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The full CARDANO DIGITAL ASSET REPORT is available when you subscribe to SIMETRI Premium:
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C Investment Grade



Cardano is a proof-of-stake blockchain that SIMETRI last reviewed in September 2019. It’s strongly recommended to read this report before reading this update.

The project started in 2015, with the network going live in 2017. While Cardano aims to be an Ethereum killer, it still faces technical challenges that prevent it from being competitive.

The market of base layer blockchains is becoming more crowded, with certain key players locking in their leads. Therefore, it might be too late for Cardano to change the existing market hierarchy.

For example, while Ethereum and Solana already have working decentralized applications, Cardano still does not have the minimal feature of smart contracts. Moreover, the project’s progress so far doesn’t instill confidence that it will launch smart contracts in October 2021.

Since Cardano hasn’t evolved with the market, we downgrade it to C from its previous grade of C+.

Key Takeaways:

  • At the moment, Cardano is a “ghost chain” with no working applications.
  • Although the team announced collaborative efforts with several governments, they haven’t yet resulted in anything substantial.
  • The ADA token’s price has significantly grown with the rest of the market likely because of hype rather than fundamentals. At current levels, it’s overvalued on a risk-adjusted basis.

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Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.

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