HomeNewsCardano's ADA: Aiming to Overtake Bitcoin and Ethereum, Says Founder

Cardano’s ADA: Aiming to Overtake Bitcoin and Ethereum, Says Founder

- Advertisement -
  • Charles Hoskinson, founder of Cardano, proclaims that ADA will become the world’s leading cryptocurrency, envisioning it as the backbone of a “new digital nation.”
  • Despite the bullish outlook, ADA has suffered a 15.2% decline in the last month and faces regulatory scrutiny, being labeled as a security in U.S. SEC lawsuits.

The Ascent to Crypto Supremacy: Hoskinson’s Unwavering Belief in Cardano

During his recent appearance at the Rare Evo blockchain convention, Charles Hoskinson—co-founder of Ethereum and the intellectual driving force behind Cardano—made a bold proclamation. According to Hoskinson, ADA, Cardano’s native token, is on a trajectory that will eventually catapult it past giants like Bitcoin and Ethereum, installing it as the world’s preeminent cryptocurrency.

Hoskinson elucidated his vision further, stating,

“I think it’s going to become more than just a cryptocurrency. I think it’s going to become the backbone of a new digital nation—a new society where trust is not a phrase but a coded fact, transitioning us from a world where entities ‘don’t be evil’ to one where they ‘can’t be evil.'”

Cardano’s Current Reality: Market Woes and Legal Tangles

- Advertisement -

Contrary to Hoskinson’s utopian foresight, ADA has not been immune to the market’s capricious temperament. Over the past month, the digital asset has retracted by 15.2%, pushing it to the seventh rank in global cryptocurrency market capitalization. More glaringly, in a two-week snapshot, ADA has depreciated by 9.2% against the U.S. dollar.

Moreover, Cardano faces legal obstructions, being designated as a security in lawsuits by the U.S. Securities and Exchange Commission (SEC). The development team at Cardano has categorically rejected this characterization, stating, “Under no circumstances is ADA a security under U.S. securities laws.”

>> Buy Cardano quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with ADA now. Visit Website <<

Indicators in the DeFi and NFT Sectors

- Advertisement -

Cardano’s decentralized finance (DeFi) ecosystem currently holds a total value locked (TVL) of $161.8 million. Remarkably, Base, a nascent DeFi blockchain backed by Coinbase, has already outperformed Cardano with a TVL of $185.53 million—despite being in the market for just a few weeks.

In the realm of non-fungible tokens (NFTs), Cardano is lagging behind, claiming the eighth position in weekly digital collectible sales with a figure of $1,507,729. However, its all-time statistics show a more favorable stance, as Cardano holds the sixth-largest position with a cumulative total of $612,699,836 in NFT sales.

While Hoskinson’s conviction in Cardano’s future as a transformative crypto asset is compelling, it’s evident that the blockchain faces a formidable set of challenges, both in terms of market performance and regulatory compliance.

Best Crypto Exchange for Everyone:

  • Invest in Cardano and 70+ cryptocurrencies and 3,000 other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
- Advertisment -spot_img