Charles Hoskinson Vehemently Defends Cardano (ADA) Against Claims of Being a 'Dead” Cryptocurrency

Cardano (ADA) founder Charles Hoskinson vehemently defended his cryptocurrency project against claims of it being a “dead.” The controversy began when crypto influencer Ben Armstrong

Cryptocurrency project Cardano (ADA) has come under fire from crypto influencer Ben Armstrong, who recently stated that ADA and Polkadot (DOT) are “dead to institutions.”

However, Cardano founder Charles Hoskinson has vehemently defended his project against these claims.

The controversy began when Armstrong, also known as BitBoy Crypto, took to Twitter on July 3 and doubled down on his earlier assertions, which were initially made in an April YouTube video.

In the video, Armstrong argued that both Cardano and Polkadot lack the institutional backing enjoyed by competitors like Ethereum (ETH) and Solana (SOL).

According to Armstrong, while ADA and DOT may still offer returns, they won't be as significant as those from institutionally favored tokens.

His comments appeared to be driven by a belief that the crypto industry is evolving, with investors pivoting toward newer projects where they can potentially get in early and reap greater rewards.

In response to Armstrong's statements, Hoskinson took to Twitter and questioned the logic behind prioritizing institutional approval, reminding the community of cryptocurrency's original purpose.

Highlighting the irony of the crypto space seeking validation from the very institutions it initially sought to disrupt, Hoskinson stated, “Crypto was supposed to be a movement against institutions, not to beg them for scraps of attention.”

Emphasizing Cardano's continuous technological advancements, the founder mentioned a major hard fork coming up and highlighted the numerous developments in decentralized applications (dApps), layer-2 scaling solutions like Hydra, and partner chains such as Midnight and Prism.

The exchange between Armstrong and Hoskinson has divided the crypto community, with Cardano supporters rallying behind Hoskinson and praising the project's commitment to its original vision and technological pursuits.

One user commented, “Hinging the success of a decentralized chain on centralized entities is hustling backward.”

On the other hand, critics seem to agree with Armstrong's assessment, pointing to Cardano's perceived underperformance in the market and lack of growth as indicators of its waning relevance.

The above is the detailed content of Charles Hoskinson Vehemently Defends Cardano (ADA) Against Claims of Being a 'Dead” Cryptocurrency. For more information, please follow other related articles on the PHP Chinese website!