I am not a fan of Cardano as I believe it has always been a hugely overrated crypto. Smart contracts have been postponed for years and Ada has no use case (other than paying the fees). They do a lot of marketing on social media and have a large community, however there is too much unwarranted hype. Certainly Charles Hoskinson (Cardano founder) knows how to sell his product well. You have to consider that when they launched smart contracts then their DeFi spoke of hundreds of working dapps. In reality, the active platforms are more than 4/5. The TVL of these platforms is close to 0.
We have to consider that the Terra disaster has somewhat emptied DeFi, however the Cardano blockchain has always been a ghost. The most disconcerting issue, apart from the problems with the launch of smart contracts, is that user funds were migrated to the main dex (Minswap) a few months ago! The team talked about pool safety concerns. However, many users have wondered: "So can funds always migrate?". Possibility of exit scam? I'm not saying they are scammers but I wouldn't put funds on a platform that can migrate smart contracts!
Cardano community pride themselves on being the first to do certain things. If you see the reality, however, you realize that the "Sharding" was already active on Zilliqa. They also said they invented "Liquid Staking", in reality it had been active on other blockchains for months (for example on Marinade Finance on Solana). Their consensus algorithm does not include "Unbounding" times but they are not the only ones with this feature. Algorand also has no unlock times. Even their "NFT projects" say they are revolutionary, the problem is that nobody knows them and they have no value! The "Airdrop" mechanism of new tokens for Cardano stakers has been copied from Cosmos! All hype and FOMO news on social network.
Charles Hoskinson founder has a somewhat dark past. He was kicked out of Ethereum due to differences with the rest of the team and devs. Hoskinson wanted to make Ethereum a for-profit entity. He was also kicked out of Bitshares. At that point he decides to create Cardano, born as a platform for gambling and gaming (like a casino).
The pre-sale of the Ada token was carried out in Japan by Attain (fundraising), in partnership with Tadashi Izumi (creator of Noah Coin, failed miserably. Noah Global more like "shares" was not properly registered with the SEC). When the Noah Coin scandal broke out (the token went for $ 0), Hoskinson immediately distanced himself from Takashi, saying he didn't know him. Yet the two are portrayed in a photo during a seminar in Cardano. You can find the article here: Out of the Ether: A Crisis of Irresponsible Governance Facing Ethereum Classic
This Ada pre-sale, however, should have taken place in 2016, however it was suspended. Japanese investors spoke of "scam". In fact, in 2017, when Ada exploded to the top ten of market caps, Japanese investors were paid back. You can learn more about this story and others concerning Hoskinson and Cardano on the Chico Crypto Youtube channel: ChicoCrypto. He has a great rivalry with Cardano and Hoskinson so I also recommend you do some more research. Its contents may not be absolute truth. However, when it comes out too "rotten" and negative rumors, there is always something true! In my opinion Cardano is not a scam or in any case it does not have the characteristics to be one. It has been around for too long. However, I believe it is the most overrated crypto project. The market cap is absolutely not justified.
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