Cardano Founder Charles Hoskinson finally came around to talk about the recent negativity surrounding the Layer-1 network on X. First; he clarified that the change within the protocol does not truly reflect whether the network is failing.
Rather, the changes came as the desired result of implementing the Voltaire era. Hoskinson acknowledged that Cardano’s governance has not scaled for a long time.
Pent-up grievances, unexplored road map items, unfunded growth strategies, and unaddressed partnerships are evidence of this shortcoming.
Charles Hoskinson Lauds Cardano’s New Governance Strategy
With the introduction of Voltaire, more capabilities have come to the Cardano ecosystem, especially its governance. Voltaire’s new governance can easily adapt to meet the highlighted challenges.
While community members have unique grievances, the demands have a unifying point. To address this, Hoskinson noted that it could execute a new roadmap to grow the ecosystem drastically.
“Working on a Cardano Native Asset (Midnight), I’m keenly aware of the things that need to be done for CNAs from custody to liquidity,” the Cardano founder stated. “I’ll do my part, but I’m glad we have an actual government by and for the people of Cardano to work with to also do their part. It’s the same for stablecoin support.”
Hoskinson said most of the backlash comes because its amendments and upgrades are performed openly, carrying the public along. Unfortunately, this method has earned it severe negativity from the public. The Cardano ecosystem prides itself in its onchain government in over 100 “never-sleep” countries.
Hoskinson believes this governance hinges on integrity and has a long time horizon for growth and progress. Therefore, issues like short-term thinking, market manipulation, and companies seeking a handout have no place in the Cardano ecosystem.
To the critics, Charles Hoskinson said Cardano is thriving and not dying.
Cardano Takes a Rundown of Seven Years in Operation
Notably, the Cardano ecosystem turned 7 a few weeks ago. Cardano’s developer, Input Output Global, reflected on the progress the blockchain has recorded. In such a short time, the network has carried out over 95.6 million transactions and onboarded 1,000 projects.
Also, the delegated wallets stand at over 1.33 million, with the platform backing more than 1,800 ideas to expand innovation. Cardano’s growth trajectory has shifted from staking to decentralization and from native tokens to multi-asset functionality. Amongst most of its upgrades, the Chang Hard Fork embedded in Voltaire is one of the most crucial.
A week ago, the long-awaited testnet for the Cardano privacy protocol Midnight Network also went live. The Cardano sidechain finds its use case in developers’ need to protect sensitive data to deliver usable Decentralized Applications (dApps). The ultimate aim of this protocol is to merge privacy with regulatory compliance on the Cardano network.
Recently, the stake-based signature protocol Mithril received a facelift to significantly increase decentralization and system automation in the Cardano ecosystem. These numerous upgrades reflect the L1’s strong push for full decentralization, among other capabilities.
ADA Outlook Amidst Multiple Upgrades
The outlook for ADA has mostly stayed the same despite these upgrades. Real-time market data shows that ADA price was trading at $0.3364 at the time of writing. This price level corresponds with a 2% slump in the past 24 hours and a 1.54% over the past week.
Over the past 24 hours, ADA trading volume grew by 9.19% and is now pegged at $220.84 million.
This metric still reflects the community’s confidence in the cryptocurrency despite the Fear, Uncertainty, and Doubts (FUD).
