Cardano’s price action has been trending downwards alongside the rest of the crypto market, but the on-chain side of things shows the blockchain activity is failing to keep pace with expectations for a top-tier blockchain.

Recent weeks have shown sluggish participation across key network indicators, and the stagnation has increased the long-standing ghost chain narrative. An example of this criticism came from a crypto observer on X, who added a more blunt assessment of why the network appears to be underperforming, calling it a “ghost chain.”

Harsh Critiques Point To Liquidity And Usage Weakness

A closer look at Cardano’s liquidity profile revealed gaps that are difficult to ignore. Its stablecoin supply of just over $30 million is exceptionally small for a blockchain with

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