Is Anyone Going to Point Out the Absurd On-Chain Metrics For Cardano?

Hey guys,

I am a new member of this forum and a new owner of some ADA. Because I am relatively new to crypto at all I am doing some research in the last couple of weeks. While doing research, chatting on telegram and watching youtube videos somebody send me an article of a site i didnt know before and warned me about this project even tho everybody on the planet seems to be stoked:

Article from June 14

The author in this article is referring to some data coming from an “AdaScan”. He provides a link in his article to some charts. You will come by while reading. The article starts a little bit tendentious what i dont like at all but I want to know your thoughts on his proposed facts. I cant do research on primary sources and i am new to cryptos as mentioned… moreover this is an opportunity for me to get in touch with the community :wink:

His conclusion on comparing the different charts is that there is actual on-chain activity spoofed (when there is none). Furthermore he claims that developers only make ghost updates with no real changes… (Maybe thats normal when you go to mainchain?!). At the end he is showing some screenshots which show that there were transactions 4 times the market cap in the last 24 hours (when i google market cap i get way other amount of money 7 days later).

I cant really see a discussion in the comment section of this article so i am guessing that his article has not had real attention. Anyway, I am interested in your fundemental opinion on his data and conclusions.

Greetings from Germany

1 Like

Greetings! Thanks for posting. Probably always a good idea to be skeptical when investigating something new. Here is a recent article on Cardano development. It has been extremely active to say the least:

I don’t have a link to the GitHub repository with all the changes but I’m sure someone could point it out and you could check for yourself. I know that a big update to the Cardano website with much more information will be coming out shortly.

I’m a community member who has been active on this forum since early 2018 and been helping organize Cardano meetups in the USA. I’ve had the good fortune to meet some of the people in the various organizations behind Cardano in person. Top notch people and my confidence has only grown with time. I feel we are on the precipice of seeing the last 5 years of research and development show itself to the world and I’m very excited.

I definitely applaud and encourage your efforts to do your own research though. If you have more questions please let us know.


That is almost certainly because the author is looking at the old deprecated code base, which has been in maintenance only mode for over a year. The new code base is in github under the organisation. This is just one of the more than 8+ repositories.


If you like to see active development across cardano ecosystem (in addition to IOHK ones), please checkout


This is already mentioned in the comments of the article but I think it’s also worth a mention here:

The author does not get the fact that, when looking at UTXO transactions from a block explorer perspective, you can not tell which is change and which is the real transaction output. Means the “real” transaction volume is always lower than an explorer shows.


Output from German Official Telegram Channel which i did not see (translated by me):

In the exciting part “Explaining why this is weird” there is a big mistake regarding the data analysis. “So how can it be then, that we’re seeing 70% of the total outstanding $ADA supply is spread out among 70% of addresses with a balance?” You have to look carefully: 69.9 % of the adresses hold 397 million ADA. This is a ratio of 1.2% (total ADA 31,11trillion).
That means the basics of his theoryis based on wrong data analysis."

So considering all the input i got back we can conclude that the article is complete bs.