Cardano (ADA) Climbs to #7 by Market Cap Amidst “Cult” Criticism

Cardano (ADA) Climbs to #7 by Market Cap Amidst “Cult” Criticism

  • Charles Hoskinson is defending his work in the industry following continued criticism.
  • The Cardano community remains divided in debates and commentary.
  • The price of ADA is hovering around $0.39 despite climbing a rank by market capitalization.

Charles Hoskinson is refuting commentary about the Cardano (ADA) network and his representation thereof following ongoing backlash about his comments on contingent staking.

An ongoing conversation about contingent staking on the Cardano network continued with a tweet by a prominent community member on February 20th, 2023. Cardano Whale shared that the “drama” around contingent staking had left them “disenfranchised.”

In response, Twitter user Barren Wuffet praised Cardano Whale, calling them an asset and a preferred representative for the Cardano community over Charles Hoskinson, who was lambasted as a “liability.”

Cardano and IOG founder Charles Hoskinson has retorted the critique and resurrected the cult commentary in the same breath. Hoskinson referred to contingent staking as an “optional hypothetical feature,” calling out the commentary as “discounting the last seven years” of his work in the industry.

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Cardano has notably climbed the ranks from the #8 position to the #7 position by market capitalization, recording a $13.9B total market value of circulating ADA on February 21st, 2023. 

The price of ADA is hovering in the vicinity of $0.39 USD at the time of writing despite the myriad of ongoing debates, most notably including the topics of Cardano staking.

Cardano for the Masses?

During his most recent video in a discussion of the Voltaire phase, Hoskinson has compared the impact of Cardano on humanity to that of ChatGPT, the iPhone, and the internet.

Despite the optimism from the founder, increased whale activity, and network developments, the Cardano community remains distracted, as reciprocated in the thread by Cardano Whale and the price of ADA.

In the community’s defense, $psilobyte PSB SSPO has remarked that there will be “a lot more lessons to come” as Cardano progresses through the Voltaire phase but expressed their confidence that the Cardano community is “capable.”

The fact that Cardano has climbed a rank by market capitalization, among other notable developments, questions the rationale behind Barren Wuffet’s criticism against Hoskinson in favor of Cardano Whale as the leading representative for the ecosystem.

On the Flipside

  • The Cardano community appears to be maintaining a reputation of division.
  • Cardano Whale expressed that they would accept contingent staking if voted in through Voltaire.
  • The viability of Cardano “for the masses” will depend on the widespread adoption of the network.

Why You Should Care

The Cardano ecosystem plays a notable role in the future of cryptocurrencies and decentralization. The network’s current #7 rank by market capitalization hints at the efficacy of Cardano’s methodology in the long term.

Cardano is branching out with Working Groups for developers, read more:

Cardano (ADA) Dev Working Groups to ‘Empower’ the Community

Read more about Cardano’s recent SECP upgrade:

Cardano (ADA) Launches SECP Upgrade: A Cross-Chain Love Story?

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