Charles Hoskinson says Cardano’s Bitcoin DeFi push needs centralized leadership to shape narratives and drive ecosystem growth.
Charles Hoskinson contends that the absence of executive authority will impact the narrative despite Cardano’s efforts to establish itself as a smart contract layer for Bitcoin. Key ecosystem actors endorse claims that Cardano requires a new narrative as the network advances toward Bitcoin DeFi.
Cardano Needs an Executive Authority for Bitcoin DeFi
Charles Hoskinson, creator of Cardano, has stated that the network urgently needs a narrative to influence market sentiment. Hoskinson disclosed in an X post that Cardano has a variety of narrative alternatives based on its recent innovations.
In addition to its inherent security and decentralization, Cardano has achieved significant victories with the Midnight Glacier Drop, Hydra, and Leios. Despite the streak, Charles Hoskinson asserts that Bitcoin DeFi is the network’s most promising opportunity to establish a compelling narrative.
Cardano is currently working to implement Bitcoin-based DeFi functionalities through its smart contract capabilities. Recently, Minswap, the largest decentralized exchange on Cardano, has begun to prepare for Bitcoin by aiming to establish a $2 trillion liquidity pool. Meanwhile, Lace Wallet and USDM are acquiring momentum.
Nevertheless, the Cardano inventor attributes the absence of a competent foundation as a significant factor in the cryptocurrency’s disappointing performance.
“Bitcoin DeFi is indeed the largest opportunity, but the single biggest issue is that we are missing a competent Foundation and executive authority to push these narratives into the mindset of the space,” said Hoskinson.
Hoskinson asserts that he has endeavored to influence narratives without executive authority, but this has resulted in the ire of critics. Cardano has been criticized by numerous podcasters and thought leaders for being a dying chain and tantamount to a cult.
Charles Hoskinson to Maintain His Role as Core Coordinator
Input Output Global (IOG), the corporation owned by Hoskinson, will continue to function as the primary coordinator, guiding the narrative for Cardano. Hoskinson cited the scathing accusation of larceny of ADA tokens as an example of the drawbacks that the founder shared that acting in that capacity has.
Charles Hoskinson declared, “This year has been both costly and brutal.” “It has also been dehumanizing, as we have been held accountable for all wrongdoing and are prohibited from experiencing any victories.”
Hoskinson previously designated stablecoin liquidity undersupply as the primary obstacle to Cardano’s success and advocated for the enhancement of metrics. The ambitious proposal to convert $100 million worth of ADA was met with fierce criticism, with Hoskinson advising users to “grow up or fall behind.”
Hoskinson is placing his trust in Rare Evo, a crypto conference that will allow the community to recalibrate. According to Charles Hoskinson, the community will address persistent governance concerns and revise the constitution to incorporate delegated executive authority. Rare Evo intends to establish a sovereign wealth fund to facilitate the expansion of Bitcoin DeFi on the network.
