- Tron recently booted Cardano from the top 10.
- Charles Hoskinson shrugs off concerns about market cap slide.
- Cardano seeks to drive real-world positive change.
Market cap rankings are often considered the ultimate measure of a cryptocurrency’s success. Though some argue they’re a shallow metric, they remain the go-to for comparing digital assets.
Cardano has slipped down the market cap rankings this year, ultimately being pushed out of the top 10 by Tron in August. Despite growing community concerns, Input Output (IO) CEO Charles Hoskinson remains unfazed, stressing the importance of long-term fundamentals over day-to-day price swings.
Cardano Changing the World?
At Token2049 in Singapore, Hoskinson told Bloomberg he remains unfazed by Cardano’s recent drop from the top 10. Instead, he focused on long-term fundamentals rather than daily price fluctuations.
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Hoskinson highlighted Cardano’s ambitious goals to drive positive changes in economic, political, and social systems. He believes success in these areas can only be measured over decades, not by short-term market fluctuations.
The IO CEO noted that most Cardano investors are dedicated to the project’s vision. For them, price fluctuations are secondary to the meaningful goals Cardano is pursuing.
Midnight For Next Push For Users
Commenting on the challenge of reaching meaningful goals and onboarding the next billion users, Hoskinson stressed that success depends on blockchain technology’s ability to resolve privacy and identity issues.
Cardano sidechain Midnight made a major advance in its mission to empower data protection apps by releasing its lite paper this week. The document outlines the token utility and details its roadmap.
Midnight’s dual token system is key to balancing privacy with meeting regulatory compliance. Its unshielded NIGHT token, with a fixed and deflationary supply, serves multiple purposes: it ensures transparency, rewards block producers, and supports governance actions.
In contrast, DUST is a shielded token that facilitates transactions on the network while protecting metadata to prevent correlation. It operates like energy in the physical world and will decay over time.
Midnight aims to unlock use cases in digital identity, asset tokenization, and voting by removing barriers to blockchain adoption.
On the Flipside
- Market cap does not necessarily indicate a project’s technological superiority, security, or potential for long-term success.
- The Midnight token airdrop will be distributed to wallets across Bitcoin, Ethereum, Solana, and other blockchains.
Why This Matters
While many cryptocurrencies chase trends and hype, Cardano’s commitment to its fundamental goals sets it apart.
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