Cardano (ADA) once promised to change the crypto world. started with big ambitions and academic credibility, it was branded the “Ethereum killer” in its early days. But now, in 2025, experts say the project is far from delivering on that promise. Instead of leading blockchain innovation, Cardano is struggling to stay relevant.

A recent viral thread by analyst Alex Mason has brought fresh attention to the project’s ongoing decline. His blunt assessment? Cardano is stuck in the past—while the rest of the crypto market moves forward.

A Big Start With Big Dreams

Cardano entered the scene in 2017 with one of the most impressive fundraising campaigns in crypto history, raising $60 million. Its key selling point was a focus on academic research, peer-reviewed protocols, and formal methods—something no other blockchain was emphasizing at the time.

Its founder, Charles Hoskinson, also co-founded Ethereum. With that background, Cardano attracted attention and early supporters. It promised a smarter, more secure blockchain built from scratch, not forked from Bitcoin or Ethereum.

But progress came slowly—too slowly.

Late to the Smart Contract Race

While Ethereum started smart contracts in 2015, Cardano didn’t implement its version until 2021—four years later. By then, Ethereum had already become the go-to network for DeFi and NFTs. Competing platforms like Solana, Avalanche, and Binance Smart Chain had already gained serious traction.

Cardano’s technical choices also created barriers. It used Plutus, a custom smart contract language based on Haskell—a complex programming language with few blockchain developers interested in it. This discouraged new builders and made it harder for projects to start on Cardano.

Developer Exodus and Low Ecosystem Growth

As a result of its technical limitations and slow pace, Cardano’s ecosystem has remained underdeveloped. In mid-2025, Cardano has around $250 million in total value locked (TVL)—a small number compared to Ethereum’s $60 billion+. Daily active users hover around just 1,000.

NFT activity has also faded. While collections like Clay Nation and SpaceBudz once showed promise, interest has since died out. No major NFT marketplaces were established on Cardano, and most creators have moved on to more active chains.

Public Image Problems for Charles Hoskinson

Cardano’s founder, Charles Hoskinson, has also become a controversial figure. Known for making big promises and clashing with critics online, Hoskinson’s leadership has raised concerns. His academic background—once a major part of Cardano’s image—has been questioned, with reports suggesting he never enrolled in the PhD program he claimed to leave.

These image issues have weakened confidence in the project’s direction and leadership.

Partnerships With No Follow-Through

Cardano has frequently made headlines by revealing partnerships with high-profile institutions, including Ethiopia’s Ministry of Education, New Balance, and organizations in Mongolia. However, most of these partnerships failed to produce tangible results. Updates have been rare, and progress has often stalled after the initial buzz.

Price Performance Lags Behind

Price-wise, ADA has failed to keep up with market momentum. After reaching an all-time high of $3.10 in 2021, ADA now trades around $0.50—a decline of over 85%. Even during recent market rallies and Bitcoin’s 2025 surge to new highs, ADA showed limited recovery.

Scaling Promises That Remain Unfulfilled

Cardano developers long promoted the “Hydra” upgrade, promising to scale the network to one million transactions per second. First teased in 2020, the upgrade has so far only been demonstrated in limited, basic scenarios like a simple game demo. The long-promised speed boost has yet to materialize for everyday users.

The Final Takeaway: Execution Over Theory

After eight years, dozens of academic papers, and millions spent on development, Cardano is still waiting for its breakout moment. Many in the crypto community now view it as a case study in missed opportunities.

As Alex Mason summed it up: “Whitepapers don’t equal adoption. TPS doesn’t bring users. Peer review won’t build a community. Execution is what matters.”

For now, Cardano remains a reminder that in crypto, real-world usage—not promises—is what defines success. And unless major changes occur, ADA may continue to fade further into the background.