Is Cardano DEAD? 🚨 Developers Are Leaving...

**SPEAKER_1** (0:00)
Ethereum, they have a parasitic L2 ecosystem, we have a partnered L2 ecosystem. So we thought about a lot of things, it's just we had to figure out the execution side. And we had to figure out how to do things the right way in a structured way. And I like looking at it like entropic to OpenAI and Google. So Google initially had the big lead, and then OpenAI had the big lead. And then somehow this entropic thing came out, and they were able to just leapfrog everybody. Well, they didn't fundamentally change, they just had the right mindset.

**Drew** (0:29)
A wild prediction given by a wild man of the digital infrastructure of Cardano. And today, we're going to talk about, is Cardano dead? Now, a year ago, I uncomfortably said that this project is going to find strong support at zero. Well, unfortunately, we're almost there, and we have to gather around the campfire, kids.
Because we're going to talk about Cardano, and is it really dead? Just look at the price.
16 cents.
16 f***ing cents. This project hit $3 at its original blow up stage in August of 2021, and it has been a ride downhill since.
Every accountant with a whiteboard at the time had their peer-reviewed paper and was screaming, Ethereum killer! Now, it's sitting at 16 cents like a retired racehorse that they forgot to put down. Now, people ask me all the time, it can't go any lower. Can it, Drew? Well, that's where you're wrong, you know. You are currently sitting at a $6 billion market cap that is sliding day by day. It has slid firmly out of the top 10 now, sitting at number 16, and that might be number 60 by the end of the next bull market if things continue at this rate. It's the crypto equivalent of that one uncle that still shows up at Thanksgiving, even though everybody knows that he lives inside of his car. The ecosystem? Beautiful. Absolute masterpiece of controlled demolition. Their major NFT store packed it up in May of this year. Words used for reasoning were that it was operationally unsustainable. That's corporate talk for nobody's buying Pixelmonkeys on chain that moves like molasses in January. Then you have TapTools. Now, this is very painful to see. This is an analytics platform that actually a lot of people used. It lost five key executives, and they're saying we're out. Leadership is out, leadership collapsing, and infrastructure costs are plaguing the ecosystem. This is turning into the classic crypto death spiral. The tools die first, then the people who need the tools leave, and then Charles decides to post a video.

**SPEAKER_1** (2:29)
This is where we're at as an ecosystem. You know, I said at the beginning of the year, we're gonna see a lot of people collapse because the markets are really bad and we need some way to bail out our ecosystem.

**Drew** (2:43)
This was his warning of systemic failures to come. Founder looks like his chain does and the entire ecosystem is falling apart. And now we see the summit getting cancelled because the community couldn't agree to spend their own treasury money on a party in Singapore. Basically goes, I'm gonna go touch grass for a while. Meanwhile, a wallet called SecondFi, which was formerly known as Yorori, you know, with all that adoption, this is the one your grandma used. This got exploited for 2.4 million dollars. Now, in short, the SecondFi shut down was a private key debacle. They shut down the entire thing, and Cardano is a place where even the wallets are checking out. People are dumping their bags left and right. I just sold all my Cardano, the crypto home. I've lost over 10 million US dollars on ADA, and I haven't complained at all. ADA is dead and has no potential. Waking up to these crash outposts is like watching a support group for people who bought the academic dream and woke up holding a very slow and very green bag of peer-reviewed disappointment. But wait, it's not dead. It is worse. It is undead. It's like the blockchain that refuses to die properly. While the consumer-facing applications are collapsing like a Jenga tower built by philosophers, Cardano is suddenly up and coming the fifth fastest growing chain for real world assets. It's grown by 23%, up to $55 million in RWAs over a very short period of time. Now sure, $55 million in comparison to the size of the chain, which is at a $6 billion market cap, is a stretch. The entire chain hasn't been moved into RWAs by any point. This feels like bragging about your failed restaurant is the fifth fastest growing place people are ordering their side salad from. Shower Charles is out here comparing Cardano to Anthropic. Google had the lead, then OpenAI, and then Anthropic built it differently.