Cryptonews Altcoin News

Cardano’s Hoskinson Keeps Bashing Ethereum As ADA Outperforms ETH

Cardano Competition

Ethereum

Last updated: June 26, 2023 06:55 EDT

Author

Simon Chandler

Author

Simon Chandler

About Author

Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

Author Profile

Last updated:

June 26, 2023 06:55 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Cardano (ADA) Founder Charles Hoskinson has doubled down on his criticisms of Ethereum (ETH), claiming that the latter’s network effects mean “nothing” in the long-term.

Charles Hoskinson. Source: a video screenshot, Youtube, Real Vision Finance

Hoskinson spent much of his recent livestream discussing Cardano’s recent progress and his hopes for the future. However, he also devoted a portion of the Q&A to addressing whether Ethereum’s apparent first-mover advantage and network effects would ultimately give it the edge over Cardano.

“I laugh when people say, ‘How will you catch up with Ethereum’s network effect?’,” he said. “It doesn’t exist.”

The Ethereum community was quick to react:

Meanwhile, the most recent report by a reputable third-party — Electric Capital’s 2020 Developer Report — concluded that Ethereum had 2,325 active developers as of October 31, 2020.

By contrast, the report puts Cardano’s active developer count at around 150.

Electric Capital also found that Ethereum enjoyed the fastest growth in active developer numbers across 2020.

In either case, Hoskinson concluded his monologue with the following piece of bluster:

“It costs 50 bucks to do anything [on Ethereum], even send a transaction. And I have to compete with that? That’s like a karate match where the other person is 96 years old and is in a wheelchair.”

In either case, ADA, ranked 5th by market capitalization, is indeed outperforming the second-largest cryptoasset, ETH.

Not only has it risen by almost 1,300% in the past 12 months (compared to 590% for ETH), but it has surged just over 100% in the past 14 days (19% for ETH) and 24% in the past seven (2% for ETH).

That said, it has retreated by around 1.5% in the past 24 hours, reaching USD 0.875 (11:44 UTC) amid bitcoin’s rally above USD 51,000. Meanwhile, ETH has gained 1%, reaching USD 1,808.

ADA price chart: