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Hoskinson says Cardano has decentralized treasury valued at $723M in ADA, pokes fun at Terra

  • May 11, 2022
  • Posted by: admin
  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Cardano founder Charles Hoskinson said that ADA’s $723 million treasury is decentralized.

Hoskinson, who is also an Ethereum co-founder, said this in response to a tweet made by dcSpark founder Sebastian Guillemot about the Cardano treasury.

According to Guillemot, Cardano’s massive treasury allows projects like his to build on the blockchain network without any interruption. “In fact, we have two large tooling announcements in the next 1~2 weeks,” he added.

Cardano has seen significant developments in the past couple of months as more projects are building on it. Guillemot’s revelation shows that the treasury might have been assisting in funding these projects.

Dapps keep building on Cardano

A recent tweet by Cardano’s parent company, IOHK, confirmed that about 900 projects are currently building on it. This is massive for a project that many have criticized for moving at a slow speed.

One of such projects is the algorithmic stablecoin, Djed, which launched its public testnet in May. The decentralized stablecoin was developed by COTI in collaboration with Cardano, and users are currently testing its capabilities.

Djed plans to launch its mainnet in June and will become the first stablecoin on the network.

With all of these developments, many early adopters and supporters of Cardano hope that it will finally prove doubters wrong.

The network is also planning to host two developer events within the next couple of weeks as it prepares to launch the Vasil Hardfork which will help improve the smart contract capabilities of the network.

Hoskinson makes fun of Terra

Charles Hoskinson has also poked fun at the Terra ecosystem after the blockchain network lost more than half of its value in the past few days. 

In response to an April 8 tweet by Terra founder Do Kwon where he mentioned buying $ADA for negative correlation, Hoskinson asked if he could buy some Luna for negative correlation.

Luna has lost about 90% of its all-time high value after its stablecoin, UST, de-pegged. While the team is struggling to salvage the ecosystem, Hoskinson appears vindicated.

He also quoted a tweet by crypto billionaire investor Mike Novogratz where the investor showed off his Luna tattoo saying he wonders “why the VCs and cryptomedia love certain alts and hate on Cardano.”

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