Wednesday, November 30, 2022
HomeCrypto NewsMarketCardano Founder Calls for Patience Amid Growing Frustration With ADA’s Price 

Cardano Founder Calls for Patience Amid Growing Frustration With ADA’s Price 

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Charles Hoskinson says ADA will establish its worth soon as Cardano continues to bolster its utility and help more people. 

Many investors are not impressed with the current price of ADA, the native cryptocurrency of Cardano, and have continued to vent their frustrations across various social media platforms. 

Heightened Investors’ Frustration 

ADA, which spiked to a high of $3.1 in November 2021, has dipped more than 85% till date, plunging many investors into significant losses. 

The cryptocurrency is trading at $0.44 across major crypto exchanges, including Binance, and KuCoin, among others.

While many investors are still optimistic that ADA prices will soon rally again in the near future, others do not seem to have much patience as they want the cryptocurrency to give them nice gains as soon as possible. 

Hoskinson: Boosting Cardano’s Utility Will Boost ADA Price

Charles Hoskinson, the founder of Cardano, has sent a message to investors who are eager to make fast gains on ADA. 

Hoskinson noted in an interview with the London media outlet City AM that the best way Cardano can bolster the value of ADA is by solving real-world problems and increasing the blockchain’s utility. 

He highlighted Cardano’s main focus, which he believes is capable of boosting the value of ADA to higher levels. 

“We’re focused on the growth of our on-chain metrics such as transaction volume, which is still increasing month on month, so it’s looking incredibly positive.” 

Cardano Suffers Major Criticism

The Cardano project has come under heavy scrutiny since its inception, with many derogatory names such as “Ghost Chain” used to describe the project

The major frustration stems from the pace the blockchain’s development team has taken to roll out significant upgrades, which are considered relatively slow. 

However, Hoskinson and other Cardano developers are not bothered by these criticisms as they continue to follow a measured and careful approach in a bid to protect investors. 

Hoskinson said Cardano usually writes code slowly in order to avoid making similar mistakes made by other blockchain projects in the past, which ended in disaster. 

Regardless of the shades aimed at Cardano, the team is not prepared to change its mode of operation, which has the possibility of ruining everything that has been built in years. 

“We have always pursued a defined, clearly-staged roadmap to deliver on Cardano’s capability and fulfill its long-term potential,” Hoskinson said. 

Recall that Cardano postponed the launch of Vasil Hard Fork from its initial deployment date of late last month to the end of July. 

Hoskinson said the postponement was necessary as it would help its development team and other projects to check for bugs and provide relevant fixes before it could be rolled out. 

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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