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SBI Plans XRP ETF in Japan, Eyes Major Returns on 9% Ripple Stake Post-IPO

Lele Jima
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SBI Plans XRP ETF in Japan, Eyes Major Returns on 9% Ripple Stake Post-IPO

Ripple’s partner SBI Japan is seeking to launch two exchange-traded funds tied to XRP, Bitcoin, and gold. 

The company made this known in its Q2 2025 report, published on July 31. In a tweet, popular XRP community figure Eri drew attention to the proposed funds, dubbed Digital Gold Crypto ETF and Crypto Asset ETF. 

SBI Proposed ETFs 

According to SBI, the Digital Gold Crypto ETF will directly invest in gold and Bitcoin ETFs. Notably, more than 51% of the fund will be allocated to gold, while up to 49% will be in Bitcoin ETF, specifically the Franklin Bitcoin ETF (EZBC). 

On the other hand, the Crypto Asset ETF is a pure-play crypto product, consisting of only Bitcoin and XRP. However, it did not specify the asset allocation.

The SBI Crypto Asset ETF intends to list and trade on the Tokyo Stock Exchange if approved. 

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Institutions Rally Behind XRP 

The development comes on the heels of growing institutional interest in XRP globally. As previously reported, the Ontario Securities Commission approved the launch of two spot XRP ETFs in Canada in June. 

In the U.S., where the SEC has approved the launch of several Bitcoin-only spot ETFs, more than 10 asset managers are seeking to roll out a similar product for XRP. 

Although the U.S. SEC approved two separate basket ETFs featuring XRP – the Grayscale Digital Large Cap Fund (GDLC) and Bitwise index fund (BITW) – the regulator immediately halted their launch. 

Now, Ripple’s longstanding partner SBI Japan is seeking to launch a basket ETF comprising XRP and Bitcoin, and another product tied to BTC and gold. 

Notably, SBI expects the Japanese financial services agency’s latest efforts to treat cryptocurrencies as legitimate financial instruments to influence approval of the ETFs. 

SBI Expects Significant Returns on 9% Ripple Stake 

Meanwhile, SBI stated that its investment balance has grown 2.8x over the past five years, reaching 795.1 billion JPY ($5.37 billion) at the end of Q2 2025. Interestingly, the Japanese financial giant expects most companies it has invested in to go public over the next two years. 

If this happens, SBI expects to see significant gains, particularly on its 9% stake in Ripple. According to the firm, the valuation of that 9% stake will be clarified through a potential Ripple IPO or any equivalent event. 

In the meantime, Ripple has yet to disclose its IPO plans, as the company is focused on expanding its footprint globally. Notably, SBI, which currently leverages XRP for its international remittance solution, is considering handling Ripple USD (RLUSD) stablecoin. 

Analyst Predicts How High XRP Could Go as Its Epic Final Leg Approaches

Abdulkarim Abdulwahab
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Analyst Predicts How High XRP Could Go as Its Epic Final Leg Approaches

XRP is nearing a critical moment, and chart analyst EGRAG says the final leg of the rally is still ahead, and it could be epic.

In a recent update, EGRAG shared a long-term 6-month XRP chart, noting that only 4 months and 29 days remain before the current candle closes.

XRP’s Final Leg Is Coming

The analyst raised an intriguing question for the XRP community: Has the peak already passed unnoticed, even by seasoned observers like himself, or is the market on the verge of making history by surpassing a significant price barrier?

Notably, XRP has experienced two phases of historic price pumps over the past year. The first began in November 2024, with XRP reaching $3.40 in January, delivering a surge of nearly 600%.

After cooling off, a renewed bullish phase emerged in July, with XRP breaking past levels that many believed marked a new all-time high. In particular, XRP reached $3.66 before pulling back. 

Some consider this an all-time high, while others argue the true high won’t be confirmed until XRP surpasses $3.84.

Meanwhile, as the market awaits the next bullish phase, some traders have begun shorting XRP, claiming the bull run is over. However, others maintain that prices in the $10 range remain possible.

Despite the prevailing uncertainty, EGRAG remains confident in a bullish outcome. He stated that he belongs to the camp expecting one final massive price jump before a bear season emerges.

