Cardano Remains "Number 1," Says Hoskinson, Despite ADA's Underperformance

• Cardano’s Charles Hoskinson states emphatically that his project is by far the number 1 blockchain in the industry.

• However, the price of its native token, ADA, is struggling to break out of a bearish trend that has been predicted to “drag” the asset to $0.23. 

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Cardano (ADA) co-founder Charles Hoskinson has declared that Cardano is the leading blockchain within the ecosystem with a significant edge in decentralized governance. Interestingly, this comes after CNF reported that Hoskinson is preparing to unveil a new roadmap at the Cardano Summit in Buenos Aires, Argentina. According to him, these “amazing items” on the yet-to-be-relessed roadmap would set them apart from other blockchains by a significant margin. 

For those wondering, Cardano is still number 1. It’s not even close with Decentralized governance and all the amazing roadmap items coming— Charles Hoskinson (@IOHK_Charles) October 4, 2024

Recently, Cardano transitioned into a fully decentralized structure with an Interim Constitutional Committee overseeing its governance. The second phase of the transition, which is expected to come off, would empower the new governance bodies, according to the CTO of the Cardano Foundation, Giorgio Zinetti. Agreeing with Hoskinson’s statement, Zinetti disclosed that Cardano now has the largest layer 1 with on-chain governance. 

I would say it is the biggest event in Cardano’s history, and it really makes us different from many other chains. I think we are the largest layer 1 with on-chain governance. There are some smaller players, like Tezos and Polkadot, who already have on-chain governance. But if there was a leaderboard, real decentralized layer-1s, we would be number one.

Hoskinson’s Previous Criticism of Ethereum 

Before the latest remark, Hoskinson labeled Ethereum as a “dictatorship blockchain” that extensively relies on its co-founder Vitalik Buterin for direction. Drawing insight from our earlier publication, Hoskinson argued that the Ethereum project would be “vague” if Buterin is taken out of the equation. 

Everybody looks to him for the roadmap. Everybody looks to him for inspiration, and he’s also the only person who has enough power to rally people. If you were to remove him from the equation right now, what’s the next hard fork going to look like, and how quickly can they actually get there?

Hoskinson also explained that the new Cardano model primarily focuses on “efficiency, effectiveness, and integrity.” According to him, delegated representatives and an organization known as “Intersect” were heavily involved in this process to avoid the “dictatorship of Ethereum” and the “anarchy of Bitcoin.” 

If you have those three things, then you have a fair shot of avoiding the anarchy of Bitcoin or the dictatorship of Ethereum, and you actually have something that can move forward with one voice, but it’s still decentralized at the end of the day because it represents everybody.

In the first quarter of the year, Hoskinson also predicted that Bitcoin was going to fail and jabbed its community for “worshipping” MicroStrategy’s Michael Saylor, who “only borrowed money to buy BTC.”

Price Analysis of Cardano (ADA)

Regardless of these technological changes and the journey to full decentralization, ADA has failed to live up to expectations, as it has declined by 10% in the last seven days. At press time, ADA was trading at $0.35 with its daily trading volume down by 27%. 

Meanwhile, an analyst identified as Alan Santana believes that ADA’s correction is far from over. According to him, ADA failed to retest a crucial resistance at its MA200 trend line in the previous rally. In this case, the next pullback could “drag” the price down to $0.2367 before any rebound.

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