The Ethereum platform is staring at an exodus of up to 100 protocols that it currently hosts. According to Cardano’s founder Hoskinson, the unnamed projects will ditch Ethereum for his firm’s blockchain soon as it goes live. He made these suggestions in a recent interview.
Mr. Hoskinson sees Defi protocols including Uniswap as bubbles waiting to burst. On the other hand, he asserts that Cardano seeks to run whole nations on its blockchain.
The Big Leap
In his interview with Bloomberg, Mr. Hoskinson, addressed issues dogging its blockchain’s development. Critics have criticized Cardano for dragging the release of its end product.
Hoskinson asserted that it was vital for Cardano to delay the release. Taking a dig at Ethereum, he contended that the long wait would ensure creating a product with applications beyond running Defi projects and stablecoins.
He reiterated that despite a late entry into the market, they did it right. Additionally, his goal is to host countries on his platform. To him, Uniswap and CryptoKitties were fads akin to Pet Rocks and Beanie Babies that would soon pass.
Cardano’s Fast Execution
Mr. Hoskinson boasted of his network’s shorter transaction times, saying that you can take your DeFi, and you can run it on his system for 1/100 to 1/1000 of the cost.
On the flip side, the Ethereum blockchain anchors most DeFi, and NFT projects have often experienced clogging. Consequently, its users incur high transaction fees.
Ethereum 2.0, the much-touted solution to the above issues, is still in development. There isn’t an inkling of the upgrade’s release anytime soon. If anything, its Layer-2 solutions haven’t displayed actual results yet.
On its part, Cardano launched its ‘Mary’ update early this month. It has also earmarked March 31st 2021as the date for its attainment of an entire decentralization state on D=0 day.
From Broke to Billionaire
The CEO also touched on Cardano’s native cryptocurrency’s appreciation lately. Since the year’s turn, ADA has registered gains topping 450% of its YTD value. Again, the crypto attained its new all-time high of about $1.5 in recent weeks.
Though he couldn’t explain the coin’s meteoric rise, he expressed gratitude because of his gains.
He concluded that it had been a wild ride; he added that being broke to a billionaire in eight years is pretty crazy.
The network’s ADA token has seen a significant rise this year; currently, it’s at number 6 in the top 10 tokens per market capitalization.