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Cardano founder Charles Hoskinson reveals why venture giant Andreessen Horowitz (a16z Crypto) failed to include Cardano in its recently published State of Crypto 2024 report.
Yesterday, the crypto arm of leading venture capitalist Andreessen Horowitz (a16z Crypto) released the 2024 edition of its State of Crypto report. The VC highlighted the latest trends among crypto builders and recent tech improvements in the report.
ADA Enthusiasts Question Cardano Omission From a16z Crypto Report
The report provided several key metrics, such as monthly active crypto addresses and top blockchains by developer interest. According to the report, the monthly active crypto addresses hit an all-time high of over 220 million in September. 100 million of these addresses interacted with Solana.
The other blockchains included in the report are BNB Chain, Ethereum, Polygon, Bitcoin, Tron, Ton, Avalanche, and Arbitrum.
For the top blockchains by developer interest, the report mentioned several networks like Ethereum, Solana, Avalanche, Bitcoin, Base, Optimism, Avalanche, and BNB Chain, among others. However, a16z Crypto omitted Cardano from both metrics.
Consequently, ADA enthusiasts called out a16z for omitting Cardano despite the network’s remarkable activity. Popular Cardano SPO Stake with Pride claimed that the network boasts over 1,000 projects and 1.3 million staked wallets. Additionally, Pride said Cardano’s daily active users range between 30,000 and 50,000.
Despite this remarkable feat, Pride was stunned that a16z Crypto left out Cardano in its crypto report.
Cardano Founder Reacts
Reacting, Hoskinson emphasized that VCs usually write about projects they are invested in and could profit from. The comment implies that a16z will not highlight Cardano’s stats since the venture capitalist has no financial stake in the project.
Remember that VCs write about what they invest in and will profit from… https://t.co/VlCIfMGVvJ pic.twitter.com/WWzMzHIlZL
— Charles Hoskinson (@IOHK_Charles) October 17, 2024
This is not the first time Hoskinson has reacted to venture capitalists’ unfair treatment of Cardano. Some of these VCs have taken things to the extreme by refusing to invest in any Cardano-related project.
In November 2022, the founder of NMKR, Patrick Tobler, disclosed that a VC informed him that they would not provide financial backing for Cardano or any project affiliated with the blockchain. Responding, Hoskinson pointed out that these VCs prefer to invest their money in defunct projects like FTX and Terra.
While he cannot say what VCs have against Cardano, Hoskinson believes Cardano will remain relevant against all odds.