Based on this conviction, he outlined how he believes XRP could perform in the upcoming phase.

XRP to $4.89 or $48.90?

In his analysis, EGRAG identified two potential price targets for XRP, depending on the type of scale used. On a non-logarithmic scale, the target is $4.89. However, on a logarithmic scale, the target is a much higher $48.90. 

With XRP currently trading around $3, reaching $4.89 would require a gain of only 63%. Meanwhile, the higher target would demand a far more challenging 1,530% surge.

Rather than favoring one scale over the other, EGRAG proposed averaging both targets, arriving at a middle-ground projection of $27. Notably, this would represent an 800% gain from today’s price.

EGRAG's XRP 6-months chart
EGRAG’s XRP 6-month chart

Supporting Analysis

This price target was also featured in a previous analysis by EGRAG, where he explained what could trigger the surge. According to him, the key catalyst is a strong close above the “Bifrost Bridge,” a resistance zone XRP has tested for over 240 days.

Breaking above this level could propel XRP toward $27. Other analysts also expect near-term targets between $4 and $15, supported by technical indicators like Fibonacci extensions.

Historical surges in 2017 and 2021 lend further credibility to EGRAG’s bold forecast, suggesting that the $20–$30 range could be within reach if XRP breaks through critical resistance.

XRP Rich List Update Reveals How Much You Need Now to be Among Top 10% and Top 1%

Sam Wisdom Raphael
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XRP Rich List Update Reveals How Much You Need Now to be Among Top 10% and Top 1%

The latest update of the XRP rich list shows that while the amount of XRP tokens necessary to reach the top 10% and top 1% has reduced, the capital for acquiring these tokens has increased.

Notably, this is largely due to XRP’s impressive surge in recent times, as it rallied with the broader crypto market to reach new yearly highs. For context, XRP soared rapidly to a peak of $3.66 in late July before pulling back as July came to a close. Despite the pullback, XRP still holds above $3, up 32% in the past month.

Amid the recent price movements, data from the community-driven XRP rich list resource shows that the amount of XRP tokens you need to hold as an individual to become part of the top 10% and the top 1% has dropped considerably. 

XRP Needed to Enter Top 10% and Top 1% of the XRP Rich List

In contrast, the capital with which new entrants could procure these tokens has increased. Specifically, data shows that investors who hold at least 2,433 XRP are now part of the top 10% on the XRP Rich list. Notably, only about 679,990 accounts hold up to this amount, representing 10% of the total 6.799 million XRPL wallets.

Interestingly, the amount of XRP necessary to enter the top 10% was relatively higher nearly a month ago when The Crypto Basic provided an update on the XRP rich list at the time. Specifically, on July 7, investors needed to hold at least 2,486 XRP to be part of the top 10. 

At the time, the 2,486 XRP were worth $5,643. Today, while they need 2,433 XRP to hit the top 10%, the tokens are worth $7,299. This represents an increase of nearly $2,000 to enter the top 10 in less than a month despite the number of tokens seeing a drop.

This trend also prevailed across other tiers of addresses within the XRP rich list. For instance, on July 7, one needed to hold 8,758 XRP worth $19,880 to be part of the top 5%. Today, the investor would have to possess 8,517 XRP, currently worth $25,551, to enter this tier, an increase of over $5,000.

XRP Rich List
XRP Rich List

Interestingly, one of the most drastic changes occurred with the top 1% tier. At the time of the previous XRP rich list report, investors looking to enter this tier required 50,637 XRP valued at around $115,000 then. Now, while investors would need to hold 50,108, they would have to spend $150,000, an increase of more than $35,000.

Market Still Early?

Analysts argue that this consistent change indicates that investors who continue to put off investing in XRP would only be able to afford less for more as the market matures. Market pundit Edoardo Farina called attention to this trend in June, when he suggested that XRP was pricing out retail investors.

Moreover, several community commentators have insisted that investors who enter the market today are still incredibly early. This is because they expect XRP to surge beyond current levels. For context, if XRP hits the $30 price projected by EGRAG, the 2,433 tokens needed to enter the top 10% would be worth nearly $73,000.

