Zachary Soesbee, CEO of Anvil Development Agency and Cardano Constitutional Delegate, has voiced deep frustration with the current state of the Cardano ecosystem.
In a statement on X, Soesbee revealed that he invested his time, expertise, savings, and even retirement funds into Cardano while operating Anvil under extremely lean conditions. He noted that both he and his co-founder went three years without taking salaries to ensure employees received their pay on time and the company remained afloat.
According to Soesbee, he initially viewed Cardano as a community of determined builders working toward a shared vision. However, he argued that some participants benefited from treasury resources while maintaining comfortable salaries, leaving smaller development teams struggling as $ADA’s price declined and funding opportunities dried up.
Financial Pain and Forced $ADA Sales
One of the most painful aspects of Soesbee’s journey involved his personal investment in $ADA. He disclosed that he heavily invested in the token, even allocating a portion of his retirement savings to it.
After holding $ADA for roughly five years, including through its rise to an all-time high of $3.10, Soesbee said he recently sold part of his holdings at $0.16 to avoid losing his home.
As a result, he began questioning the value of unwavering loyalty to a project. Instead of being rewarded for his long-term conviction, he believes his faith in the ecosystem ultimately resulted in substantial personal losses.
Frustration With Cardano Governance
Beyond the financial strain, Soesbee criticized Cardano’s governance and funding mechanisms. He claimed that months of work on community proposals have yielded little progress and expressed frustration with the difficulty of engaging key Delegated Representatives (DReps).
According to him, he spent several days explaining to a leading DRep why a product should be built on Cardano instead of discussing the product’s actual value proposition. He viewed the experience as evidence of a disconnect between builders and decision-makers within the ecosystem.
Despite these challenges, Soesbee maintained that he consistently engaged with community members, responded to feedback, and worked to improve his proposals. Nonetheless, after years of sacrifice, financial losses, and mounting frustrations, he openly questioned whether continuing to build on Cardano remains worthwhile.
While uncertain about his next move, Soesbee indicated that he is now focused on regaining stability in his personal life.
Dan Gambardello Urges Strategic Reset, Not Surrender
Soesbee’s emotional remarks quickly drew reactions from Cardano supporters and broader crypto community members. While some commenters encouraged him to explore opportunities on other blockchains such as Solana and Kaspa, crypto analyst Dan Gambardello offered a more measured perspective.
Responding to the situation, crypto analyst Dan Gambardello urged Soesbee not to interpret the setback as a failure but as a normal part of building in the crypto industry.
He argued that experience gained within Cardano remains valuable, even amid setbacks. However, he also acknowledged that Cardano has faced missed opportunities and reputational challenges, suggesting that a strategic pivot may be reasonable. He compared such a shift to tax-loss harvesting, framing it as a chance to reset and reposition for future cycles.
Growing Concerns Within the Cardano Ecosystem
Meanwhile, Soesbee’s comments have amplified concerns among some long-time Cardano community members regarding sustainability, governance effectiveness, and the availability of meaningful opportunities within the ecosystem.
Earlier this month, Cardano analytics platform TapTools announced plans to wind down operations in the coming weeks due to funding challenges. The shutdown follows the exits of other Cardano-based projects, including JX Door and JPG.store, which have also ceased operations.
In addition, prominent Cardano contributor Chicken recently announced his departure from the ecosystem, further intensifying concerns among community members. Even Gambardello has diversified part of his crypto portfolio beyond $ADA, adding exposure to the Sui ecosystem.
These developments underscore the growing debate over Cardano’s long-term trajectory and its ability to retain developers, businesses, and community leaders.
