Cardano Price Soars 30%, Breaking into Top 10 Amid Ethereum Dictatorship Allegations

The Cardano price plunged 1.2% during the U.S. trading session on Wednesday. While a bearish turnaround followed the broader market downtick, for ADA, this could be an opportunity to recuperate the bullish momentum after the recent rally. This layer one cryptocurrency has recently gained traction after founder Charles Hoskinson stirred controversy by labeling Vitalik Buterin a “dictator” who exerts control over the Ethereum network.

Cardano Price Outshines Ethereum

In an interview with Cointelegraph at the Token2049 conference, Hoskinson said the Ethereum network has failed in its quest for decentralization as it is overdependent on Buterin. 

⚡️𝗘𝗫𝗖𝗟𝗨𝗦𝗜𝗩𝗘: Ethereum is a ‘dictatorship’ claims Cardano founder Charles Hoskinson.

Hoskinson argues that Vitalik Buterin exerts too much influence over the development of the decentralized network. pic.twitter.com/Nh27nSa2UP

— Cointelegraph (@Cointelegraph) September 25, 2024

“Everybody looks to him for the roadmap. Everybody looks to him for inspiration, and he’s also the only person who has enough power to rally people,” Hoskinsoin stated. He further criticized Ethereum’s governance model, dubbing it a ‘dictatorship’ compared to Cardano’s new governance model.

Since September 6, the Cardano price has outperformed Ethereum, gaining as much as 25%. In comparison, the Ethereum price increased by 21% over the same period. Further, from the ADA overlay on the Ether chart, the Cardano price displays much more explosive upside moves, signaling higher volatility than Ethereum.

Higher volatility often indicates increased trading activity, which can be a sign of growing interest and participation in the market, subsequently leading to higher demand for an asset, driving the prices up. The above chart suggests that from September 6, there has been a larger demand for ADA compared to ETH.

Cardano vs. Ethereum Dictatorship

Cardano has been a loggerhead with Ethereum for a long time, with both communities bashing each other. Hoskinson claims that Cardano’s governance model is much more collaborative and upholds decentralization. He argues that the network will still thrive long after he is gone, but for Ethereum, it is not the same.

The Voltaire Era went live on the Cardano chain on September 1, bringing decentralized governance to the network. ADA holders can now vote on crucial network developments and decide which direction the blockchain takes.

On the other hand, Hoskinson said that with Buterin, the next Ethereum hard fork will not succeed. According to him, the entire idea of Layer 2 (L2) solutions was Buterin’s before it was adopted by developers and implemented, which, as he stated, was an alteration of the original Ethereum roadmap to shard the network.

Conclusion

Cardano founder’s latest interview has the crypto community questioning Ethereum’s state of decentralization. Cardano price has been outperforming the ETH price for the past two weeks, further bolstering Hoskinson’s idea of ‘decentralization wins’.