Messari Report Irks Cardano Execs over Chain’s Omission

While covering the hottest prospects for 2024, Messari fails to mention one of the largest protocols in the ecosystem.

Charles Hoskinson and Tamara Hassen appears to be upset whilst engulfed by fire.
Created by Gabor Kovacs from DailyCoin
  • Messari recently published its highly anticipated annual report. 
  • The market intelligence platform came under fire for omitting Cardano from its theses. 
  • Messari justified its omission to be ‘simple math.’ 

As 2023 draws to a close, anticipation for the upcoming year is evident, with the market buzzing about upcoming events like the approval of a Bitcoin Spot ETF, the halving, and more. Amidst this excitement, investors are now searching for projects and narratives with long-term potential. 

Enter Messari, a premier data aggregator platform renowned for providing data-driven insights into the year’s hottest trends and what lies ahead for investors. In keeping with its tradition, Messari recently released its end-of-year report, shedding light on tokens like Bitcoin, Ethereum, and Solana

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While the publication went through the top tokens in its report, it overlooked one of the largest protocols in the ecosystem, Cardano, sparking quite the drama in its wake. 

Messari Misses Cardano in Research

After Messari’s seventh annual report hit the shelves, the Cardano community swiftly took aim at the market intelligence platform and its founder for the conspicuous absence of any mention of Cardano. Influencers, community members, and executives voiced their discontent, arguing that the report disproportionately overlooked Cardano and its extensive list of developments throughout the year.

Stake with Pride, a prominent influencer, highlighted the stark contract, revealing that Cardano received zero mention in the report, while Bitcoin, Ethereum, and Solana bagged 178, 96, and 65 mentions, respectively. Even BNB and XRP found a place in the report.

Critics from the community contended that the omission was deliberate, sparking allegations of bias. As the community’s dissatisfaction escalated, Tamara Haasen and Charles Hoskinson, President and CEO of IOG, directly called on Messari’s CEO for an explanation.

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With the drama spreading like wildfire and more community members seeking answers, Messari’s CEO finally broke his silence. 

Messari Responds 

Messari CEO Ryan Selkis, the author of the contentious report, defended the decision, attributing it to what he termed ‘simple math.’ Selkis clarified that his analysis exclusively delved into the top ecosystems based on economic activity and block space.

Expanding on his stance, the Messari CEO pointed out that his methodology intentionally excluded a ‘TON’ of projects. He also added that he didn’t give much airtime to Layer-1 projects besides Ethereum and Solana, citing its audience’s generalist nature.

Despite the Messari CEO emphasizing the methodology’s simplicity and focus on top ecosystems, community members posited that Cardano’s exclusion introduced bias into the research. 

Cardano’s Hot Year

Cardano has had a rollercoaster of a year. While the network struggled for most of the year as it tried to wriggle out of regulators’ claws, ADA roared back to life by the end of the year, gaining a whopping 167% in a single quarter, outshining its rivals Bitcoin and Ethereum.

At press time, ADA exchanged hands for $0.5835, boasting an impressive market cap of $20 billion and securing its position as the 8th largest token in the market.

On the Flipside

  • Users have to pay to gain access to Messari’s report. 
  • A recent CoinShares report highlighted comparable year-to-date institutional inflows for Cardano and Ethereum. Cardano observed an influx of $12 million, closely trailed by Ethereum with $15 million in inflows.

Why This Matters

Messari is one of the top voices when it comes to market intelligence. Omitting one of the largest protocols in the crypto ecosystem doesn’t bode well for its credibility and dedication to maintaining impartiality. Upholding neutrality is crucial for providing accurate and comprehensive insights that cater to a diverse audience of investors and enthusiasts.

Find out why Charles Hoskinson isn’t interested in partnerships with XRP:
Cardano Founder Stands Firm Against Partnerships with XRP

Discover why Solana Saga phones are selling for BONKer prices:
Solana Saga Sold for 10x the Price on eBay Amid BONK Craze

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.