Cardano News Today – Hoskinson’s Obsession With Decentralized Finance might be just What Cardano Needs – August 31st, 2020 

  • Cardano’s Charles Hoskinson Says he is Obsessed with Making Cardano the Hallmark of Decentralized Finance
  • Cardano ADA Gathers Momentum is the Uptrend Begins 

Cardano News Today – Cardano is one of the most successful blockchains in the decentralized finance sector but there is still a lot of work to be done. The CEO of IOHK and founder of Cardano, Charles Hoskinson, has said that he is obsessed with decentralized finance. Cardano venture into decentralized finance has been successful so far but there is still a lot of work to be done. His statement came in a YouTube video he posted today.

Cardano News Today – Cardano has a Lot of Potential in Decentralized Finance

In the AMA, Hoskinson said;

“For example, we’ve partnered with Emrugo, and we’re right now working on the logistics of a stable coin with them that we’re going to be building first on ergo to verify everything works correctly, and then we’ll pull it over into Cardano and this is going to be an algorithmic stable coin. We think it’ll be significantly better than MakerDAO. That’s just one of many DeFi things that are going on right now”

Hoskinson said that he is directly involved in most of the discussions about decentralized finance. He supervises to make sure that everything goes on according to plan and he is confident that they will succeed since they have a great team backing them. He also talked about how the decentralized finance Bonanza is bringing Ethereum back to life but he noted that being a first mover in the sector isn’t such a good thing for Ethereum he also talked about centralized custody. He continued;

“Those network effects were ephemeral and often covered with mistakes and scars and explosions. You want to be in the imitator, the second-mover category for DeFi, and I think we’ll have a lot more luck than the first movers did in the space. These are things that I would love to see in the next 12-24 months.”

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$1.22

Hoskinson also talked about how the negative attitude people in the cryptocurrency and blockchain industry affects adoption. A while ago, Adam Back, a Bitcoin maximalist, attacked Hoskinson, Buterin, and Justin Sun. This wasn’t the first time he was outrightly attacking them and it’s not going to be the last. Hoskinson said that such negative comments are discouraging to members of the cryptocurrency market and people who might be interested in diving into the industry.

Cardano News Today – Cardano ADA Gathers Momentum is the Uptrend Begins

The Cardano ADA token has become bullish again. After the nosedive to the $0.1050 level, the token has started to rise. At the time of writing, the price of the token was $0.116033. It was up by 0.34% against the USD and down by 0 45% against Bitcoin BTC. The trading volume over 24 hours was $292,321,799 and the market capitalization was $3,008,396,298.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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