Hoskinson defends Cardano progress amid criticism over liquidity and usage
Cardano founder Charles Hoskinson has pushed back against criticism of the network’s progress, defending recent developments amid concerns over liquidity and usage. In response to a community member who questioned whether years of work had produced enough on-chain activity, Hoskinson asked, “What the hell else can I do?” He highlighted projects like RealFi, Midnight, and Pogun, as well as major integrations with LayerZero, Fireblocks, and others.
One critic accused Hoskinson of harming ADA holders by launching Midnight as a separate network, a claim he rejected. Hoskinson pointed out that NIGHT, Midnight’s token, was issued on Cardano and that many projects built within the ecosystem should not be seen as detrimental. Another critic compared Hoskinson to a “used car salesman,” arguing that the network lacks liquidity, stablecoins, and DEX volume, and that ADA holders are often blamed for ecosystem struggles.
Hoskinson countered by listing recent achievements, including the launch of RealFi on October 1, the March debut of Midnight, and the ongoing development of Midnight.city. He also mentioned Pogun, a Bitcoin-focused DeFi project, and the Pentad’s infrastructure push, which includes the live launch of USDCx and Pyth. While Cardano’s DeFi TVL and stablecoin figures are modest, recent activity shows growth, with DEX volume up 133% over seven days.
The criticism highlights a key challenge for Cardano: turning development into measurable usage. Hoskinson has previously stated that RealFi could drive significant TVL growth, but now that it’s live, its success will be judged on actual deposits and adoption.