Here’s What’s Really Happening to Cardano As Price of Top Crypto Asset Declines, According Charles Hoskinson

Charles Hoskinson is saying that the fundamentals of Cardano (ADA) remain strong despite the declining price of the smart contract platform and Ethereum competitor. 

In a new ask-me-anything session, the Cardano founder and CEO of Input Output Hong Kong (IOHK) looks at the various metrics of ADA and says that every single one has gone through significant growth over the last two years. 

“The good news is every single metric you can measure about the health of Cardano from January 1st, 2020 to what we’re going to close out the year, December 31st, 2021, every metric over the last 24 months has been absolutely exceptional from the amount of ADA staked, to the amount of active users, to the catalyst participation, to the social signals, to account creation on Reddit, Telegram and other things, to the actual transaction volume on Cardano, the growth of use and utility of Cardano, the DApp ecosystem that’s formatting for Cardano, even venture capital investment. Every metric you can measure, meaningful or otherwise, has improved. It’s not a single one that hasn’t.”

Hoskinson’s comments come as the price of Cardano continues to be in a downtrend since hitting an all-time high of $3.10 in early September. At time of writing, ADA is exchanging hands at $1.24. 

The Cardano creator highlights that ADA’s price action is just “noise” as he believes the seventh-largest crypto is still one of the leaders in the digital asset space.

“The noise would have you believe that all of these doesn’t exist or it’s a fantasy because it’s 10 years out and by then all the network effect is lost. But the people actually paying attention realize that we’re developing faster than most people in the ecosystem. We’re still number one in many cases, many weeks for GitHub commits and the noise would have you believe that maybe that’s just ‘hello world’ being appended again and again and again. The reality is when you actually look at it, it’s real software. It’s real code.”

Hoskinson also shares what to expect for Cardano’s development next year. 

“It’s very significant updates that are accelerating and more teams are coming in. More decentralization is occurring at the core and next year we’re going to see the formation of a very serious industry-leading open-source project, which I think is the bureaucracy of open source and the governance of open source done right and built for high participation of dozens if not hundreds of companies.”

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Featured Image: Shutterstock/Tithi Luadthong