Cardano (ADA) Climbs to #7 by Market Cap Amidst “Cult” Criticism

Charles Hoskinson is defending his work in the industry following continued criticism.

Cardano (ADA) Climbs mountains chart with smiling woman
  • Charles Hoskinson is defending his work in the industry following continued criticism.
  • The Cardano community remains divided in debates and commentary.
  • The price of ADA is hovering around $0.39 despite climbing a rank by market capitalization.

Charles Hoskinson is refuting commentary about the Cardano (ADA) network and his representation thereof following ongoing backlash about his comments on contingent staking.

An ongoing conversation about contingent staking on the Cardano network continued with a tweet by a prominent community member on February 20th, 2023. Cardano Whale shared that the “drama” around contingent staking had left them “disenfranchised.”

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In response, Twitter user Barren Wuffet praised Cardano Whale, calling them an asset and a preferred representative for the Cardano community over Charles Hoskinson, who was lambasted as a “liability.”

Cardano and IOG founder Charles Hoskinson has retorted to the critique and resurrected the cult commentary in the same breath. Hoskinson referred to contingent staking as an “optional hypothetical feature,” calling out the commentary as “discounting the last seven years” of his work in the industry.

Cardano has notably climbed the ranks from the #8 to the #7 position by market capitalization, recording a $13.9B total market value of circulating ADA on February 21st, 2023. 

The price of ADA is hovering near $0.39 at the time of writing despite the myriad of ongoing debates, most notably including the topics of Cardano staking.

Cardano for the Masses?

During his most recent video in a discussion of the Voltaire phase, Hoskinson compared the impact of Cardano on humanity to that of ChatGPT, the iPhone, and the internet.

Despite the optimism from the founder, increased whale activity, and network developments, the Cardano community remains distracted, as reciprocated in the thread by Cardano Whale and the price of ADA.

In the community’s defense, $psilobyte PSB SSPO has remarked that there will be “a lot more lessons to come” as Cardano progresses through the Voltaire phase but expressed their confidence that the Cardano community is “capable.”

The fact that Cardano has climbed a rank by market capitalization, among other notable developments, questions the rationale behind Barren Wuffet’s criticism against Hoskinson in favor of Cardano Whale as the leading representative for the ecosystem.

On the Flipside

  • The Cardano community appears to be maintaining a reputation of division.
  • Cardano Whale said they would accept contingent staking if voted in through Voltaire.
  • The viability of Cardano “for the masses” will depend on the widespread adoption of the network.

Why You Should Care

The Cardano ecosystem plays a notable role in the future of cryptocurrencies and decentralization. The network’s current #7 rank by market capitalization hints at the efficacy of Cardano’s methodology in the long term.

Cardano is branching out with Working Groups for developers, read more:
Cardano (ADA) Dev Working Groups to ‘Empower’ the Community

Read more about Cardano’s recent SECP upgrade:
Cardano (ADA) Launches SECP Upgrade: A Cross-Chain Love Story?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Monique Brelage

Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.