In a recent critique of Cardano, Ethereum advocate Evan Van Ness disparaged the blockchain platform, labeling it a “zombie chain” in a social media post. Van Ness highlighted the stark contrast between Cardano’s Total Value Locked (TVL) of $163.55 million, ranking it 14th in the industry, and Ethereum’s remarkable TVL of $21.604 billion. Additionally, Van Ness pointed out that Base, an Ethereum Layer 2 (L2) chain introduced by Coinbase, surpassed Cardano in TVL just months after its launch, securing a TVL of $193.56 million. While Van Ness’ criticism fails to acknowledge Cardano’s broader objectives and ongoing developments, it unveils the intense competition and scrutiny among blockchain networks in the industry.
Introduction to Ethereum and Cardano
Ethereum and Cardano are two prominent blockchain networks in the cryptocurrency industry. Ethereum, launched in 2015, is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). It is the second-largest cryptocurrency by market capitalization and has played a significant role in the growth of the decentralized finance (DeFi) ecosystem.
Cardano, on the other hand, was founded in 2017 by Charles Hoskinson, one of the co-founders of Ethereum. It is a blockchain platform that aims to provide a secure, scalable, and sustainable infrastructure for the development of decentralized applications and systems. Cardano distinguishes itself through its focus on scientific research, peer-reviewed academic papers, and formal verification.
Comparison of TVL
Total Value Locked (TVL) is a metric used to measure the amount of value locked in various decentralized finance protocols and applications. It represents the total amount of cryptocurrency (such as Ether or ADA) locked in smart contracts on a specific blockchain network.
Comparing the TVL of Ethereum and Cardano can provide insights into the adoption and usage of these networks by the DeFi community. While Ethereum has been the dominant player in the DeFi space, Cardano has been striving to increase its TVL and prove its viability as a blockchain platform for decentralized applications.
Ethereum Advocate’s Criticism
Evan Van Ness’s comments on Cardano
Evan Van Ness, an Ethereum advocate and prominent figure in the blockchain industry, recently expressed his criticism of Cardano. Van Ness referred to Cardano as a “zombie chain,” suggesting that it lacks significant activity and adoption compared to Ethereum.
Referring to Cardano as a ‘Zombie Chain’
The term “zombie chain” implies that a blockchain network is dormant or lacks active engagement from developers and users. Van Ness used the TVL data from DeFiLlama to support his claim that Cardano ranks low in terms of adoption and usage in the DeFi space. However, it is important to consider other factors when evaluating the overall potential and progress of a blockchain project like Cardano.
Total Value Locked (TVL)
Definition of Total Value Locked
Total Value Locked (TVL) refers to the total amount of cryptocurrency assets locked in smart contracts on a blockchain network. It is an important metric that reflects the level of adoption and usage of decentralized finance protocols and applications.
Ethereum has been the leading blockchain network in terms of TVL, thanks to its early adoption by developers and the growth of the DeFi ecosystem. According to the data from DeFiLlama, Ethereum has a TVL of $21.604 billion, indicating a significant amount of value locked in various DeFi applications built on the Ethereum network.
Cardano’s TVL, as mentioned by Van Ness, currently stands at $163.55 million, placing it at the 14th position in terms of TVL rankings. While Cardano’s TVL is relatively lower compared to Ethereum, it is important to note that Cardano is a relatively new platform and is still in the early stages of adoption and development.
Base, a Layer 2 chain built on Ethereum, has achieved a TVL of $193.56 million, surpassing Cardano’s TVL according to the same data. Base was introduced by Coinbase in collaboration with Optimism as an Ethereum Layer 2 solution that offers improved scalability, faster transactions, and reduced fees compared to the Ethereum mainnet.
Base: A Layer 2 Chain on Ethereum
Introduction to Base
Base is a Layer 2 chain built on top of the Ethereum network. It was launched earlier this year by Coinbase in collaboration with Optimism. Layer 2 solutions are designed to address the scalability issues of the Ethereum network by operating on top of the existing blockchain while maintaining the same level of security and decentralization.
Collaboration with Optimism
Base’s collaboration with Optimism, a leading provider of Layer 2 solutions, has contributed to its success in achieving a significant TVL. The partnership has enabled Base to leverage Optimism’s technology and expertise to offer enhanced scalability and faster transaction speeds.
Benefits of Layer 2 networks
Layer 2 networks like Base provide several benefits to users and developers. These networks reduce congestion on the Ethereum mainnet, resulting in lower fees and faster transaction confirmations. Additionally, Layer 2 solutions enable developers to build complex applications with improved scalability, opening up new possibilities for decentralized finance and other use cases.
