Key Points

  • Cardano’s Charles Hoskinson has praised the network for its efforts to withstand the bear market.
  • Hoskinson believes the network is growing and gaining real adoption under the harshest conditions while maintaining complete decentralization, just like Bitcoin.

Cardano CEO Charles Hoskinson has replied to a tweet praising the Cardano ecosystem for its efforts to weather the current bear market cycle, saying it’s commendable to uphold total decentralization in the process.

Charles Hoskinson praises Cardano for its efforts to stay afloat

Cardano is one of the largest cryptocurrencies, boasting a total market cap of 9 billion dollars. This valuation puts the coin as number 7 in the crypto market showing how immense it is. Cardano was created by Charles Hoskinson, who also serves as its CEO.

Charles Hoskinson was also a founding member of the world’s second-largest cryptocurrency, Ethereum. He, however, disagreed with some of the future developments on the network and stepped back to develop Cardano, which has grown to attain a market dominance of around 0.82%.

 Earlier today, he quoted a tweet that had called out possible FUD that interest in Cardano’s ADA coin was waning. The tweet called out a popular Youtuber for saying that the Cardano ecosystem has no TVL and institutions were losing interest. It refuted the claims that it’s the fastest-growing coin in the decentralized finance sector. 

The tweet also pointed out Wisdom Tree Cardano ETP and 21shares Cardano ETP, further debunking the claims that Cardano is fading. It quoted a June 21 analysis explaining how different TradFi institutions had accumulated cryptos, with Cardano in the fifth position. 

Charles Hoskinson reflected on the matter, saying:

“Lots of noise in crypto. Look for the signal. Cardano is getting real adoption and growing as an ecosystem under our industry’s harshest conditions. Like Bitcoin, this is being done in a completely decentralized way.”

Keep watching Fintech Express for more updates on crypto and other fintech-related developments.