Hoskinson Defends Cardano Progress Amid Criticism

Cardano founder Charles Hoskinson has faced criticism over the progress of the network, with some accusing him of failing to deliver liquidity and on-chain use. One critic compared him to a 'used car salesman' and pointed to weak liquidity, stablecoins, and DEX volume. However, Hoskinson defended the network's recent buildout, pointing to a string of launches and integrations.

Hoskinson mentioned RealFi, which went live on Cardano mainnet on October 1, following months of public testing. He also highlighted Midnight, which launched its network in March, and Midnight.city, an AI-focused application tied to the wider Midnight ecosystem. Additionally, he mentioned Pogun, a Bitcoin-focused DeFi project, and the Pentad's infrastructure push, which includes the launch of USDCx and Pyth, and the rollout of LayerZero in phases.

Hoskinson also addressed the criticism that Cardano has 'no stablecoins' or DEX activity, pointing out that the network has $68.3 million in DeFi TVL and $67.2 million in stablecoins. He also noted that DEXs processed $4.05 million over 24 hours and $41 million over seven days, with weekly volume up 133%.