Crypto projects may be defined under stressed situations: Charles Hoskinson

Cardano founder shared his point of view on the best time for the crypto projects to show ability against problems. 

Charles Hoskinson is the founder of Cardano blockchain, 8th ranked crypto project, and also he is the CEO of IOHK, the developer team behind Cardano blockchain. Charles is a highly experienced crypto personality because he is one of the co-founder of the Ethereum blockchain. Since 2017, Cardano working only on his project Cardano.

On 10 May, UST, a stablecoin project of Terra blockchain Network, faced a correction of more than 35%. And still today it is down by around 50% from its initial stable value of $1 because of high panic sale pressure in this industry.

The native token of Terra blockchain, Luna, also faced a very big correction. Right now Luna is trading at $5.58, which is 82% down over the last 24 hours.

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On the same day, Charles responded to this situation of UST and Luna coin and indirectly criticized the project team. 

A crypto YouTuber, Ran NeuNer, tweeted about this situation of UST and Luna. Ran noted that the team tried their best and they will continue to do so. 

In response, Charles wrote that crypto projects can’t be defined by the speed of adoption. Perfection could be seen in the stressed situation and also long-term achievements always avoid such daily short-term volatility drama. 

These markets aren't going to be defined by first to market or fastest to get network effect. They are always going to be defined by best under stress and most durable. The long term will always eat the daily drama and volatility

— Charles Hoskinson (@IOHK_Charles) May 10, 2022

By taking this situation as a reference, Sebastien Guillemot, CTO of DcSpark & contributor to the Cardano ecosystem, shared some strong points regarding Cardano with the $723 million holdings by the Cardano treasury.

In response, Charles said that Cardano has its fund and this is the reason why it is decentralized.

And that's only going to grow. Cardano has its own growth fund and its decentralized! https://t.co/uzTUaciMPE

— Charles Hoskinson (@IOHK_Charles) May 10, 2022

Read also: Bitcoin even at $3.6k can’t impact term loan on MicroStrategy, CEO noted

Crypto projects may be defined under stressed situations: Charles Hoskinson

 

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