Cardano Founder Charles Hoskinson Defends the Project Against Critics, Outlining Its Achievements and Long-Term Vision

Cardano (ADA), currently the ninth-largest cryptocurrency by market cap, has seen a 58.4% surge over the past year. Yet, despite steady growth, some

Cardano (ADA), currently the ninth-largest cryptocurrency by market cap according to CoinGecko, has experienced a 58.4% surge over the past year.

Despite showing steady growth and reaching a new all-time high earlier in 2023, some traders are still pessimistic about the project, a view that Cardano founder Charles Hoskinson strongly disagrees with.

Speaking on a podcast with Gokhshtein Media, Hoskinson addressed the growing negativity in the crypto space and defended Cardano’s long-term vision.

While rendering his thoughts on the pessimism in the crypto space, Hoskinson remarked that people who invested $72 million in Cardano at its Series Seed in 2015 would now have an ecosystem valued at $25 billion.

The Cardano founder went on to highlight that the project has consistently delivered on its development roadmap, achieving major milestones.

Attainable in 2024

Among these milestones is Cardano’s transition to the Hydra phase, which will unlock superior scalability for the network.

The Cardano founder also took aim at the "crypto hype culture," poking fun at a recent meme encouraging traders to sell ADA for a now-collapsed project.

Highlighting the importance of long-term value creation over short-term price gains, Hoskinson stated that true success should be measured by technological innovation and real-world impact.

In the last 30 days, ADA’s price has climbed 4.1%, including an 11.9% rise over the past week. However, it saw a slight dip of 0.4% in the last 24 hours — a typical fluctuation in a volatile market.

Shifting Focus to Innovation

As crypto investors navigate this turbulent landscape, Hoskinson’s message is clear: let’s shift our focus from fleeting price movements to genuine innovation.

In a significant development, the Trump administration has made new efforts to bring regulatory clarity to the U.S. crypto sector.

This move is crucial for unlocking the industry’s full potential and attracting further investment in Web3 technologies.

Earlier this month, the administration proposed a significant amendment to a House-passed bill, aiming to streamline the registration process for crypto firms with the Securities and Exchange Commission (SEC).

The proposed changes also seek to define which crypto tokens would fall under the SEC’s purview and which would be regulated by the Commodities Futures Trading Commission (CFTC).

This initiative comes at a critical time as the SEC is currently engaged in several lawsuits against major crypto firms, including Coinbase and Binance.

Earlier this year, the Supreme Court issued a ruling that significantly impacts the SEC’s ability to pursue administrative cases, rendering it more challenging for the agency to collect penalties from violators.

This decision has implications for the SEC’s overall regulatory authority in the crypto space.

Earlier this year, Cardano completed a successful integration of the Hydra heads, bringing the project closer to achieving its goal of high throughput and low latency.

The integration marks a significant milestone in Cardano’s journey toward becoming a highly scalable and efficient blockchain. Hydra is a critical component of Cardano’s scaling strategy.

It is a layer-1 scaling solution designed to enhance Cardano’s throughput and enable the parallel execution of multiple transactions.

With Hydra, Cardano aims to achieve a level of scalability that can handle the demands of a global cryptocurrency network.

The integration of Hydra heads is a testament to the collaborative efforts of the Cardano community and developers. It is a testament to the community’s passion and dedication to advancing blockchain technology.

As Cardano continues its development journey, the integration of Hydra is a positive step toward realizing the project’s full potential in the rapidly evolving cryptocurrency industry.