Charles Hoskinson, the founder of Cardano, has expressed his perspective on the current state of the cryptocurrency market, emphasizing the importance of looking for the signal amidst what he termed “lots of noise in crypto”.
Hoskinson, responding to recent adverse claims surrounding Cardano’s institutional interest and the health of its DeFi sector, passionately highlighted the ecosystem’s exceptional growth in a June 28 tweet, emphasizing its real adoption and commitment to decentralization.
Further, Hoskinson confidently stated that Cardano is experiencing real adoption and significant growth even under the harshest industrial conditions. Drawing a parallel to Bitcoin, he emphasized that Cardano’s progress is being completely decentralised.
“Lots of noise in crypto. Look for the signal. Cardano is getting real adoption and growing as an ecosystem under the harshest conditions our industry knows. Like Bitcoin, this is being done in a completely decentralized way,” Said Hoskinson.
Hoskinson’s response was prompted by a tweet from popular Cardano proponent Chris O, who highlighted claims made on a popular YouTube channel regarding Cardano’s lack of Total Value Locked (TVL) and institutional interest. In response, Chris offered a powerful rebuttal by highlighting various institutional players already involved in the Cardano ecosystem.
He listed prominent institutions such as Grayscale, Hong Kong Vectors Capital, Bitwise Investments, WisdomTree Europe, and 21Shares, all of whom have expressed interest or established products related to Cardano. He further pointed out the growing number of institutional funds and indexes associated with Cardano, specifically mentioning the WisdomTree Cardano ETP and the 21Shares Cardano ETP. Notably, these investments demonstrate institutional players’ confidence in Cardano’s potential and further validate its increasing adoption.
Dan Gambardello, a popular crypto analyst and host of the Crypto Capital Venture YouTube channel, also highlighted the thriving nature of Cardano’s De-Fi sector. In a video, the pundit stated that some investors are achieving significant gains despite the bear market and challenged the misconception that all altcoins performed poorly during bear markets.
“There are people within Cardano outpacing these losses with gains, and they’re stacking ADA as a macro-minded investor or as a value investor for the long term. They’re stacking their AdA and outpacing these losses with gains,” said Dan.
Dan then presented data illustrating Cardano’s rapid growth and adoption in the DeFi space. He emphasized the substantial increase in total value locked (TVL) within Cardano’s DeFi space, with an impressive growth rate of 148% from January to June. He also mentioned specific successful projects in the Cardano ecosystem, such as IAG, VPhi, Indie, and Milk, which achieved remarkable gains ranging from 255% to 590% over the same period.
That said, despite the prevailing bearish sentiment towards crypto, it is vital to acknowledge the potential and value that Cardano offers, especially considering the network’s strengthening fundamentals. At press time, ADA was trading at $0.27 following a brutal week, which saw its price plunge about 8%.