Hoskinson Says Cardano’s Stablecoin Will be Better Than MakerDAO as ADA Gains Bullish Momentum

Cardano and Decentralized Finance. Hoskinson referred to the partnerships that they have made over the years to promote the success of their projects.

In his words;

“For example, we’ve partnered with Emrugo, and we’re right now working on the logistics of a stablecoin with them that we’re going to be building first on Ergo to verify everything works correctly, and then we’ll pull it over into Cardano and this is going to be an algorithmic stablecoin. We think it’ll be significantly better than MakerDAO. This is just one of many DeFi things that are going on right now.”

While Hoskinson said that they aren’t announcing anything yet, he hinted that they are looking into creating a Cardano-based stablecoin. It would make sense for Cardano to take advantage of the DeFi space. Right now, the industry is booming with a market capitalization that is over $8 billion. At the same time, there is a lot of competition so Cardano would have to up their game.

Hoskinson doesn’t see this competition as a drawback, he sees it as an advantage. In his words;

“The reality is that the first-mover advantage is a disadvantage. Those network effects were ephemeral and often covered with mistakes and scars and explosions. You want to be in the imitator, the second-mover category for DeFi. And I think we’ll have a lot, lot more luck than the first-movers did in the space. That’s what 2021 is going to be about. There’s gonna be a lot of that fighting, a lot of that pushing. We’re in it to win it, guys.”

Cardano ADA Gains Bullish Momentum as it Moves Above the $0.1225 Level

At the time of writing, the price of the Cardano ADA token was $0.121996. It is down by 3.14% against the USD and up by 0.79% against Bitcoin BTC. The trading volume over 24 hours was $547,572,731 and the market capitalization was $3,162,995,671. The token has started gaining momentum and will most likely retest the $0.1300 level before the end of the next few trading sessions.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

  • Cardano’s Charles Hoskinson Talks About Their Stablecoin, Says it’s Going to be Better Than MakerDAO
  • Cardano ADA Gains Bullish Momentum as it Moves Above the $0.1225 Level 

In his latest YouTube video, the founder of Cardano, Charles Hoskinson, talked about Cardano’s plans to penetrate the decentralized finance space, which is currently being dominated by Ethereum. The ask-me-anything session was one of many sessions that are updated by Hoskinson.

He said that he is obsessed with DeFi and he believes that Cardano will make a lot of difference in the space. He said that they are also researching the most popular and important aspects of DeFi. He said that the Cardano development team has tried hard to keep it under the wraps but some of their research is already leaking.

Leave a Reply

Your email address will not be published. Required fields are marked *