Traditional banks and cryptocurrency exchanges are collapsing. Blockchain is an emerging technology that can potentially improve how banks operate. DeFi offers an alternative to the traditional financial world. When else but now is the chance to get the spotlight. Unfortunately, instead of DeFi, the media is filled with articles about meme coins. The craze started thanks to unexpected Bitcoin innovation, namely projects Ordinals, and BRC-20. Speculators have started to get excited about the possibility of issuing tokens on Bitcoin. The craze soon spread to Ethereum and we have beautiful new meme coins in the Cardano ecosystem as well. Bitcoin and Ethereum are congested and many transactions are waiting in the mem pool. Transaction fees are skyrocketing. Cardano is also slowly approaching its throughput limit. Are meme coins the blockchain industry’s best answer to failing banks? We can agree that it’s definitely not. The current mania has reopened debates about the scalability of the first layers and the readiness of the blockchain industry for the financial revolution. Are meme coins useful for the Cardano ecosystem?
TLDR
We should not attract speculators to the Cardano ecosystem, but people who may want to use staking, or hold stablecoin DJED instead of USD in an unreliable bank. The existence of meme coins tests the reliability of Cardano and 20% of the transaction fees go to the treasury. Meme coins have reopened the topic of the low scalability of blockchains. Ouroboros Leios may improve Cardano’s scalability by several orders of magnitude.
This article was prepared by Cardanians with support from Cexplorer.
Read the article: https://cexplorer.io/article/does-cardano-need-meme-coins