Hoskinson Reacts To Statement That Cardano Cannot Advertise Like Solana
Cardano founder Charles Hoskinson has taken to X to explain how decentralized protocols operate.
Charles Hoskinson has reacted to a recent criticism by an ADA enthusiast regarding the Cardano team’s failure to run ads to bolster the network’s adoption.
ADA Enthusiasts React After Seeing Solana Ads
For context, a Cardano enthusiast named Bradford Rich shared a screenshot of a recent Solana ad on the X platform. The ad, which explained the growing adoption of Solana over the past years, aimed to lure more devs into adopting the Proof-of-Scale network for their projects.
Commenting, the user asked whether the team behind the Cardano network is also advertising like Solana.
Another ADA enthusiast with the username @alf47985561 slammed the team for playing “hide and seek” when asked to invest $10 million to bring Circle’s stablecoin (USDC) to the Cardano network.
Cardano Founder Reacts
Reacting, Hoskinson stated that the suggestion exemplifies what is wrong with running an ecosystem.
This mindset is an example of all that is wrong with how to run an ecosystem. Cardano has a Treasury and has community governance. Form a working group at Intersect, talk to the relevant parties, get prices and requirements, have the community vote to approve the plan and… https://t.co/B52SZxj7TU
— Charles Hoskinson (@IOHK_Charles) January 26, 2024
The prominent American entrepreneur pointed out that Cardano uses a different approach in contrast to what the X user suggested.
According to Hoskinson, Cardano employs a treasury and community governance model. This model involves five crucial steps such as establishing a working group, engaging with relevant parties, determining prices and requirements, having the community vote for approval, and executing the plan.
Interestingly, Hoskinson compared Cardano’s decentralized model with an approach adopted by an unnamed individual who spent $10 million in 2021 to develop a project while doing all the work.
Although Hoskinson did not mention any name, the crypto entrepreneur could be referring to Ardana, a Cardano-based stablecoin protocol that raised $10 million in seed capital in 2021. Notably, the investment round was led by Ascensive Assets, CFund, and Three Arrows Capital.
Decentralized Protocols Require Active Participation
Meanwhile, Hoskinson emphasized that decentralized protocols require active participation from community members while using Circle’s USDC as an example of this concept.
“It’s the same for marketing, partnerships, growth hacking, roadmap, and other concerns. That’s the point of decentralization,” Hoskinson noted.
Growing Adoption of Cardano
Despite not running ads like Solana, Cardano has continued to attract the attention of top crypto projects. As reported this week, nine crypto projects started building on Cardano in the past month.
This increased the number of projects building on Cardano to 1319 as of January 19. Additionally, the number of projects launched on Cardano surged to 157 within the same timeline.