Cardano (CRYPTO: ADA), the popular cryptocurrency project that Charles Hoskinson built, continues to struggle this year. Its token has plunged and is hovering near its all-time low, while its ecosystem growth has stagnated.
Cardano Fees Have Plunged This Year
Despite having an $8.2 billion market capitalization, Cardano has made just $352,000 this year, data by DeFi Llama shows. It made just $238,000 in the first quarter, its lowest level since the fourth quarter of 2020. At its peak, the network generated $4.2 million in fees.
Cardano’s fees are significantly lower than other top networks in the crypto industry. For example, Hyperliquid, the fast-growing perpetual futures network, has made $336 million this year. Justin Sun’s Tron (CRYPTO: TRX) has made over $1.3 billion, while Tether made $2.7 billion.
Cardano’s performance is mostly because it has had no ecosystem growth in the past few years despite Hoskinson’s efforts. For example, data compiled by RWA shows that it has zero assets in the real-world asset tokenization industry. In contrast, Ethereum (CRYPTO: ETH), which Cardano sought to disrupt, has over $16 billion in …
