According to TechFlow, a K33 Research report stated that the Cardano network has no meaningful use or any credible track record, which is not a good sign for its native token ADA.
K33 Research highlights the case of the Cardano stablecoin, where a smart contract network with neither USDT nor USDC means it has no purposeful activity. It asserts that nothing happens on the network except “exchange transfers and a group of people fabricating blockchain activity.”
The K33 Research report also concluded that without any traction, even Cardano’s years of history won’t save it from “becoming irrelevant over time.”
