Decentralized finance representatives like Uniswap are bubbles that come and go, but Cardano is looking to run entire countries on its blockchain, said Charles Hoskinson. In a recent interview, the project’s founder also predicted that at least 100 protocols could switch from Ethereum to Cardano when it goes live.
From Ethereum to Cardano
While speaking to Bloomberg, Cardano’s founder, Charles Hoskinson, addressed the critiques that the team has supposedly been developing a blockchain for years without releasing the end product.
Hoskinson noted that this delay was necessary for Cardano to create an end-product that can satisfy needs significantly higher than simply running stablecoins or DeFi projects, thus referring to Ethereum.
“We did it right, but it meant we were one of the last ones to get to market. My goal is to run countries on this blockchain. I don’t care about Uniswap and CryptoKitties and other things. It’s a bubble, and it comes, and it goes, like Pet Rocks and Beanie Babies.”
Nevertheless, Cardano’s blockchain could be the new home of at least 100 projects that are currently utilizing the Ethereum network.
“You can take your DeFi, and you can run it on my system for 1/100 to 1/1000 of the cost.”
As previously reported, the Ethereum blockchain, the underlying technology behind most of the ongoing DeFi and NFT manias, has been consistently clogged, resulting in extremely high transaction fees.
Although Ethereum 2.0, aiming to resolve these issues, is in development, the upgrade is far from being released, and the Layer-2 solutions have yet to display actual results.
Cardano launched the so-called ‘Mary’ update earlier this month and plans to reach a state of full decentralization on D=0 day on March 31st, 2021.
ADA Made Me a Billionaire; Hoskinson
Hoskinson also touched upon the skyrocketing price of Cardano’s native cryptocurrency as of late. ADA has been on a roll since the start of the year, registering YTD gains of over 450%. Furthermore, the asset marked a new all-time high a few weeks ago of roughly $1.5.
Cardano’s founder noted that he doesn’t know the precise reason that prompted the price surge, but he feels grateful because of the personal end-result:
“It’s been a wild ride; broke to a billionaire in eight years is pretty crazy.” – he concluded.
Featured Image Courtesy of HeraldSheet
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