Ah, the eternal conundrum of the cryptocurrency world: to HODL or to sell? 🤑 Charles Hoskinson, the illustrious co-founder of Cardano, has proposed a rather…unconventional solution: converting $100 million worth of ADA tokens into bitcoin and stablecoins. Because, you know, what could possibly go wrong? 🤷♂️
“We could take $100 million of ADA in the treasury, convert it to a blend of stablecoins incumbent in Cardano – USDM and USDA, of course – and convert some of it to bitcoin to prime bitcoin DeFi,” Hoskinson declared on a YouTube live stream, with all the conviction of a man trying to convince himself that this is a good idea. 📺
But fear not, dear ADA holders! Hoskinson has assured us that this sale “would not cause any problems at all.” 🙅♂️ After all, what’s a mere $100 million in the grand scheme of things? A drop in the ocean, a ripple in the pond…or a massive sell-off that could tank the price of ADA? 🤔
The goal of this daring plan, you see, is to get the ratio of stablecoin issuance and TVL (Total Value Locked) to around 30% to 40%, versus the current paltry 10%. Because, clearly, the key to success lies in stablecoins. 💸
But wait, there’s more! Solana, that pesky competitor, has a whopping $9.8 billion in TVL and $11 billion worth of stablecoins minted on-chain. Meanwhile, Cardano is stuck at a mere $356 million in TVL and $31 million worth of stablecoins. 🤦♂️
Hoskinson, undeterred by these dismal numbers, has proclaimed that the stablecoin situation is “killing Cardano” and that his proposal would generate “non-inflationary revenue” and help build the Cardano DeFi economy. 💸 Because, you know, nothing says “non-inflationary revenue” like selling off a chunk of your tokens. 🤑
But not everyone is convinced. Cardano Foundation CEO Frederik Gregaard, for one, has expressed his skepticism about the importance of TVL as a metric for adoption. 🤔 Ah, but what does he know? He’s just the CEO. 🙄
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2025-06-13 16:18