Following a video by BitBoy claiming ADA’s demise, the Cardano founder has once again addressed the FUD.
Amid recent criticism surrounding its native token and ecosystem, Cardano founder Charles Hoskinson focused on two significant upgrades for the Cardano network, with at least one expected to be implemented this year.
“We are holding all the cards as an ecosystem,” Hoskinson said in an April 7 post on X in response to recent pessimism about the blockchain.
“We have the best path for scalability, governance, and innovation. We also have the best community,” he added in response to “all the dunking on Cardano.”
In response to the recent wave of criticism directed at Cardano, Charles Hoskinson remained upbeat, with much of his optimism rooted in the network’s upcoming Chang hard fork, set to go live in the second quarter of 2024 and already being touted as one of the blockchain’s most significant upgrades since the landmark Vasil hard fork in 2022.
Chang marked the inaugural hard fork of Cardano’s Voltaire-era roadmap, aiming to introduce community-run governance to the blockchain. This upgrade enabled on-chain community consensus, empowering ADA holders to utilize their tokens for voting on proposals.
Many viewed this development as a crucial step towards achieving full decentralization for the network, as it introduced community governance.
“Chang is coming soon as measured by progress on SanchoNet.”
Throughout the remainder of this year, the transition will include the introduction of Delegate Representatives (DReps), participation in a Cardamom Constitution Convention event, and a Cardano community vote to ratify the initial draft of the Cardano Constitution.
“Ouroboros Leios is the biggest step forward towards solving the blockchain trilemma ever,” Hoskinson added.
Ouroboros Leios, a fresh iteration of the proof-of-stake consensus model, aimed to boost throughput, scalability, and transaction speed on Cardano while preserving its current level of decentralization.
Hoskinson’s remarks were prompted by a video released on April 7 by Ben Armstrong, also known as BitBoy, in which he questioned whether Cardano was “dead.”
Drawing a comparison, he contrasted Cardano with Solana, Sui, and Toncoin, highlighting their significant growth in terms of user engagement, activity levels, and price performance. However, he acknowledged that the metrics for Cardano were not as remarkable in comparison.
According to Hoskinson’s argument, the cryptocurrency sector was grappling with issues related to short-term narratives.
“The problem with our industry is that we let short-term narratives and carnival barkers dominate the conversation. AI has the same issue.”
“Most hate for Cardano is emotional,” commented zenGate Global founder and CEO Daniel Friedman on X on April 8. “My decision to build on Cardano and Ergo was a business and architecture decision. Not an emotional tantrum,” he added.
Dan Gambardello, the founder of Crypto Capital Venture and a proponent of Cardano, posited that the spread of FUD stemmed from ADA’s failure to reclaim a price above $1.
“Even Cardano people who say they don’t care about price, care about price. If the price was up, you wouldn’t see these comments.”
This year has seen lackluster performance in ADA prices, which have experienced a slight dip since the beginning of 2024.
At the time of writing, the coin had declined by 10% over the past seven days, trading at $0.584. CoinGecko reported that it had also plummeted by a staggering 81% from its all-time high of $3.09 in September 2021.
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