Cardano founder Charles Hoskinson proposed a 100 Million Dollar Bitcoin (BTC) and ADA exchange suggestion! Will the ADA price drop?

robot
Abstract generation in progress

Charles Hoskinson, the founder of Cardano, who drew the market's attention with his statements, announced his proposal of 100 million dollars.

According to Coindesk, Charles Hoskinson proposed converting a $100 million ADA reserve into Bitcoin (BTC) and local stablecoins USDM and USDA to revitalize and strengthen the DeFi and stablecoin ecosystem.

“We can take the 100 million dollars worth of ADA in the treasury, convert it into a mix of stable cryptocurrencies available on Cardano, namely USDM and USDA, and also convert a portion of it into Bitcoin to transform it into Prime Bitcoin DeFi.”

Hoskinson stated that with this proposal, he aims to increase the stablecoin-TVL ratio from 10% to 30-40%. Hoskinson mentioned that the current 10% stablecoin-TVL ratio is killing Cardano.

According to DefiLlama data, the total TVL of Cardano is 356 million dollars, while the value of minted stablecoins is only 31 million dollars.

In contrast, Solana has a TVL of $9.8 billion and $11 billion worth of stablecoins minted on-chain.

After the proposal for a sale worth 100 million dollars, criticisms have arisen that this will affect the price of ADA, while Hoskinson dismissed the concerns regarding the price effect as unfounded.

Hoskinson, who responded to critics by calling them inexperienced, added that the sale would not cause any problems.

*Not investment advice.

Follow our Telegram group, Twitter account, and Youtube channel immediately for exclusive news, analyses, and on-chain data! Also, download our Android and IOS apps to start live price tracking right away!

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)