The post Arthur Hayes Sparks Debate on Cardano’s dApp Ecosystem appeared on BitcoinEthereumNews.com.

Arthur Hayes criticizes Cardano calling it “dog shit” for lacking native DeFi dApps on its blockchain. Cardano community member, Dan Gambardello defends Cardano’s unique liquid staking system, emphasizing flexibility and efficiency. Gambardello highlights Cardano’s Ouroboros protocol, which secures liquid staking without locking coins, appealing to long-term investors. A Twitter (X) conversation between Arthur Hayes, co-founder of BitMEX, and Dan Gambardello, a Cardano community member, sparked a debate about the state of the Cardano ecosystem and its decentralized applications (dApps). Hayes sparked the conversation with a critical tweet about the absence of established DeFi dApps built on Cardano’s blockchain.  It’s not about “believing” in Cardano. But I’m definitely a fan of it. I’m not sure if you’re aware, but Cardano has a native liquid staking system built into its Ouroboros protocol. This means that Cardano users can stake their $ADA without locking it up for a specific period… — Dan Gambardello (@cryptorecruitr) February 21, 2024 Hayes’ initial tweet criticized Cardano, stating that none of the popular DeFi dApps listed in his chart were native to the Cardano blockchain. He argued that this lack of native dApp adoption was a weakness of the Cardano ecosystem. The chart showcased popular DeFi applications, none of which are native to Cardano, and declared, “That’s why $ADA is dog shit.” Source: Arthur Hayes Gambardello countered Hayes’ argument by highlighting Cardano’s unique liquid staking system which allows users to stake their ADA tokens without locking them up for a fixed period. Cardano’s liquid staking system is different from other platforms where users have to lock their tokens for staking and it offers greater flexibility and efficiency without relying on separate dApps like Lido Finance. Cardano’s liquid staking system is built into its Ouroboros protocol. This is why it does not require locking coins for a certain period.…

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Filed under: News - @ February 21, 2024 11:22 pm