- Charles Hoskinson has called for a pivotal summit, likely at Rare Evo in August, to resolve Cardano’s governance issues, define its Bitcoin-centric DeFi strategy, and explore the creation of an executive authority.
- With major protocol upgrades like Leios, Hydra, and Midnight underway, the event could mark a turning point in Cardano’s ability to compete in the evolving crypto landscape.
Founder Charles Hoskinson teased what he called “one of the most important events” in the network’s eight-year history. In a post shared on X on June 29, Hoskinson outlined a forthcoming summit expected to tackle key governance issues, lay out a Bitcoin-centric DeFi roadmap, and potentially establish an executive organ to steer Cardano’s narrative in an increasingly competitive crypto landscape.
We got Leios, Hydra, Midnight, and Bitcoin DeFi alongside governance, security and decentralization. Bitcoin DeFi is indeed the largest opportunity, but the single biggest issue is that we are missing a competent Foundation and executive authority to push these narratives into… https://t.co/t3j4ULTTe8
— Charles Hoskinson (@IOHK_Charles) June 29, 2025
Although Hoskinson didn’t name the event directly, many within the community believe he’s referring to Rare Evo, a multichain blockchain conference set to run from August 6–10 in Las Vegas.
The gathering, he suggests, could be a turning point for a blockchain known for its cautious, academic approach but now facing urgent calls for clarity, cohesion, and bold leadership.
Hoskinson highlighted several technical advancements as pillars of Cardano’s next growth phase. These include Leios, a new iteration of the Ouroboros protocol designed to improve base-layer throughput; Hydra, a layer-2 scalability solution; and Midnight, a privacy-focused sidechain leveraging zero-knowledge proofs.
Together, these developments form the backbone of Cardano’s pitch to anchor Bitcoin liquidity and evolve into a top-tier decentralized finance (DeFi) hub.
Despite these innovations, Hoskinson warned that technology alone isn’t enough. “The single biggest issue is that we are missing a competent Foundation and executive authority to push these narratives into the mindset of the space,” he wrote.
He also expressed frustration over community demands that he assume a more central role in representing Cardano, while distancing himself from the current state of the Cardano Foundation, which he attributed to decisions by the Swiss government.
The summit, according to Hoskinson, must address several structural challenges: resolving ongoing governance rifts, updating Cardano’s constitution, possibly introducing delegated executive authority, and exploring the creation of a sovereign wealth fund to support long-term development.
Cardano’s internal politics have taken a toll on its public image, with Hoskinson acknowledging reputational damage from unfounded accusations of financial misconduct. He called those claims the “lowest point” of his career and stressed the need to unify the community under a coherent, compelling vision.
Patrick Tobler, founder of NFT infrastructure firm NMKO, echoed this sentiment, stating: “Cardano does indeed need a narrative… And there’s only one man who has the power to push it: Charles.”
With ADA holding above key technical levels at $0.567, and Cardano’s share of total value locked (TVL) still lagging rivals like Ethereum and Solana, the Las Vegas summit could determine not only the future direction of the ecosystem but also whether it can finally turn its deep technology stack into a dominant narrative in Web3.