市场分析师称Cardano数据“疯狂”，坚称ADA远未死亡——原因如下

Cardano's "dead" narrative meets reality test: Internet activity reveals a completely different story

Although Cardano's (ADA) price has fallen more than 90% from its all-time high, one market analyst believes that treating ADA as a "dead" asset could be a costly mistake. After taking an in-depth analysis of Cardano's latest on-chain data, analyst John Nakamoto described the numbers as "crazy" and pointed out that behind the ADA's damaged price chart, a larger story is unfolding. The findings have rekindled debate about whether Cardano's online activities and fundamentals have been ignored.

Cardano's sharp decline since its 2021 high has sparked a lot of skepticism around the ADA, but cryptocurrency analyst John Nakamoto believes that the price performance of tokens distracts attention from more important issues. According to Nakamoto, the challenge for Cardano is not whether its technology is effective, but whether the network can translate its huge valuation into meaningful practical applications. When he shared this assessment on Platform X, he carefully reviewed the trajectory since the ADA briefly climbed to the third largest cryptocurrency by market cap in 2021.

Nakamoto pointed out that on September 3, 2021, the ADA's trading price was approximately $2.97, bringing Cardano's market value to nearly $95 billion. The token then broke through the US$3 mark at one point and immediately entered a long-term downturn. Since then, ADA has fallen more than 92% from its peak, a collapse that has prompted some critics to dismiss Cardano as "dead" blockchain. However, Nakamoto believes that this narrative ignores a more critical issue surrounding Cardano: whether its huge market value translates into real web activity and adoption rates.

Nakamoto's analysis highlights the significant disconnect he sees between Cardano's market valuation and online activity. He puts Cardano's market value at about $10.2 billion, while DeFi's total locked position (TVL) is only about $71 million. This means that the market value of the blockchain is approximately 144 times the capital it deploys in the DeFi ecosystem.

This gap is also reflected in other key indicators. Cardano has approximately US$67 million in stablecoins, daily decentralized exchange (DEX) transaction volume of approximately US$4.4 million, and approximately 16,000 daily active addresses. For Nakamoto, the data points to the core challenge Cardano faces: translating its sizable valuation into actual network usage. Although he is optimistic about its underlying technology, he believes the next step is to attract more users, capital, applications and economic activities to the blockchain.

Cardano's biggest obstacle is turning technology into adoption

As mentioned above, Nakamoto rejected the idea that Cardano was "dead" and believed that investors should go beyond ADA's price performance and pay more attention to actual network usage. A bigger concern for him is the huge gap between Cardano's market valuation and economic activity on the chain. The blockchain has a market value that is much higher than the money currently flowing in its DeFi ecosystem, and this disconnect needs to be narrowed before adoption rates can accelerate.

For ADA holders, ecosystem growth is as important as technological development. Cardano already has the technology, treasury, governance framework and infrastructure needed to support the broader ecosystem. The next challenge is to transform these foundations into more users, deeper mobility, stronger apps, more active DeFi activity, and tangible real-world use cases.

USDCx, Leios and CIP-113 give Cardano new tools to chase adoption rates

Nakamoto believes that one development that may have a significant impact on Cardano adoption drive is USDCx. The project brings dollar-denominated liquidity to the network through Circle's xReserve infrastructure, providing USDC representatives with 1:1 support for users and DeFi protocols. For Nakamoto, deeper stablecoin liquidity is crucial to expanding Cardano's DeFi activities.

Leios aims to solve Cardano's scalability bottleneck. The planned upgrade aims to significantly increase transaction throughput, with Input Endorsers expected to achieve a 10-to 65-fold increase. However, Leios is still in development, so its ultimate impact depends on deployment and adoption.

CIP-113则为拼图增添了另一块关键内容。该标准引入了可编程代币，支持白名单、转移限制和冻结机制等功能。这可能使Cardano更适合监管资产、稳定币和代币化的现实世界资产。

综上所述，USDCx、Leios和CIP-113为Cardano提供了针对三个关键领域的工具：流动性、可扩展性和机构级资产基础设施。更大的问题是，它们能否将这些能力转化为持续的用户、资本和链上活动。

Midnight为Cardano的下一个增长故事带来隐私催化剂

另一个潜在的催化剂是隐私领域，这在下一个加密周期中可能变得越来越重要。Midnight作为Cardano的合作伙伴链，以可编程隐私和数据保护为核心，为该更广泛的生态系统提供了专注于隐私的应用程序专用基础设施。

对Nakamoto而言，这一新兴的隐私叙事可能成为Cardano增长故事的重要组成部分，特别是随着对机密且受数据保护的区块链应用程序的需求不断发展。

虽然Cardano仍有使用方面的差距需要弥补，但随着新流动性、更快的扩展速度、可编程资产以及Midnight隐私推进的前景出现，ADA可能拥有几个强大的催化剂，能够重塑其采用率故事。