Applications on Base
Base boasts a robust lineup of applications, including BaseSwap, SwapBased, and Stargate, which have contributed to its TVL of $193.41 million. These applications offer users a range of decentralized financial services, such as decentralized exchanges, yield farming, and asset swaps.
Cardano’s Features and Achievements
Overview of Cardano
Cardano aims to provide a secure and scalable blockchain platform for the development of decentralized applications and systems. It distinguishes itself through its rigorous scientific approach, utilizing peer-reviewed academic research and formal verification to ensure the security and reliability of its infrastructure.
Top-performing dApps on Cardano
Cardano has witnessed the development and launch of several successful decentralized applications. Minswap, Indigo, and Liqwid are among the top-performing dApps on Cardano, providing users with decentralized exchange services, liquidity pooling, and lending platforms. These dApps demonstrate the potential and functionality of Cardano as a blockchain platform.
Evaluation of Cardano’s objectives and developments
Criticism of Cardano as a “zombie chain” fails to acknowledge the broader objectives and ongoing developments within the Cardano ecosystem. Cardano has focused on long-term sustainability and scalability, investing in scientific research and innovation. The project has made significant progress in its roadmap and continues to attract developers and users with its unique features and approach.
Criticism of Cardano by Competing Networks
Views of Ethereum advocates
Evan Van Ness’s criticism of Cardano’s TVL and labeling it as a “zombie chain” reflects the sentiments of some Ethereum advocates. As competing networks, Ethereum and Cardano have different approaches and priorities. Ethereum advocates may highlight the weaknesses or shortcomings of Cardano to promote Ethereum as the superior blockchain platform.
Consideration of broader objectives and developments
While criticism and competition between blockchain networks are common in the industry, it is essential to consider the broader objectives and ongoing developments of each platform. Cardano’s focus on scientific research, formal verification, and long-term sustainability sets it apart from Ethereum and other networks. Evaluating a blockchain platform should involve a comprehensive understanding of its technology, achievements, and future potential.
Final thoughts on Cardano as a ‘Zombie Chain’
The criticism of Cardano as a “zombie chain” by Ethereum advocate Evan Van Ness highlights the competitive landscape and differing perspectives within the blockchain industry. While Cardano’s TVL may currently be lower compared to Ethereum and some Layer 2 solutions, it is crucial to consider the broader objectives, achievements, and ongoing developments of Cardano.
Factors to consider in evaluating blockchain networks
When evaluating blockchain networks and their viability, it is important to consider various factors, such as technological innovations, developer adoption, user engagement, scalability, security, and long-term sustainability. Each blockchain platform has its unique features, strengths, and areas for improvement. As the industry evolves, competition among blockchain networks is likely to intensify, driving further innovation and advancements.
About Evan Van Ness
Introduction to Evan Van Ness
Evan Van Ness is a prominent figure in the blockchain industry and an advocate for Ethereum. He has been actively involved in promoting Ethereum and providing updates on its ecosystem through his newsletter, “Week in Ethereum.” Van Ness’s insights and analysis offer valuable perspectives on the developments and trends within the Ethereum community.
Background in Ethereum advocacy
With his experience and expertise in Ethereum advocacy, Evan Van Ness has established himself as a trusted source of information and opinions related to Ethereum and its ecosystem. His contributions to the Ethereum community and his commentary on competing blockchain platforms have provided valuable insights for investors, developers, and enthusiasts in the industry.
Data from DeFiLlama
Source of the data
The TVL data mentioned in this article is sourced from DeFiLlama, a platform that tracks the total value locked in various decentralized finance protocols and applications. DeFiLlama provides real-time data and rankings, offering insights into the adoption and usage of different blockchain networks within the DeFi ecosystem.
Ranking of blockchain networks by TVL
DeFiLlama’s rankings based on TVL provide a comparative analysis of the adoption and usage of different blockchain networks in the decentralized finance space. The rankings reflect the amount of value locked in smart contracts on each network, allowing users and investors to track the growth and popularity of various blockchain platforms.
Potential developments in Ethereum and Cardano
Ethereum and Cardano are both actively working on their respective roadmaps and future developments. Ethereum is undergoing a significant upgrade to Ethereum 2.0, which aims to improve scalability and reduce transaction fees. Cardano continues to focus on the development and implementation of its unique features, such as its native smart contract language, Plutus.
Competition among blockchain networks
The competition among blockchain networks, including Ethereum and Cardano, is expected to intensify in the coming years. Each platform will strive to attract developers, users, and investments through technological innovations, ecosystem growth, and real-world use cases. The industry’s dynamic nature ensures that blockchain networks will continue to evolve and adapt to the changing needs and demands of users and developers.