Charles Hoskinson was seen to showcase high enthusiasm for his blockchain platform Cardano and its native cryptocurrency, ADA. In a recent event, he claimed that Cardano (ADA) is going to surpass Bitcoin (BTC) and Ethereum (ETH)-like major cryptocurrencies. In the aftermath, ADA will become the biggest cryptocurrency in the world.
The statement from the prominent American entrepreneur and the Input-Output Global and Cardano founder, Charles Hoskinson was part of his keynote address. Hoskinson was speaking at the blockchain convention Rare Evo conference on August 25, 2023.
According to Hoskinson, the sustainability, scalability, and interoperability of Cardano will make the project attain the position of the biggest cryptocurrency in the world. These features differ from his project from Bitcoin and Ethereum-like blockchain networks.
Given the recent upgrade in the Cardano blockchain network dubbed by Alonzo, the network became smart contracts compatible. In the wake of smart contracts compatibility, the blockchain becomes eligible to support decentralized finance (DeFi) projects and decentralized applications (dApps). The native cryptocurrency ADA will have increased utilities and use cases, pushing the prices higher.
What Hoskinson said during the conference did not have any effect on the price of ADA currently. Instead of taking the leverage of optimism and pump, the ADA token price is trading at $0.26 after a decline of nearly 3%.
As far as the claim of ADA beating BTC and ETH is concerned, the present reality is far from affirmation. CoinMarketCap data suggests Cardano holds the eighth biggest cryptocurrency in terms of market cap worth $9.16 Billion. At the same time, Bitcoin (BTC) is at $506 Billion and Ethereum is at $198 Billion.
Going Gets Tough for Cardano (ADA)
On the one hand, Cardano’s founder is highly optimistic that the cryptocurrency to attain unprecedented highs in the future, but the reality tells a different story.
TheCoinRepublic reported earlier how recently launched Base, Coinbase’s Layer-2 scaling solution, not only challenged the lead of Cardano in DeFi but defeated it on crucial fronts.
At present, Cardano’s DeFi Total Value Locked (TVL) stands at $160 Million, placing it in the 14th position within the comprehensive rankings. Conversely, Base has attained a TVL of $184 Million, elevating it to the 12th position.
Interestingly, even though Cardano had an initial edge, Base’s DeFi ecosystem has experienced substantial growth, expanding to four times its size. Currently, the network accommodates an impressive 79 protocols while Cardano’s ecosystem comprises a comparatively modest 24 protocols.