'Cardano Is Dog S**t': BitMex Co-Founder Arthur Hayes Challenges ADA's DApp Utility

Arthur Hayes, a Bitcoin (CRYPTO: BTC) supporter and co-founder of the crypto exchange BitMex, on Wednesday questioned the actual utility and success of decentralized applications (dApps) within the Cardano (CRYPTO: ADA) ecosystem.

What Happened: To the Cardano supporters, Hayes said, “For all you ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That’s why ADA is dog sh*t.”

He also tagged Charles Hoskinson, one of the founding figures behind Cardano, asking him to provide an answer.

Hoskinson responded to Hayes with a question of his own, “Arthur, why are you throwing shade at Cardano? I like you man.”

To which Hayes responded, “Cause ur coin is a piece of sh*t man. I like u too many regardless of the price of $ADA. Just buy some ETH and chill. Notably, Hoskinson is also a co-creator of Ethereum.

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Why It Matters: Hayes had previously expressed skepticism towards Cardano, describing it as a “wannabe Ethereum (CRYPTO: ETH)” in an interview with Coin Bureau.

Cardano’s presence in the decentralized finance (DeFi) sector has been modest relative to its market capitalization, as revealed by data from DeFiLlama. The total value locked (TVL) in the Cardano network stands at $460 million, despite experiencing a 147% growth over the past four months.

Photo by Dennis Diatel on Shutterstock

Price Action: At the time of writing, BTC was trading at $51,616, up 0.38% over the past 24 hours, as reported by Benzinga Pro. 

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