Cardano founder actively giving his response on the downfall of UST stablecoin, in this significant correction of crypto assets prices.
Charles Hoskinson is the founder of Cardano blockchain. Charles has huge experience in the crypto industry as a developer because in the past he worked in the Ethereum project as one of the dominant co-founders. In 2017, Charles started his crypto project Cardano, because he disagreed with Vitalik Buterin on the use of the Ethereum blockchain.
On 10 May, UST, a stable coin by Terraform Labs, saw a correction in its value by around 34%, because of the fear among the UST coin holders. Right now this stable coin is still down by around 9.4% from the exact value of $1, which it should be in the form of a digital US dollar.
Huge sales of UST coins took place because of the fear among the UST stablecoin users. And the fear resulted because of the correction in the price of Bitcoin. Actually, under the leadership of the Terraform lab founder, Terraform lab is accumulating Bitcoin as a reserved fund for UST coins.
Today, Charles Hoskinson tweeted by quoting a very old tweet of popular American investor Mike Novogratz and indirectly tried to say that the Terra project team tried to promote his project via financial influencers.
Further Cardano founder wrote another tweet and asked followers whether he should buy some Luna in this critical situation.
Charles quoted a very old tweet of Terraform Labs founder Do Kwon where he wrote that “we may buy some ADA for negative correlation”.
This is not the first time when Charles criticized any crypto project. Earlier this, Charles noted that AvaLabs’ Defi protocol worked to increase TVL value only, instead of doing other work.