- Cardano Foundation’s new delegation strategy struggled to impress its community.
- Users turned to Cardano Founder Charles Hoskinson for answers.
- The Cardano Founder distanced himself from the drama, claiming he had no connection.
Cardano Foundation recently found itself amidst a fresh storm, fueled by its new delegation strategy that focused on prioritizing rewards over pools.
Community members were far from enthusiastic about the new update, with many accusing the organization of welcoming centralization into the network. As concerns surrounding the strategy rose, the spotlight naturally turned to Cardano Founder Charles Hoskinson for answers.
Charles Hoskinson Claims No Connection to Cardano Foundation
The Cardano Foundation recently announced a major overhaul of its delegation strategy. However, to their dismay, the development sparked a wave of skepticism and criticism from the community.
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Many saw the new strategy of increasing rewards and reducing pools as a deviation from community consensus, as most members expressed support for reducing the ADA per pool and increasing the number of pools to enhance network decentralization.
Prominent stake pool operators, Cardano influencers, and users joined in voicing their concerns about the implications of the new strategy.
While community members hoped for some reprieve from the Cardano Founder, Hoskinson quickly distanced himself from the matter, claiming he didn’t have anything to do with the Cardano Foundation, its delegation strategy, or general operations.Â
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The contentious founder’s response was unexpected, considering he often plays an active role in promoting and defending the network’s decisions. Some argue Hoskinson’s distancing could be linked to IOG recently facing intense scrutiny for holding a majority of the Genesis keys and overbearing control over the network’s decisions.
On the Flipside
- Emurgo owns and controls two of the five Genesis Keys IOG currently holds.
- The Cardano founder recently asserted that if CIP-1694 doesn’t pass, he’s prepared to burn the Genesis keys and allow other entities to take the helm in making a better governance framework.
- After receiving an overwhelming response to its first on-chain governance poll, Cardano decided to halve the minimum pool costs from 340 ADA to 170 ADA to encourage smaller pools to join the network; however, the new delegation strategy could hinder that.
Why This Matters
Although Charles Hoskinson means to distance himself to prove that the Cardano Foundation is decentralized, the community remains divided over the new delegation strategy, and the organization is floundering to address community concerns.
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