Cardano was on a slow and steady decline on Sunday as its founder Charles Hoskinson took to X to defend Input Output Global (IOG), a blockchain research and engineering firm, against criticism over its ADA holdings and network adoption efforts.
Hoskinson explained that IOG received an award AdaInstead of receiving it as a gift.
“The ADA has not been submitted to the IOG,” Hoskinson said. “We've earned everything. It's not the people's money. It's profit to build Cardano. The original ADA value of IOG was about $8 million in 2015. We've been here for nine years building.
see below.
Hoskinson compared IOG's ADA holdings with those of the Cardano Foundation (CF), which received ADA as a donation.
He said that the Foundation has a mandate to allocate these funds to develop the ecosystem. His comments came amid speculation about whether IOG would contribute to ADA to support the integration of Circle's USDC stablecoin, an idea Hoskinson appeared to reject.
Hoskinson: “Dishonest people have no place at IOG”
On Saturday, January 11, Hoskinson accused a former CF employee of trying to “rewrite history” regarding blockchain integration for stablecoins.
The former employee criticized the network's lack of progress in this area. Hoskinson's response: CF missed an opportunity to incorporate USDC in 2021 for $3 million, by which time the foundation's holdings were worth nearly $2 billion.
“They rejected the deal according to their employee,” Hoskinson said. “Then you rewrite history to evade any of their responsibilities and turn it into power dynamics? I'm really glad you're not working with me anymore. Dishonest people have no place in IOG.
This controversy highlights the broader challenges facing Cardano as it seeks wider adoption. Major stablecoin issuers such as Circle and Tether are said to be reluctant to support the network, citing concerns about the lack of successful decentralized implementations and insufficient transaction volume.
Hoskinson's statements highlight ongoing tensions within the Cardano ecosystem, as stakeholders grapple with decisions that could shape the future of blockchain.
At last check on Sunday, Cardano was trading at approximately $0.96.
Cardano, which launched its mainnet in September 2017, is preparing to launch a new network Integration with BitcoinOSwhich will unlock more than $1.4 trillion in liquidity.
Developers are too a job At Midnight, an ecosystem expansion project.
Cardano may also benefit from President-elect Donald Trump, who is expected to take a lighter regulatory approach to cryptocurrencies.
It remains to be seen whether the ADA spot ETF, or exchange-traded fund, will be introduced. So far, cryptocurrency commentators are optimistic.
Source link