Charles Hoskinson Pledges to “Always Fight for Cardano”

Charles Hoskinson, the founder of the layer-1 blockchain ecosystem Cardano, has pledged to always fight for the network as the chain is his brainchild.

In an X post, the American entrepreneur expressed his support for the Cardano network amid the crypto community’s backlash against the blockchain’s weak adoption.

“I’m always going to fight for Cardano. That’s my girl. Always was, always will be,” Hoskinson tweeted.

Hoskinson to Fight For Cardano

The Cardano founder’s remarks come as crypto investors criticize the ecosystem for its slow growth since its inception. Investors believe the network is undervalued, reflected in the chain’s native token, ADA.

Despite being the ninth-largest cryptocurrency with a market cap of over $35 billion, ADA has performed poorly compared to native tokens of other layer-1 blockchains. Data from CoinMarketCap shows that the asset has witnessed a 4,560% growth since its release in 2018. While this figure is impressive, it is a far cry from the 13,200% and 130,560% return on investment seen in the Tron network’s TRX and Ether (ETH), respectively.

While analysts believe ADA has the potential to explode in the coming weeks, the cryptocurrency has fallen by 17% in the past seven days. ADA was worth $1.01 at the time of writing. High whale activity and transaction volume on Cardano could drive the predicted rally.

Building On Cardano

Cardano’s decentralized finance (DeFi) ecosystem has grown significantly in the past few weeks. CoinTab reported that the ecosystem’s total value locked (TVL) hit a new all-time high of $809 million on December 1. The figure had plunged to $610 million at press time, per data from DefiLlama.

Cardano’s DeFi ecosystem grew roughly a month after the network integrated with the Bitcoin ecosystem through the BitcoinOS (BOS) Grail Bridge. The move introduced a new layer of programmability and usability for Bitcoin, unlocking trillions of dollars in liquidity for Cardano.

Hoskinson recently unveiled a new goal of powering Bitcoin DeFi by joining forces with his old friends to develop an ecosystem of hybrid applications on the network. He asserted that Cardano could help bring the vision to life since it had implemented a mechanism that allowed the payment of transaction fees with tokens other than ADA.

Meanwhile, the Cardano Foundation’s X account was hacked a few days ago but has been recovered as of this writing.