For the record, the video you linked was by James from “InvestAnswers”. And, he is sounding more and more angry towards Cardano over time. He can’t help but slip in some jibes every time he mentions Cardano.
The problem for him is that he doesn’t understand the technical differences regarding the various blockchain design choices. As he says himself, he focuses on numbers because he thinks you can analyse blockchains like stocks based on TVL, TPS, number of wallets, etc.
I like watching James’ “InvestAnswers” occasionally as it shows how mainstream is likely viewing the total crypto market. I think he is typical of Boomer - Gen X investors who have the most capital to invest. Real opportunity arises when you can spot where, how, and why, the market has been mispriced.
Ask yourself: Why has Cardano taken so many different design decisions?
- Extended UTxO
- smart contracts that are validation scripts
- other tokens are native assets rather than smart contracts maintaining their own separate ledgers (like on Ethereum)
- liquid staking without any need for slashing
- on-chain governance
- functional programming language
In the blockchain world, it seems convenient for people to think that some single person can have a unique idea that solves the “Blockchain Trilemma”. Kind of like Anatoly Yakovenko’s proof of history dream epiphany. Maybe you can strike it lucky too and find the chain that hit gold and get in early before the rest of the market finds out.
Ask yourself: Were the Cardano design decisions taken by a couple of head strong developers that had an idea one day or did it come about through years and years of research involving a huge team of people? Was the process painful, hard? Are they swimming against the tide? Why did they even decide to use Haskell as a programming language?
Regarding TVL metrics, you might want to read about Cardano swaps. The readme document used to have this comment, which I agree with:
If Cardano-Swaps reaches mass adoption, won’t TVL on Cardano go down?
Yes. Yes it will. TVL is a silly metric. It is a measure of who can be most inefficient with DeFi capital.
Get your head around what Eigenlayer is trying to do on Ethereum and why. Is Eigenlayer’s solution, to leverage slashing, ideal? How capital efficient will the entire Cardano ecosystem be when it has more side chains, oracles, hydra, etc.? These are difficult questions and there is quite a bit of uncertainty still, but capital efficiency will be a key determinant eventually. How capital efficient is Bitcoin?
By the way, before you fall in love with Solana like James has, you might want to read this medium article by Justin Bons. Furthermore, if you think like most traditional investors that it is safest to invest in the “blue chip” Bitcoin stock, then you might want to read his other article.