Mike Alfred, a famous crypto wealth manager, has slammed Ethereum, Solana, and Cardano networks. He slammed the networks in a tweet with reference to highlighting Bitcoin’s supremacy, which has maintained consistent block issuance and processing since the bitcoin blockchain’s creation.
Solana is broken. Ethereum gas fees are so high that it's essentially unusable. Cardano is going to zero.
Meanwhile, #Bitcoin issues a new block every 10 minutes like clockwork.
This isn't rocket science, folks.
— Mike Alfred (@mikealfred) May 1, 2022
In the tweet, he mentioned the most recent terrible incidents from each of these networks. However, while the wealth manager emphasised functionality and performance difficulties on the two networks, Cardano’s criticism was not of the network’s core faults.
Criticism of Cardano, Solana, and Ethereum networks
Cardano
He mentioned that Cardano is going to zero. His intention was to highlight that Cardano’s market performance is far from standards that are acceptable to the cryptocurrency world. However, the network continues to expand, allowing developers to construct scalable, inexpensive, and efficient decentralised solutions and applications.
Solana
In the tweet, Alfred mentioned the broken Solana network. His remarks were in reference to a recent incident when Solana was taken offline for many hours. It was due to a spam transaction attack. Also, Solana’s stability is a long-lasting joke in the crypto world, as some users regularly make fun of it.
Ethereum
Following the minting of lands associated with the Bored Ape Yacht Club (BAYC) in the Otherside Metaverse, the Ethereum network became very crowded. It resulted in a record-breaking rise in transaction costs. A reported example of high transaction cost is about a random user who spent $40,000 in fees for a basic minting process. The increase in fees sparked a big debate in the crypto world.
On one side, Yuga Labs was accused of inadequate smart contract optimization, while on the other, Ethereum’s inability to scale adequately was condemned by the users.
