Cardano is struggling.


Its last great moment was the memecoin cycle on @snek at the end of 2024/beginning of 2025.
Active addresses hit an ATH back then because the memecoin hype transferred from Solana, but it didn't stick around for long.
Here's the pattern since then:
• TVL: $721M → $128M (-82%)
• Weekly active addresses: 330K → 65K (-80%)
• Monthly fees: ~$1M → $59K (-94%)
• Minswap TVL: $139M → $30M (-78%)
• ADA: $1.20 → $0.23 (-80%)
Cardano's roadmap kept delivering throughout all of this as well. It upgraded to a decentralized governance model and launched the Hydra L2.
IMO, the problem here is the culture, not the tech.
Cardano optimizes for peer review and correctness, so they move things too slowly when launching a feature.
That doesn't really work in a hype-driven space with a short attention span.
ADA-0.68%
MEME-4.16%
SNEK-8.7%
SOL-1.1%
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