Once upon a time, ADA (Cardano) was regarded by many as the “academic school,” the “star of third-generation blockchains.” The founder’s scholarly demeanor and the slogan of “rigorous development” attracted a large number of loyal supporters. I was once one of them, holding genuine expectations for this project.

But in recent months, the situation has become disappointing, even somewhat absurd. The weak price is just superficial; the deeper issue is: this project seems to have lost its direction.

The founder is unusually active, almost daily live streams, talking about vision, philosophy, and the future… still full of idealism. But after listening for a while, you realize the content is becoming increasingly hollow. Where are the substantial ecological applications that ordinary users can perceive? Where are the killer DApps? Besides continuous “upgrades” and “research,” real tangible results are scarce. This feeling gradually shifts from “technical evangelism” to “brainwashing retail investors,” like an ongoing, gentle pyramid scheme—constantly using promises of the future to sustain current beliefs.

A rather ironic view has circulated in the community: for this coin to truly realize its value, perhaps we have to wait until the founder completely “steps back”—in whatever form that may take. Though extreme, it reflects a common sentiment: Cardano’s centralized narrative is too strong, all eyes and pressure are focused on one person. Once this core figure’s halo fades or issues arise, the project’s decentralization might actually be unleashed, allowing the community to truly take control of its destiny. How sad is that—a blockchain project’s value might be so deeply tied to the fate of an individual.

In the past 12 hours, ADA has risen over 6%, and open interest in futures contracts has also climbed to high levels, indicating that funds are still betting on short-term fluctuations. But this looks more like a speculative game based on news and sentiment, with little relation to the fundamental ecology. Its 24-hour low once dipped to $0.39, far below the long-term moving averages, showing that the overall trend remains fragile.

Therefore, ADA’s problem is no longer about whether its technical route is brilliant, but about a crisis of trust and utility. When “research” becomes an excuse for delay, when “live streams” turn into tools for stability, and when exchanges start considering delisting it, this once-star project is standing on the edge of a cliff.

Its future requires not more live streams and slogans, but a truly decentralized, application-driven ecosystem. Otherwise, no matter how short-term prices rebound, it will be difficult to hide the hollow core of its intrinsic value. For investors, it’s time to abandon blind faith in individuals and look at it with the coldest eyes—to see whether it can still bring genuine, decentralized value. $ADA ‌#加密市场开年反弹