Cardano founder Charles Hoskinson never stops promoting his invention and protecting it from critics. Highlighting the proprietary Initial Stake Pool Proposal (ISPO) infrastructure, Hoskinson noted that many innovations have taken place on the blockchain network lately. Hoskinson said the altcoin is the best alternative to ETH, reaching a milestone of 20 million transactions without a single day’s downtime.
In a comment after MELD, a DeFi banking protocol built on Cardano, has successfully raised over $1 billion in staked ADA through an ISPO, Hoskinson described the system as “a unique way to raise support for a project.”
Cardano’s Ecosystem Gets Appreciation
ISPO is a fundraising method used in Cardano. Simply put, ADA holders stake their tokens in pools of shares controlled by the project team. These ADA delegates receive the tokens issued by the project, and the ADA rewards are then used by the share pool operators to fund the projects.
The advantages of this system include staking tokens on projects that build ADA, allowing the community to decide which projects to build. The model also helps encourage long-term investment and increases demand for ADA.
Alongside MELD, there are six other projects with ISPOs in progress in Cardano, including MinSwap, which was one of the first to test its project after the launch of smart contracts, and SundaeSwap, which is expected to launch with its product soon. Over 70% of all ADA in circulation is currently staked in pools to earn rewards, reducing the amount of ADA in circulation.
ISPOs are not the only aspect of Cardano that has received attention and praise lately. Cardano recently hit a milestone of surpassing 20 million transactions with no downtime. Jem Colley, a Reddit user, pointed out that Cardano achieved this without any “downtime”, noting that the platform’s approach of scrutinizing before launching any new feature is worth the results.
Hoskinson’s Response to Criticism of ADA’s Performance
Hoskinson, the founder of Cardano, has never hesitated to defend his favorite project from the start. In response to “Southrye,” a Twitter user who claimed that the Ethereum community was spreading FUD about Cardano because it represents the best alternative to Ethereum, Hoskinson said Ethereum fans “fear” Cardano because it doesn’t need an upgrade to another version to survive. He stated that it is a “design suitable for the future”.
Cardano (ADA) Price
Meanwhile, market participants continue to believe that with the deployment of DeFi platforms on Cardano, ADA’s price drop may come to an end. At the time of writing, ADA is trading around $1.58, down about 1 percent on the day. The price has been trading between the $2.37 high and the $1.45 low over the past month and failed to pass the test of just over $3, the all-time high set in September. However, still, according to long-term forecasts, the price is expected to range from $5 to $10 by the first quarter of next year.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.