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The Cardano community is not taking the recent a16z boycott lightly with a callout of its key partners.
Key Notes
Members of the Cardano community have called out A16z for shunning the protocol.The firm named many of Cardano’s competitors in its State of the Crypto Report.The firm has not explained the reasons for boycotting the protocol despite bogus allegations.Cardano advocate and validator Stake With Pride has called out venture capital firm Andreessen Horowitz (a16z) for sidelining the protocol in the latest issue of its annual “State of Crypto” report. He addressed his post to Eddy Lazzarin, a16z CTO, and Daren Matsuoka, another VC executive, pointing them to the milestone that Cardano has achieved over the years.
Controversy Trails a16z State of Crypto Report for 2024
Andreessen Horowitz released its annual “State of Crypto” report on Wednesday. The report detailed the dramatic increase in blockchain activity and the estimated number of cryptocurrency owners globally, among other subjects. In an illustration showing the projects from 2024, a16z listed the likes of Optimism Avalanche, zkSync, Arbitrum, Base, Ethereum, and Solana.
Other projects featured in the report include Bitcoin, Polygon POS, BNB Chain, and Polygon zkEVM. As a result, the Cardano community felt left out among the projects that mattered.
To justify why Cardano deserves inclusion, Stake With Pride said the blockchain hosts over 1,000 projects. Additionally, he noted that it has 1.3 million staked wallets and 30,000 to 50,000 active users daily, and higher if outputs are considered.
Hey @eddylazzarin and @darenmatsuoka!
Cardano has 1000+ projects, 1.3 million staked wallets, and 30-50k active users a day, higher if you count outputs.
Why does it feel like Cardano is totally omitted from the a16z State of Crypto Report? #Cardano pic.twitter.com/uf3iM9Ab0a
— 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.
While the projected sentiment may not be an intentional omission by the venture capital firm, Cardano has celebrated many milestones this year. Last month, the protocol activated the Chang Hard Fork on the mainnet. This marked the commencement of on-chain governance under the Voltaire era.
As a result of the Chang upgrade, Cardano transitioned from a centralized governance model to a decentralized system. This gave ADA holders direct influence over protocol changes. In a bid to take a strike at Bitcoin and Ethereum governance, Hoskinson once said Cardano’s Voltaire-era governance would balance decentralization and effective 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.
Charles Hoskinson once pointed to a few features, including “Leios,” to tout Cardano’s speed over that of Solana. The conversation started with Richard McCracken, a core Cardano stakeholder who designed a hypothetical poll seeking the opinion of his followers on two proposals.
“Imagine you are a Cardano DRep and the monthly budget is 20 million Ada, two proposals are open. 1. Build a Rust node requirement for 11 million Ada 2. Implement a Leios requirement for 12 million Ada. How do you vote?”
His options were “Yes to Rust Node req”, “Yes to Leios req”, “Yes to both”, and “Neither/show results”.
While the community’s assertion varies widely, Hoskinson claimed that Leios makes Cardano faster than Solana without losing decentralization.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
