Cardano CEO Charles Hoskinson Comments On Why the Current Market Atmosphere Is No Hindrance to Serious Investors.
As the markets turn red, Cardano’s founder and CEO, Charles Hoskinson, has a few things to get out of his chest about the recent behavior of market participants.
First off, Cardano has been hailed as one of the high-potential blockchain networks in the industry. Some people have even gone on to proclaim Cardano as the ultimate “Ethereum killer.”
However, Cardano has experienced a pullback in both price and market cap along with the rest of the market. In a video today, CEO Charles explains why investors need to be resilient regardless of the current situation in the market.
For those who prefer YouTube: https://t.co/jfcrX1fvQH
— Charles Hoskinson (@IOHK_Charles) May 11, 2022
Built To Last and the Community Understands
In view, Charles believes that a good system is one that is built to last. He tells of Bitcoin’s historical bull runs and drawbacks. Still, the coin is resilient and going strong. He compares this quality to Cardano’s growing strength in both development and community. In his words, the Cardano community is now larger than ever before, with a growing user base.
Surprisingly, Cardano’s growth is not widely covered by the media, and this may be because the success does not necessarily reflect in terms of price increase or market sentiments especially at this time.
However, the CEO is confident that the Cardano community is one that understands the true idea behind the development of the system. Cardano is about values and viability.
Meanwhile, this comes less than 48 hours after Hoskinson slammed crypto media and venture capitalists for not supporting Cardano.
Hoskinson noted that this is not necessarily the first of such systems in the market, but it will be more about the best in the end.
Those who do not understand this concept will obviously drop out, leaving the faithful to await a glorious future, the Cardano boss added.
“Again, basic principles, if you are building something for everyone and you are building it to last, build it well. Even if it takes a little bit more money and a little bit more time, again and again, I have always said that it is not going to be first to market, it is going to be best to market, and those who exhibit stability and resilience in the bad times that survive.
That’s why today we are stronger than we’ve ever been in the history of the project [Cardano]. More people than we’ve ever had since the history of the project. Yet that will not be reflected in the media, the prices, or the current atmosphere because it is one of fear, greed, and one that does not care about basic principles.
Here is the thing, the fair weather people and all those psychos, they get drowned out and the people who stay behind are here for the long term.” Hoskinson was quoted as saying.
For one, Cardano is planning to introduce a consensus functionality in its network to boost investor participation in decision-making within the system.
“I hear people say that Cardano has no venture capitalists (VCs). What is capitalist? $700 million is ready to go deployed in a responsible manner through terms that you, the community control, and every single time a voting round happens we see more participation, we see more voting in many of the great projects,” Hoskinson said.
This could be a big deal for the main players and attract more funds inflow into the Cardano ecosystem, the outspoken Cardano founder added.
Hoskinson said as the community participation in ecosystem projects increases, we will see thousands of projects launched in the long-term on a yearly basis from funds controlled by the community.
“And our community, in my view is the best, because they get it, they have got it from the very beginning. We have to do better, we have to leave behind something, which was better than what we found, to those who come after us.
So we look to the future, consensus is coming, and the community is going to be there. I have already shown people how strong the ecosystem is. We’re going to talk about a lot of other things that are not just coming but are already here but are ignored.
As participation increases, we’ll see thousands of projects launched in the long-term every single year just from the funds controlled by the community.”
ADA Standing Strong Amid Market Dip
Cardano has been a resilient coin in the market. While it may not have gained hugely compared to others during bull runs, its resilience has cushioned investors from huge price drops.
For example, most of the cryptos in the market have recorded drops of over 50% in the last few days, but ADA has battled to create a reasonable balance.
Data from Coingecko indicate that at one point, ADA’s price fell all the way below $0.59 before rebounding above the mark.
At the moment, the coin is trading at $0.645 and is still among the top 10 coins in the global cryptocurrency rankings. ADA sits as the eighth-largest cryptocurrency with a market capitalization of $21.8 billion.
A look at Cardano’s neighbors in the charts tells of a resilient coin. For example, while ADA has a 7-day pullback of 23%, Solana, which is at position 8, has recorded 28% pullback over the same period.