Cardano founder Charles Hoskinson has rejected criticism over receiving ADA before the network launched, arguing that the tokens had no market value at the time and that their subsequent value reflects more than a decade of development around Cardano.
During his Nov. 7 surprise AMA, a viewer challenged Hoskinson over his early ADA allocation and questioned whether he continues profiting from staking holdings that were originally received without purchasing them on the open market.
Hoskinson responded directly: “I built Cardano. It was worth zero when I got it.” He argued that ADA had no established market or ecosystem when the allocation occurred.
ADA currently trades around $0.174, with a market capitalization near $6.42 billion, according to CoinMarketCap.
Hoskinson Points to Ouroboros, EUTXO and Plutus
Hoskinson said the relevant question is what ADA would have been worth without the years of work that followed its creation.
He specifically pointed to the development of Ouroboros, Cardano’s proof-of-stake consensus family; the extended UTXO model underlying Cardano’s accounting architecture; and Plutus, its smart-contract platform.
He also highlighted years spent building the wider ecosystem, recruiting researchers and developers, establishing academic partnerships and regularly engaging with the Cardano community.
The argument follows similar comments from Hoskinson in recent months. He previously defended Cardano’s progress after criticism over liquidity and network usage, pointing to RealFi, Midnight and infrastructure integrations as evidence that development continues.
Hoskinson Says He Cannot Control ADA Price
The discussion then moved beyond his early allocation to a recurring question around ADA’s market performance.
Hoskinson asked what holders realistically expect him to do about the price, stressing that he does not control the Cardano Foundation, Cardano’s treasury or the network’s consensus mechanism.
His position is that Cardano has been deliberately decentralized to the point where its founder cannot operate like the chief executive of a conventional company.
That distinction has become increasingly important as some holders blame Hoskinson for weak ADA price action while simultaneously criticizing his attention to projects such as Midnight.
Hoskinson argues the opposite: building successful applications and ecosystems on Cardano is now one of the main ways he can contribute. He recently said Midnight is exactly the type of project Cardano was built to support.
“My Job Was to Build It and Decentralize It”
Hoskinson also rejected the expectation that his role includes ensuring continuous ADA price appreciation.
He said Cardano’s original development roadmap centered on building the protocol, enabling governance and ultimately placing control with the community rather than maintaining permanent founder control.
This is consistent with his long-running argument that Cardano’s emphasis on decentralization should eventually be recognized as a strength.
The latest exchange therefore reflects two very different ways of judging Cardano’s progress.
Critics are increasingly focused on ADA’s market value and the returns delivered to long-term holders. Hoskinson is measuring success primarily through the technology, decentralization and ecosystems built around the network.
With ADA currently more than 90% below its 2021 record high, that divide is likely to remain central to the Cardano community’s debate over what founders owe token holders—and what a decentralized network should ultimately be judged by.