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"DeFi projects can move to Cardano (ADA)"



Cardano (ADA) creator Charles Hoskinson has revealed during a Periscope livestream that he believes decentralized finance applications (DeFi) may end up moving to the Cardano network in the future, and addressed some of the fears, uncertainties and doubts (FUD) that are occurring.

During transmission, first reported by Daily hodlHoskinson made it clear that the Cardano network is being used more and more and its use cases are constantly growing. He said:

"Even though we don't have full programming capabilities in the base layer, already applications like shoe authentication in New Balance and cattle authentication with BeefChain are using Cardano's metadata features."

On top of that, Hoskinson said that the network is "overwhelmingly subscribed" at this time and that the IHOK company "It no longer has the capacity to attend the flow of agreements that is coming for Cardano". In his words, unless it is a "super high value deal", the company has to turn down opportunities because of the great interest there is.

Hoskinson he pointed that a long-term project is being built and that Cardano becomes the number one smart contract network that takes time, like an ecosystem with high transaction fees built with “useless DeFi” and non-fungible tokens (NFTs) being sold by millions. that are "nonsensical and nonsensical" has "nothing sustainable or viable in the long run" in their economic model.

The Cardano founder also noted that the GitHub leadership of the project is engaged and said that it is possible to see "a lot of progress day by day", noting that 1,300 tokens have already been launched on the Cardano blockchain after the launch of the hard fork “Mary”.

The fork of Mary, as reported, allowed Cardano to become a multi-asset network similar to Ethereum. Hoskinson predicted that by the end of the year between 10,000 and 20,000 tokens will be launched on the ADA network "many of which are connected to real projects."

In his words, Cardano is moving "as much economic value as Ethereum does despite its market capitalization being five times less."

“When smart contracts are launched, we will see a gigantic increase in the amount of value that is transmitted and moved, especially when those multiple assets are actually connected to projects and markets that are listed, and our transaction fees will remain very low… because we build the right of the system ”.

The CEO of IOHK also said that in the future decentralized financial projects may move away from Ethereum and move to Cardano, because "they are not loyal to its underlying infrastructure" and may move to a blockchain that is "better, faster and more cheap, with greater liquidity and more users ”.

As Cryptoindor has been reporting to me, the Cardano price skyrocketed in recent months. The ADA price surge may have been helped by the whales that bought the cryptocurrency. Dubai-based cryptocurrency investment fund FD7 Ventures has announced that it is selling $ 750 million worth of bitcoins to increase your positions in Cardano and Polkadot.

Last month, Gene Simmons, the iconic bassist of the popular rock bank Kiss, announced that he had invested $ 300,000 in Cardano (ADA), shortly after announcing positions in other cryptocurrencies, including BTC, ETH, and DOGE.


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