France’s National Rally Proposes Bitcoin Mining at Nuclear Facilities

Zabi
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France’s National Rally Proposes Bitcoin Mining at Nuclear Facilities

France’s National Rally (RN) party is drafting a new bill to launch Bitcoin mining operations at state-run nuclear facilities.

The proposal, spearheaded by MP Aurélien Lopez‑Liguori, aims to repurpose surplus nuclear energy during periods of low demand.

The pilot program, set to run for five years, would deploy high-powered computers at EDF’s nuclear plants for blockchain operations. Électricité de France (EDF) is the state-owned utility that manages most of France’s nuclear energy infrastructure. These machines would perform complex blockchain calculations in exchange for newly minted Bitcoin.

Economic Rationale Behind the Mining Plan

For context, French nuclear plants often generate more electricity than needed during off-peak times. Currently, this surplus energy is either wasted or sold at a loss. The RN’s plan seeks to capture that wasted energy and convert it into digital assets, essentially, transforming lost potential into state revenue.

Industry projections suggest even one gigawatt of unused nuclear power could yield $100–150 million in annual Bitcoin rewards. France lost roughly €80 million in 2024 due to surplus energy being sold at a loss or wasted 

From Crypto Critic to Blockchain Advocate

This plan marks a dramatic policy shift for RN leader Marine Le Pen. In 2016, she strongly opposed cryptocurrencies, branding them as tools of financial elites. Her stance began to soften in 2022 with a call for regulation. Now in 2025, she’s advocating direct state participation in crypto mining, a significant ideological reversal.

Opportunities and Objections

Meanwhile, proponents argue the plan could enhance grid flexibility. Bitcoin farms can rapidly adjust power usage, helping stabilize supply and demand. There’s also potential to repurpose mining heat to warm homes, greenhouses, or public spaces, a method already practiced in parts of Northern Europe.

Despite its economic promise, the plan has drawn sharp criticism. Environmental advocates argue that crypto mining, regardless of its power source, remains energy-intensive and sends the wrong message on climate responsibility. 

Politically, the proposal may also face a rocky path. A similar initiative failed to pass in June, highlighting the challenges of gaining broad parliamentary support. To move forward, RN must rally enough allies to overcome legislative resistance.

Should the bill pass, France could become the first European country to integrate nuclear power into Bitcoin mining. This step would not only expand France’s digital asset reserves but also serve as a model for other nations looking to monetize excess renewable or nuclear energy.

For many in the crypto space, this shift reflects how far Bitcoin has advanced, from a volatile niche asset to a tool considered for national strategy.

Bitcoin Could See a Bullish Breakout or a Downward Pull as It Retests Crucial 8-Year Trendline

Mark Brennan
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Bitcoin Could See a Bullish Breakout or a Downward Pull as It Retests Crucial 8-Year Trendline

A prominent analyst notes Bitcoin retesting a key long-term trendline, signaling a possible continuation of the uptrend or downward pull to lower levels.

In a post on X, crypto analyst Michael noted that Bitcoin is retesting this 8-year trendline after reaching a new all-time high above $123,000. Bitcoin has since declined from this high, currently trading at $114,335, a 0.7% decline in the past day, following a 4.1% drop in the past week.

The chart shared by Michael identifies the trendline as a key structure that has historically influenced Bitcoin’s market cycles. A sustained retest above the line could confirm a bullish move, while failure may lead to a correction.

Historical Significance of the Bitcoin Trendline

For context, the yellow ascending trendline began in late 2017 and cut through several major price moves. It first acted as resistance during the late 2017 bull run, when Bitcoin reached $19,834, before reappearing in later cycles, including 2021 when Bitcoin rose to around $64,000 but was rejected in April.

Crypto Michael says Bitcoin is testing bullish zone
Crypto Michael says Bitcoin is testing the bullish zone

Although BTC later broke above the line, reaching a new all-time high above $69,000, the move faltered by early 2022, coinciding with the end of that cycle’s rally.

The current chart shows a similar structure. Bitcoin broke above the trendline as it surged to a new all-time high above $123,000 but has since pulled back to retest the level. The immediate level to watch is $114,000 to $115,000, where Bitcoin is now trading.

If Bitcoin holds this level and closes above the multi-year trendline again, it could trigger more upside. However, a drop below may resemble the failed breakout seen in 2022. 

