In a recent interview, Input-Output CEO Charles Hoskinson dismissed fears about the impending cryptocurrency winter, claiming that bear markets are “really pretty pleasant.”
Bull markets are “frustrating”
Cardano’s inventor, who has lived through seven bear markets, says that key innovations, like as smart contracts, emerge during the most difficult periods.
Cardano is on the cusp of implementing the Vasil hard fork, which is set to be live on June 29th, according to reports.
Since the beginning of May, investors have lost more than $200 billion in crypto assets.
Cardano’s ADA has gained 3.5 percent in that period, beating both bitcoin and ether.
Cardano Founder Charles Hoskinson is worried about the impending “crypto winter,” with a fresh software version due later this month.
Bull markets, according to Hoskinson, are “frustrating” because no one wants to collaborate.
“There’s a lot of poaching going on, as well as exorbitant pay and expectations,” the Cardano creator stated.
“Bull markets are irritating because no one wants to work together.” In response to the difficult quarter for crypto assets, Hoskinson, who was also a co-founder of Ethereum, he told, “You have a lot of poaching, unreasonable pay, and unrealistic expectations.” “Bear markets are really very relaxing.
“Those are the pieces that go together to make a house.”
ADA is the fourth-largest cryptocurrency, excluding stablecoins, with a market valuation of $21.6 billion. According to Hoskinson, unlike other projects, Cardano hasn’t taken a “move fast and break everything” strategy.
The positive side of a bear market
While the technique may not appear well-suited to the crypto industry’s 24/7 nature, it might be a welcome change of pace after a period of bitcoin exchange.
Hundreds of employment offers were retracted by Coinbase, and the algorithmic stablecoin TerraUSD underwent a bank run and subsequent $40 billion collapse, which might be ascribed in part to a desire for rapid expansion.
Cardano (ADA) has dropped roughly 5% in the previous 24 hours. The token has lost roughly 80% of its value since hitting a new high nine months ago.
According to Tom Dunleavy, a senior research analyst at Messari who recently issued a paper on Cardano, it instead depends on a more technical, peer-reviewed procedure for adding software changes, which has drawn both criticism and admirers.
In a recent interview, Hoskinson stated that the much-anticipated upgrade will bring a slew of scalability improvements to the blockchain.
Cardano’s transaction volume, he believes, is “increasing tremendously.”
As a result, the development team is building new modifications in order to fulfill increased demand.
The NFT space, according to Hoskinson, is a “surprising” potential for growth. He estimates that NFT-related apps account for 40% of all Cardano applications.
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