Cardano (ADA) creator Charles Hoskinson has revealed during a Periscope live stream he believes that decentralized finance (DeFi) applications may end up moving to the Cardano network in the future, and addressed some of the fear, uncertainty, and doubt (FUD) being spread about the coin.
During the stream, first reported on by Daily Hodl, Hoskinson made it clear the Cardano network is increasingly being used and its use cases are steadily growing. He said:
Despite the fact that we don’t have full programming ability at the base layer, already applications like shoe authentication on New Balance and cattle authentication with BeefChain are using the metadata features of Cardano.
On top of that, Hoskinson said that the network is “overwhelmingly subscribed” at the moment and the company IHOK has “no more capacity to service deal flow that comes in for Cardano.” Per his words, unless it’s a “super high-value deal,” then the firm has to turn opportunities down because of the overwhelming interest.
Hoskinson noted that a long-term project is being built and for Cardano to become the number one smart contract network it needs time, as an ecosystem with large transactions fees built with “useless DeFi” and non-fungible tokens (NFTs) selling for millions that are “meaningless and pointless” has “nothing sustainable or long-term viable” in its economic model.
The founder of Cardano also pointed to the project’s GitHub commits leadership and said it’s possible to see “a huge amount of progress day by day,” and noted 1,300 tokens have already been launched on the Cardano blockchain after the release of the Mary hard fork.
The Mary hard fork, as reported, allowed Cardano to become a multi-asset network similar to Ethereum. Hoskinson predicted by the end of the year 10,000 to 20,000 tokens “many of which connected to real projects” will be launched on the ADA network.
Per his words, Cardano is moving “s much economic value as Ethereum does despite its market cap being five times smaller.”
When smart contracts launch, we will see a gargantuan increase in the amount of value that’s transacted and moved, especially when those multi assets are actually connected to projects and markets that are listed, and our transaction fees will stay very low… because we built the system right.
The IOHK CEO also said that in the future decentralized finance projects may move away from Ethereum and into Cardano, because they are “not loyal to its underlying infrastructure” and may move to a blockchain that’s “better, faster, and cheaper, with higher liquidity and more users.”
As CryptoGlobe has been reporting the price of Cardano exploded over the last few months. ADA’s price rise may have been aided by whales buying up the cryptocurrency. Dubai-based cryptocurrency investment fund FD7 Ventures has announced it’s selling $750 million worth of bitcoin to increase its positions in Cardano and Polkadot.
Last month Gene Simmons, the iconic bass player of the popular rock bank Kiss, announced he has invested $300,000 into Cardano (ADA), shortly after announcing positions in other cryptocurrencies including BTC, ETH, and DOGE.
Featured image via Pixabay.