a ghost chain but rather just highly overvalued due to its current market valuation being higher than some companies despite the drawdown from its peak value of $90 billion .
< h2 > Recommendations h 2 > To prevent further market volatility , investors should stay informed about any developments in the cryptocurrency markets before investing their funds . They should also diversify their investments by investing in different cryptocurrencies to spread risk .