Cardano (ADA) Creator Charles Hoskinson Explains The Benefits Of Crypto Market Downturns

It’s been just revealed that the creator of Cardano (ADA) is explaining the benefits that we can see when the prices in the crypto market are dropping. Check out what he said below.

Accoridng to the latest reports, Cardano (ADA) creator Charles Hoskinson says that crypto bear markets are not all about sadness.

During a Yahoo! Finance interview, Hoskinson made sure to say that the market downturns create an environment conducive to technological progress.

“Bull markets are really frustrating because nobody wants to cooperate. You have a lot of poaching [of talent], unrealistic wages and unrealistic expectations. Bear markets are actually quite comfortable. Those are the building parts… So you spend all day and you are able to talk to people, you are able to work with people.”

According to Hoskinson, new crypto sectors such as decentralized finance (DeFi) came into being during bear markets.

“I personally have been through, I think, like six bear markets now. And every time you’ve seen major advancements. That’s where the smart contract revolution came from. That’s where a lot of DeFi revolution came from.”

A change in ADA’s development

The other day, we reported that the Cardano creator has something important to say about the collapse of Terra (LUNA), which managed to shake the whole crypto market recently. Check out the latest reports below.

Cardano (ADA) Founder Charles Hoskinson is revealing that the Terra (LUNA) collapse has impacted the development of the sixth-largest crypto asset by market cap.

He recently explained the fact that the ripple effects of the de-pegging of the TerraUSD (UST) algorithmic stablecoin have forced Cardano developers to exercise more caution in plans for a Vasil upgrade.

“Our engineers are deep in the weeds right now and working real hard on Vasil. A massive amount to do, a huge amount of testing to do.”