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Cardano has arguably chosen one of the most difficult paths to success. While the community clings to the principles of decentralization, other blockchains have come much further in terms of user numbers and adoption. There's a common assumption that being the most decentralized blockchain will naturally lead to being the most widely adopted—but for now, that simply doesn't reflect reality. Some projects move faster. Their success is often driven by shortcuts, massive capital, and influence, and it can seem like ideals don’t always win. This can be frustrating. Let’s look at some examples: • The Cardano community often highlights its excellent position on the Edinburgh Decentralization Index, and rightfully so. Cardano is the only chain in the top 10 that has on-chain governance. It’s an impressive achievement. However, people naturally gravitate toward the most practical and effective solutions available. The concept of decentralization is often too abstract for everyday users to appreciate. Every blockchain is decentralized to some extent. From the perspective of the average user, high decentralization is seen as an obstacle to scalability rather than an advantage. • We have seen many times that even when something goes wrong—like a major exploit or hack—users often get their money back, either through intervention or even a blockchain rollback. Despite the fact that it breaks decentralization principles, users remain loyal. Let's not wait for people to start migrating to Cardano after the next restart of some VC chain. Let's accept that it won't happen. • Similar symptoms are also evident in the debate about stablecoins. The Cardano community is proud of Cardano Native Assets, which have the same properties as ADA or BTC, i.e., it is not possible to freeze an account or censor transactions. This is a great feature, but people are much more likely to use USDC and USDT, despite the fact that censorship of transactions and freezing of accounts is possible through a smart contract. The GENIUS Act implicitly requires features that Circle and Tether stablecoins have. We may strongly reject this as a violation of blockchain principles, but the reality is that adoption will surge forward, without Cardano. Challenges for Cardano For Cardano, this presents a serious challenge, especially when it comes to competition and time-to-market. While Cardano may eventually match Solana in scalability and build out a robust L2 ecosystem like Ethereum, other blockchains are already offering these features today. We shouldn’t be surprised that users flock to platforms that deliver the “best” experience. It's worth remembering that “best” is a subjective term. For most users, it means fast, cheap transactions, sleek interfaces, and ease of use—not necessarily decentralization or long-term security. This is the reality Cardano must navigate: even with superior principles and future-ready infrastructure, delayed delivery gives others a head start. Even if Cardano becomes the most scalable blockchain in the top 10 and offers a developer-friendly environment, there's still the difficult question: How do we attract users who don’t value decentralization and security as much as we do? Most users are already comfortable with other wallets, platforms, and ecosystems, many dominated by powerful centralized players. Cardano has to compete with centralized entities with huge user bases that are building their own networks, be it Binance Chain and Coinbase's Base. The truth is, principles alone won't drive user migration to Cardano. Yet at the same time, compromising on those values ​​isn't an option—doing so would undermine the very mission of the project. Being a technically superior blockchain with a principled user base but minimal adoption won't secure Cardano's future. Like Bitcoin or any blockchain, economic sustainability depends on active usage. That means growing on-chain activity, not just maintaining ideals. Long-term security cannot be achieved through ideals and faith, but only through fees. That is the reality. So Cardano must strive for market dominance and a strong network effect. Cardano’s mission is tough, as we must remain true to our principles while matching, or better yet, surpassing, the user experience of the current leaders. Moreover, it must happen as soon as possible. How to achieve it? To reach millions of users, Cardano may need a powerful strategic partner—a nation-state or multinational corporation. Organic growth is the preferred method of adoption, but we may need a boost in this form. A government-issued stablecoin on Cardano (we tried it in Wyoming) or expansion in developing regions—like Cardano for Africa—could be game-changing. We must actively pursue these large-scale opportunities, despite previous failures. If a stablecoin on Cardano is ever to reach a multi-billion-dollar valuation, it won’t necessarily be the one that emerges from our ecosystem. A more realistic path is the adoption of an established or institutionally backed stablecoin—possibly even from a player like BlackRock. While USDM and our other stablecoin projects have potential, and we all want to see them succeed, we should remain open to broader scenarios. It may also be time to explore bold, unconventional moves: launching a Cardano-centric media outlet to control the narrative, or even building a Cardano-first exchange to onboard users directly. These are long-term, costly efforts—but they could unlock real independence and growth. On the builder front, attracting and deeply supporting developers is critical. Treasury spending will need to increase to offer funding, tools, and infrastructure if we want a thriving ecosystem. Finally, Bitcoin DeFi on Cardano is a real opportunity, but success depends on real BTC moving on-chain, solving liquidity, and delivering value. Competing chains are eyeing the same goal—we must act decisively to turn this narrative into tangible adoption. It’s important to clearly understand where Cardano stands within the broader crypto industry. Recognizing the current landscape—both the strengths and the challenges—is essential for making informed decisions about the project’s future. Without that awareness, we risk building in the wrong direction.