Bitcoin to $150-$200k Bearish Moves Next?

Similarly, a chart shared by prominent trader Ash Crypto shows Bitcoin replicating its 2017 bull run. In 2017, BTC broke out of a series of descending channels before a vertical surge from $7,900 to its all-time high of $19,841.

Ash Crypto sees Bitcoin mirroing 2017 bull run
Ash Crypto sees Bitcoin mirroring the 2017 bull run

Now, in 2025, the price is trading above a local low of $111,919 and beneath resistance at $116,000, mirroring the same setup seen before the final rally in 2017. Ash Crypto mentions that BTC is now in a parabolic phase and could be on the verge of another massive breakout, potentially targeting $150,000–$180,000 in the coming weeks.

Similarly, a new side-by-side chart shared by Trending Bitcoin also highlights similarities between Bitcoin’s 2020–2022 bull cycle and the ongoing rally. 

Trending Bitcoin Belives Hayes $250K Bitcoin forecast
Trending Bitcoin Believes Hayes $250K Bitcoin forecast

In the earlier cycle, Bitcoin accumulated between $8,000 and $12,000 throughout 2020 before breaking out in 2021 and peaking at $69,000, exactly as former BitMEX CEO Arthur Hayes predicted. 

The current cycle shows a similar structure, with a fresh breakout underway in 2025. Trending Bitcoin looks at the identical patterns, suggesting Hayes’s $250,000 forecasts are underway. 

Notably, Peter Brandt had earlier predicted a $125K–$150K Bitcoin top by Q3 2025 if it regains its parabolic trendline, while Bernstein, Bitwise, and Robert Kiyosaki foresee a surge beyond $200K.

VanEck Says Bitcoin Would Reach Half the Value of Physical Gold

Elendu Benedict
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VanEck Says Bitcoin Would Reach Half the Value of Physical Gold

VanEck CEO Jan van Eck has reiterated his bullish outlook for Bitcoin, projecting that it would rival gold in the near future.

Van Eck told Bloomberg on August 1 that Bitcoin is digital gold, a sentiment that is slowly becoming a norm in the global market. He suggested that this emerging narrative would see Bitcoin compete with gold and could claim a considerable chunk of its market cap.

Bitcoin to Claim Half of Gold’s Market Cap: Van Eck

Bloomberg host Matt Miller highlighted the unwavering belief from VanEck executives in Bitcoin even during the crypto winter. He asked van Eck why his firm believed so much in Bitcoin, and the CEO noted that it was because it is the digital version of gold, the most valuable asset in the world.

Van Eck suggested that Bitcoin would rise to that status at some point in its existence. Specifically, he noted that BTC would claim half of gold’s valuation, pushing its price to $400,000 per token.

Meanwhile, gold’s current valuation paints a more bullish picture for Bitcoin. Gold trades at $3,414 today and has a market cap of $22.9 trillion. If BTC attains half of gold’s current value, it would assume a valuation of $11.45 trillion, culminating in a price of $545,238 at a total supply of 21 million.

Interestingly, van Eck is not the only one insisting that Bitcoin is maturing into a rival to gold. Mexican billionaire Ricardo Salinas Pliego projected a few months back that Bitcoin would match gold’s $22 trillion market cap, citing a future where the crypto leader becomes the reserve asset for nations.

Also, a recent survey also points to Bitcoin’s demonetization of gold in the US. The report shows that more people now hold Bitcoin over gold in America, marking a shift in investment preference in favor of the pioneering cryptocurrency.

VanEck CEO Lauds Stablecoin Passage

Meanwhile, during his Bloomberg interview, Van Eck further highlighted the passage of the stablecoin bill as another development for Bitcoin and the crypto industry that would drive mass adoption. He called the GENIUS Act the “third most important piece of bank regulation” in US history.

For the uninitiated, the GENIUS Act passed in Congress, with the US president also approving the bill in July. The legislation ushered in stablecoin regulatory clarity, and van Eck believes it also changes things for crypto firms.

The VanEck CEO stated that tech-focused firms can now compete with banks in the payment industry, marking the first time in America’s history. Furthermore, he noted that although it may take a while, the bill will revolutionize Wall Street, with significant implications for the crypto industry.

