- Cardano’s ADA price surged by 50% in the past week, driven by a weak US dollar and positive market sentiment.
- Founder Charles Hoskinson highlighted Cardano’s scalability, comparing its growth to Bitcoin’s, without relying on VCs or influencers.
Cardano (ADA) has had a price increase of about 50% in the last seven trading days, a spectacular leap. After suffering a small loss earlier in the week, ADA rose to $0.681, its highest level since May 2022.
A notable decline in the US dollar index (DXY) is one factor contributing to Cardano’s price recovery. The US Federal Reserve Bank (Fed) decided on interest rates, which led to the devaluation of the US dollar. This downward trend helped the whole cryptocurrency market, which included ADA.
Charles Hoskinson Affirms Cardano’s Scalability
Charles Hoskinson, the founder of Cardano’s Layer-1 protocol, recently addressed critics of the network. He reaffirmed Cardano’s scalability and made comparisons to Bitcoin (BTC), the leading cryptocurrency. Hoskinson remembered an earlier period when there were worries about Cardano’s blocks being overly crowded and a “ghost chain” storyline implying that the blockchain was useless.
I can't help but watch with glee all the concerns floating around about Cardano's blocks being too full. I recall the ghostchain narrative for years, the no use and utility. Suddenly we are too busy?
In reality, Cardano is designed to operate at these loads and there is a huge…
— Charles Hoskinson (@IOHK_Charles) December 18, 2023
Since then, Cardano has undergone substantial evolution, reaching key milestones and improving its capabilities, as noted by Hoskinson. He underlined that Cardano is built to support such loads and has much space for short- and long-term network and DApp improvement. Crucially, he emphasized that community involvement drove Cardano’s rise, setting it apart from dependence on influencers, venture capital, or crypto media.
This comes as one of his tweets, which surfaced from a year ago and again highlighted the tense relationship between Cardano and the XRP community. Hoskinson sent forth a harsh criticism in his tweet, calling the XRP community “toxic and petty.” Even though Ripple CTO David Schwartz had made previous overtures, he rejected any chance of Cardano and XRP working together.
“XRP provides no partnership or technical value.”
Ripple's David Schwartz stepped in, urging Charles to reconsider these statements. No response. 🤷
— Good Morning Crypto (@3TGMCrypto) December 17, 2023
Hoskinson refused to consider changing his position on XRP when David Schwartz asked him to. Hoskinson’s earlier silence established the two sides’ ongoing animosity, which said volumes.
Slim Prospects for Collaboration
Hoskinson is still adamantly opposed to a collaboration between Cardano and XRP. He cites various reasons for his unwavering stance, including the “personal attacks, harassment, and an utter inability to have a conversation” he has experienced from the XRP community over an extended period.
A major source of disagreement is the idea that there isn’t any technological similarity between XRP and Cardano. According to Hoskinson, the two blockchain initiatives have different goals. Blockchain startups such as Cardano, Ethereum, Polkadot, and Algorand aim to solve related problems. At the same time, XRP primarily serves as a platform for Central Bank Digital Currency (CBDC) and an interbank settlement system.
Hoskinson firmly believes XRP is a “different product-market fit” than other blockchain systems like Cardano. This misalignment of goals deepens the rift and makes any chance of future cooperation seem increasingly remote.
Cardano’s Total Value Locked (TVL) Surges by 180%
Notably, a few days ago, Cardano announced a significant boost in its Total Value Locked (TVL). Cardano’s TVL jumped dramatically from $188.65 million on October 17 to $529.42 million on December 15, per DefiLlama statistics. This remarkable increase signifies a significant 180% gain within a brief period.
The increase in TVL indicates that the Cardano network is working hard to draw liquidity. This expansion indicates growing interest in and involvement with the decentralized finance (DeFi) ecosystem on Cardano.
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