Cardano has been under scrutiny due to its seemingly low DeFi activity and market capitalization mismatch.
The blockchain's market value of $9.18 billion is considerable, but its actual network usage remains a topic of debate among analysts and investors.
A recent analysis by Ali Martinez labeled Cardano as the 'most useless network' in the digital asset market due to its lackluster on-chain activity.
According to Martinez's findings, the total value locked across Cardano's DeFi protocols has historically remained below $1 billion, a fraction of what other major platforms have achieved.
This comparison highlights the potential for speculation driving ADA's price rather than widespread adoption and user engagement.