- Charles Hoskinson has taken center stage to promote Cardano’s prowess over its rivals.
- The founder claimed Cardano will surpass Bitcoin and Ethereum by transcending beyond its cryptocurrency status.
- Hoskinson could be looking too far ahead into the future as Cardano grapples with regulatory uncertainty and issues with its infrastructure.
As the Proof-of-Stake (PoS) network steadily establishes itself as a solid player in the crypto industry, particularly through its achievements in the DeFi sector, the rowdy founder is once again tooting his horn, boldly claiming that Cardano will become the top crypto project in the world.
Hoskinson’s Bold Claims
In his keynote address at Rare Evo 2023, Charles Hoskinson shared several ambitious assertions about Cardano, its decentralization, and the broader crypto industry. During his speech, Hoskinson confidently stated that Cardano, currently the third-largest blockchain project, is poised to surpass Bitcoin and Ethereum because he believes it has higher scalability and interoperability.
Backing his assertions with achievements from this year, Hoskinson highlighted Cardano’s remarkable growth, with its DeFi TVL growing by 200%, the launch of scalability and interoperability solutions like Mithril and Hydra, and native assets exceeding 8 million on the network. In a more lighthearted tone, Hoskinson also playfully mentioned that Crypto data aggregator Messari is writing “nice stuff about the network,” implying that things look good.
In addition to its extensive list of achievements, Hoskinson proposed that Cardano could transcend beyond its cryptocurrency status and evolve into the foundation of a new digital nation. However, for this vision to materialize, the POS network has to substantially expand its user base and navigate its ongoing regulatory troubles.
As the Cardano Founder’s visionary claims continue to echo, it’s important to delve deeper into the question.
Will Cardano Become the Top Crypto Project?
While Charles Hoskinson confidently asserts that Cardano possesses superior scalability and interoperability compared to its more established counterparts, the network still struggles with challenges that hinder its compatibility with other projects in the industry.
This is because Cardano is fundamentally different from most blockchain projects. It dons a different smart contract environment, transaction model, and signature scheme, making it very hard to communicate with other blockchain networks in the industry, and is the reason why its DeFi ecosystem is smaller compared to other networks.
To bridge this gap, the POS network relies on third-party developer solutions like Wanchain’s bi-directional cross-chain bridges to tap into DeFi ecosystems built on other networks. At press time, Cardano’s DeFi ecosystem comprises 24 protocols, starkly contrasting Ethereum’s titanic count of 897 unique protocols.
Interoperability merely scratches the surface of the challenges in Cardano’s current infrastructure. However, Cardano’s vibrant developer ecosystem is actively working to develop new solutions and help propel the network beyond its rivals.
The Voltaire-era’s community-driven governance holds much promise for the network and could ultimately bring Hoskinson’s vision to fruition.
On the Flipside
- ADA exchanged hands at $0.2785 at press time with a daily trading volume exceeding $329 million.
- Recent Santiment data named Cardano the industry’s top dev platform at press time, eclipsing competitors Polkadot and Kusama.
- Charles Hoskinson believes that by the summer of 2023, Cardano could surpass Bitcoin, Ethereum, and every other cryptocurrency in decentralization.
Why This Matters
Cardano is actively vying to cement its position as the top cryptocurrency project in the industry. The network has shown remarkable growth this year and is determined to stay consistent with its results. The network could become the best if it maintains its momentum.
Cardano’s new accomplishment may not be as impressive as it seems:
A newly launched network has outperformed Cardano, but is comparing the two fair?