As a seasoned analyst with years of experience in the cryptocurrency market, I find myself intrigued by the ongoing controversy surrounding Andreessen Horowitz’s (a16z) annual “State of Crypto” report for 2024. The apparent omission of Cardano from this report has sparked a heated debate within the community, and rightfully so.
Stake With Pride, an advocate and validator for Cardano, has taken issue with venture capital firm Andreessen Horowitz (a16z) for ignoring the protocol in their latest “State of Crypto” report. In a post directed at Eddy Lazzarin, a16z’s CTO, and Daren Matsuoka, another executive, he highlighted the significant milestones that Cardano has accomplished throughout its history.
Controversy Trails a16z State of Crypto Report for 2024
On Wednesday, Andreessen Horowitz published its “Yearly Crypto Overview,” which highlighted the surge in blockchain usage and approximated the worldwide number of cryptocurrency holders, among other topics. In a 2024 projects diagram, a16z named potential contenders such as Optimism, Avalanche, zkSync, Arbitrum, Base, Ethereum, and Solana.
Among the various projects highlighted in the report, you’ll find Bitcoin, Polygon Proof of Stake (PoS), Binance Smart Chain, and Polygon’s zkEVM. However, this focus left the Cardano community feeling somewhat overlooked within the significant projects discussed.
To support the argument for Cardano’s inclusion, Stake With Pride highlighted several key points:
Hey @eddylazzarin and @darenmatsuoka!
Cardano boasts over a thousand active projects, more than a million wallets locked in staking, and approximately 30-50 thousand daily active users, with that figure potentially rising when accounting for outputs.
Why does it feel like Cardano is totally omitted from the a16z State of Crypto Report? #Cardano
— St₳ke with Pride 🌈 SPO & DRep (@StakeWithPride) October 17, 2024
Cardano founder Charles Hoskinson responded to Stake With Pride’s post.
“Remember that VCs write about what they invest in and will profit from,” Hoskinson wrote.
As an analyst, I can’t help but note that while it might not be intentional, the venture capital firm seems to have overlooked the significant achievements by Cardano this year. Just last month, the protocol successfully activated the Chang Hard Fork on its mainnet. This event heralds the beginning of on-chain governance under the Voltaire era, a milestone that we at Cardano are particularly proud of.
Due to the Chang update, Cardano shifted from being controlled by a central authority to a fully decentralized structure. This empowered ADA holders with the ability to make decisions about protocol modifications directly. In an attempt to challenge the governance systems of Bitcoin and Ethereum, Hoskinson proposed that Cardano’s Voltaire-era governance would strike a balance between decentralization and efficient decision-making.
Charles Hoskinson Lauds Cardano’s Features Over Counterparts
Hoskinson has constantly lauded Cardano’s advantage over its counterparts, including Solana.
He labeled Cardano the true leader in the crypto world, citing its versatility for apps and tokens and its Proof-of-Stake (PoS) system. Cardano’s structure is divided into two layers to help manage large numbers of transactions efficiently. The Cardano network aims to offer secure and low-cost interactions with smart contracts.
In casual and understandable language: Charles Hoskinson highlighted some key aspects like “Leios” to boast about Cardano’s faster speed compared to Solana in a discussion initiated by Richard McCracken, a significant stakeholder within Cardano. The conversation unfolded around a hypothetical poll that McCracken proposed to his audience, seeking their opinions on two potential ideas.
Suppose you’re a Decentralized Representative (DRep) of Cardano, and the monthly budget is 20 million Ada. There are two proposals up for consideration:
His choices included: “Affirm for Rust Node req”, “Affirm for Leios req”, “Agree to both”, and “Decline/Display the results”.
In Hoskinson’s perspective, Leios is said to boost Cardano’s speed past Solana, all while preserving its decentralized nature.
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2024-10-17 17:01