Cardano Founder’s Algorand Sidechain Offer Makes Rounds on Reddit

Charles Hoskinson’s Algorand sidechain proposal is sparking heated debates within the community.

Charles Hoskinson talking about his idea of buying and integrating Algorand as a sidechain infront of an audience.
Created by Gabor Kovacs from DailyCoin
  • Charles Hoskinson recently suggested that Algorand should explore becoming a Cardano sidechain. 
  • The Cardano Founder’s proposal triggered heated discussions within the Algorand community. 
  • Many members are now open to discussion, acknowledging the partnership could benefit both parties. 

Charles Hoskinson recently put forward a proposal that could potentially shake up Algorand’s landscape. The rowdy founder suggested that Algorand should explore becoming a Cardano sidechain, emphasizing that it would offset the network’s weaknesses and significantly improve its performance. 

Initially met with memes and taunts, Hoskinson’s offer is now making rounds within the Algorand community, igniting interesting discussions across forums and garnering serious consideration. 

Charles Hoskinson’s Sidechain Offer Sparks Debates Again

A recent post by an Algorand community member centered around Cardano Founder’s interesting offer has sparked heated debates within the community. The user shared that Algorand should seriously consider Charles Hoskinson’s sidechain proposal, given that the development of its enterprise use cases has been progressing at a snail’s pace. 

The member further suggested that Algorand might not survive long enough for its vision to materialize, and a partnership with Cardano could open up several opportunities for the network due to its perceived competence.

Algorand community member post on Reddit.
Algorand community member’s post on Reddit.

Although the post garnered widespread attention on the forum, triggering a cascade of comments, the community’s response to the proposal remained mixed. While many users valiantly rallied in Algorand’s defense, pointing out that the current bear market has impeded its progress, others emphasized that the network’s adoption has been on a downtrend irrespective of the industry’s prevailing conditions. 

Members underscored that Algorand’s DeFi TVL has slashed more than half this year, dropping from $96 million to $46 million. This stood in stark contrast to Cardano’s DeFi TVL, which has more than tripled in the same timeframe. 

Cardano and Algorand DeFi TVL compared.
Cardano and Algorand DeFi TVL compared. Source: DeFiLlama.

Given the scope of the subject, a majority of the community members maintained a neutral stance, sharing that they were open to the discussion and recognized the partnership’s potential to enhance both networks. If realized, Algorand could benefit from the most decentralized secure blockchain, whereas Cardano would benefit from major L1 integration. 

As of now, the future of this partnership remains uncertain. However, if it does see the light of day, the potential impact could be transformative for the crypto industry. 

On the Flipside

  • At press time, Algorand ranked 33rd and Cardano 14th in DeFi TVL. 
  • Despite its underwhelming price action, Santiment crowned Cardano the top dev platform in August.
  • Charles Hoskinson has made a similar sidechain offer to Solana. 

Why This Matters

Algorand is emerging as a solid and vibrant ecosystem, boasting an $800 million market cap. Partnering with Cardano’s thriving developer ecosystem and DeFi landscape could significantly boost the network’s status in the crypto industry.

More on Cardano: 
Cardano Downtrend Persists as ADA Trickles Below $0.26

More from Cardano’s ecosystem: 
Cardano Clinches #1 Dev Platform Title From Polkadot, Kusama

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
Insha Zia

Insha Zia is a crypto journalist at DailyCoin who specializes in NFTs, Metaverse, and Web Gaming. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.