Leading cryptocurrency analyst Lark Davis has been harshly critical of a top 10 altcoin project. That said, the altcoin community was quick to respond to Davis.
Heavy words from Lark Davis to Cardano!
In a tweet today, Lark Davis said that Cardano continues to surprise him by staying in the top 10 cryptocurrencies despite having little benefit. According to Davis, Cardano is in the middle of the top 10 cryptos with ‘almost no’ decentralized finance projects, few running personal decentralized applications (dApps) and an average of just 70,000 transactions per day.
He added that ADA holders continue to believe in Cardano’s potential despite its low benefits. Lark Davis shared:
Cardano impresses me! It remained in the top 10 forever, despite almost zero, few employee dApps, and an average of only 70,000 processes per day. Yet ADA holders continue to believe in Cardano’s potential and Blockchain’s vision!
Altcoin community criticizes Davis
Not surprisingly, the tweet was not well received by members of the Cardano community. ADA Whale, a Twitter account dedicated to sharing the latest updates on Cardano, described Davis’ tweet as ‘weird and passive-aggressive’. ADA Whale responded to Davis by highlighting the achievements Cardano has achieved since the launch of Blockchain.
Contrary to Davis’ argument, ADA Whale said Cardano has several decentralized exchanges, synthetics, and multiple borrowing and lending protocols. Additionally, ADA Whale added that Cardano is a pioneer in NFT and staking bonds, with a stake of over $8 billion. ADA Whale asked Davis to stop the misinformation campaign, adding:
Also, you know as well as I do that since Cardano is based on UTxO, these 70,000 processes cannot be compared to what people in other Blockchains do. Tokens are local assets and we can do many processes in one process. I can transfer a 200 NFT wallet and it would be a single process.
Besides ADA Whale, other Cardano aficionados also scolded Davis for his insulting tweet about the altcoin. Some Cardano community members have accused Davis of trying to distract people from numerous promotional crypto scams.
In the middle, Davis’ post about Cardano comes less than a month after Coindesk identified Blockchain as a zombie Chain.