A long time ago, I used to hold ADA. Back then, Cardano felt like the future: peer-reviewed, academically grounded, and promising a decentralized utopia. I remember the excitement around the Voltaire era, the idea of on-chain governance, and the potential to revolutionize sectors from finance to healthcare.

I watched as ADA surged from $0.33 to over $1.20 in late 2024. The momentum was undeniable, especially after President Trump announced the inclusion of Cardano in the U.S. "Crypto Strategic Reserve," causing ADA's price to soar by 71%.

But I also noticed Charles Hoskinson stepping back. In October 2023, he publicly distanced himself from the Cardano Foundation's delegation strategy, stating, "I have nothing to do with the CF, it's delegation strategy, or general operations." That was a good point for me.

I understand that Cardano has made strides, like the implementation of the Voltaire upgrade, introducing a voting and treasury system to the blockchain. There's also talk of ADA ETFs and a potential price target of $7.80 in 2025.

But I can't ignore the concerns. The total value locked in Cardano's DeFi ecosystem fell from $700 million to $478 million over the course of the year. Critics have labeled ADA a "zombie crypto," pointing to its $40 billion market cap despite relatively few functional applications.

I’m not saying Cardano is dead. Charles Hoskinson himself has stated, "Cardano isn't dying. It's thriving and growing."

But I’m cautious. I see potential, but I also see risks. I’m watching closely, but for now, I’m staying on the sidelines.