Hoskinson says Cardano has decentralized treasury valued at $723M in ADA, pokes fun at Terra 🚨 This article is 3 years old...
Hoskinson says Cardano has decentralized treasury valued at $723M in ADA, pokes fun at Terra
Charles Hoskinson questions why VCs and cryptomedia love certain altcoins and hate on Cardano in the wake of UST's fall.
2 min read
Updated: May. 11, 2022 at 2:10 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cardano founder Charles Hoskinson said that ADA’s $723 million treasury is decentralized.
Hoskinson, who is also an Ethereum co-founder, said this in response to a tweet made by dcSpark founder Sebastian Guillemot about the Cardano treasury.
And that's only going to grow. Cardano has its own growth fund and its decentralized! https://t.co/uzTUaciMPE
— Charles Hoskinson (@IOHK_Charles) May 10, 2022
According to Guillemot, Cardano’s massive treasury allows projects like his to build on the blockchain network without any interruption. “In fact, we have two large tooling announcements in the next 1~2 weeks,” he added.
Cardano has seen significant developments in the past couple of months as more projects are building on it. Guillemot’s revelation shows that the treasury might have been assisting in funding these projects.
Dapps keep building on Cardano
A recent tweet by Cardano’s parent company, IOHK, confirmed that about 900 projects are currently building on it. This is massive for a project that many have criticized for moving at a slow speed.
The #Cardano ecosystem continues to grow and flourish.
🤯 With nearly 900 projects #BuildingOnCardano, #DEXs, marketplaces, lenders, #NFTs, wallets, incubators…(you name it) keeping track of the latest news becomes a challenging task 🧵
— Input Output (@InputOutputHK) April 26, 2022
One of such projects is the algorithmic stablecoin, Djed, which launched its public testnet in May. The decentralized stablecoin was developed by COTI in collaboration with Cardano, and users are currently testing its capabilities.
Djed plans to launch its mainnet in June and will become the first stablecoin on the network.
With all of these developments, many early adopters and supporters of Cardano hope that it will finally prove doubters wrong.
The network is also planning to host two developer events within the next couple of weeks as it prepares to launch the Vasil Hardfork which will help improve the smart contract capabilities of the network.
Hoskinson makes fun of Terra
Charles Hoskinson has also poked fun at the Terra ecosystem after the blockchain network lost more than half of its value in the past few days.
In response to an April 8 tweet by Terra founder Do Kwon where he mentioned buying $ADA for negative correlation, Hoskinson asked if he could buy some Luna for negative correlation.
Should I buy some Luna for negative correlation? https://t.co/iFeHJTSudM
— Charles Hoskinson (@IOHK_Charles) May 10, 2022
Luna has lost about 90% of its all-time high value after its stablecoin, UST, de-pegged. While the team is struggling to salvage the ecosystem, Hoskinson appears vindicated.
He also quoted a tweet by crypto billionaire investor Mike Novogratz where the investor showed off his Luna tattoo saying he wonders “why the VCs and cryptomedia love certain alts and hate on Cardano.”
I'm always wondering why the VCs and cryptomedia love certain alts and hate on Cardano. Just can't figure it out….. https://t.co/zAfHQYrAFN
— Charles Hoskinson (@IOHK_Charles) May 10, 2022
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Cardano
$1.00355
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Terra Classic
$0.00012
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Input Output
Input Output Hong Kong (IOHK) is a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.