Cardano’s Charles Hoskinson Reacts To ADA & SOL Price Comparison

Cardano’s founder, Charles Hoskinson, recently responded to comparisons between ADA and Solana’s (SOL), price movements in a candid exchange with users on social media platform X. The conversation underscored Hoskinson’s reaction to Solana’s price surge beyond $140.

Cardano Founder Takes A Firm Stand Amid Comparison

The discussion began when a user, Jeremy, highlighted Solana’s surge reclaiming $140 and questioned Hoskinson about ADA’s potential to reclaim $1. Hoskinson’s response challenged the notion that price appreciation equates to genuine network value. The Cardano founder stated, “Number goes up != good ecosystem or real network value.”

The above-mentioned remark underscores Hoskinson’s emphasis on long-term sustainability and the development of the robust Cardano ecosystem over short-term price movements. Moreover, Jeremy inquired about the Cardano price reaching a new all-time high (ATH) during the ongoing bull run.

However, the questioned remained unanswered by Hoskinson, leaving the community in anticipation of further insights from the ADA founder. At press time, the Cardano price was up by 2.37% and traded at $0.7374 with a market cap of $26.19 billion on Thursday, March 7. However, ADA witnessed a 56.25% plunge in 24-hour trading volume, reaching $943.90 million.

On the other hand, the Solana price soared 13.59% to $146.60 with a market valuation of $64.92 billion, further fuelling such comparisons. Nevertheless, it’s important to note that both Cardano and Solana have gained about 54% in the past 30 days, which slashes the queries regarding SOL outperforming ADA.

Also Read: Cardano Price Analysis: How To Navigate ADA’s Roadmap To $1 In March

Charles Hoskinson Questions ADA’s Exclusion From Grayscale’s GDIF

Grayscale’s GDIF initial composition constitutes of assets from nine blockchains. These include Aptos (APT), Celestia (TIA), Coinbase Staked Ethereum (CBETH), Cosmos (ATOM), Near (NEAR), Osmosis (OSMO), Polkadot (DOT), SEI Network (SEI), and Solana (SOL). The fund aims to distribute rewards in U.S. dollars on a quarterly basis, providing investors with exposure to multi-asset staking through a single investment vehicle.

Nonetheless, Hoskinson expressed disappointment over the absence of ADA in the GDIF. The Cardano founder responded to Grayscale’s announcement about GDIF, writing, “No ADA?” This highlights the significance of Cardano’s staking mechanism within the blockchain ecosystem. Operating on a proof-of-stake consensus mechanism, Cardano stands apart from Bitcoin’s proof-of-work model.

Proof-of-stake networks like Cardano allow token holders can stake their assets to support network operations and validate transactions. In return, stakers receive rewards, bolstering the network’s security and decentralization. Despite the popularity of Cardano’s staking option, Grayscale opted not to include it in their first-of-its-kind crypto fund, GDIF.

Also Read: Cerra.io – Next Generation Profit-Sharing DeFi Hub on Cardano