Notably, while the bill would stir interest and capital influx into the crypto space, many suggest Bitcoin would not be a core beneficiary of the bill. Industry leaders have tapped Ethereum and XRP to be at the forefront of this drive due to their glaring stablecoin affiliations.

Cardano Community Approves $70M+ in Treasury Funding for Core Development

Lele Jima
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Cardano Community Approves $70M+ in Treasury Funding for Core Development

The Cardano community recently made history by directly approving the funding of core development through its on-chain treasury. 

In a remarkable development, the community voted overwhelmingly in support of Input | Output Engineering’s (IOE) core development proposal, which revolves around enhancing interoperability, scalability, and developer experience.  

Proposal Passes Overwhelmingly 

In particular, the proposal passed with 74.01% of the total 200 votes. While seven DReps were against the proposal, another seven chose to abstain from the exercise. 

Following the passage of the proposal, 96.81 million ADA coins will be withdrawn from Cardano’s treasury and allocated to the IOE for core protocol development in stages. The dollar value of these Cardano tokens is equivalent to $70.9 million as ADA trades at $0.7324. 

Tim Harrison, the EVP of Ecosystem and Community at Input | Output, emphasized that the approval marks the first time the community is directly funding core protocol development. 

“This vote of confidence empowers us to move forward with shared responsibility, full transparency, and a renewed commitment to building an open, resilient ecosystem,” he said. 

Scope of Development Plan 

Notably, the scope of the IOE’s development plan cuts across three specific areas: interoperability, developer experience, and scalability. The team will undertake key initiatives across major Cardano ecosystem projects. 

It intends to roll out a performance upgrade to Ouroboros Leios to unlock higher throughput, while also enhancing Mithril to lower bootstrap times and drive adoption. 

Other key projects that will see enhancements include Hydra and Project Acropolis. In addition, the IOE will optimize overall network performance, boost sync time, mitigate RAM usage, and reduce operational costs for stake pool operators (SPOs). 

Transparency and Mode of Payment 

Even though the community approved the IOE’s budget, the funding will be based on completed milestones. Intersect, a member-based organization of the Cardano ecosystem, will serve as an independent administrator of the funding. 

Both Intersect and the IOE will specify the quarterly milestones for each upcoming quarter. The IOE expects to receive payments upon achieving the agreed milestones. 

To keep the community informed, the IOE will publish monthly updates about ongoing developments, highlighting its engineering timesheets, as well as quarterly budget breakdowns. 

Earlier this year, Cardano’s 2025 budget allocation sparked debate after the Cardano Foundation proposed reducing Intersect’s recommended funding for Input Output by 30%. 

The proposal ignited outrage with some community members alleging that the suggestion undermined the IOG. However, the Cardano Foundation dismissed these claims, emphasizing that its proposal was a diligent review and does not stem from bias.

Ripple Report Says Big Banks Invested Over $100M in Blockchain Across 345 Deals

Zabi
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Ripple Report Says Big Banks Invested Over $100M in Blockchain Across 345 Deals

Global financial giants including Citigroup, Goldman Sachs, and JPMorgan are aggressively investing in blockchain, backing early-stage ventures and mega-deals as digital assets move into the mainstream.

A joint analysis conducted by Ripple, CB Insights, and the UK Centre for Blockchain Technologies highlights a surge in backing from major financial institutions for blockchain-focused startups. Between 2020 and 2024, global banks participated in 345 funding transactions, frequently targeting early-stage blockchain startups.

Citigroup and Goldman Sachs emerged as frontrunners, each making 18 investments. Not far behind were JPMorgan Chase and Japan’s Mitsubishi UFJ, which took part in 15 rounds apiece.

Big Money in Mega Deals

Banks aren’t just testing the waters; they’re making big bets. Over the four years, 33 funding rounds exceeded $100 million, with banks backing ventures in tokenization, digital custody, trading platforms, and blockchain payment solutions.

Brazil-based CloudWalk raised more than $750 million in two rounds with help from Banco Itaú. In Germany, Solaris secured over $100 million from SBI Group, later becoming a key acquisition target.

G-SIBs Lead with 100+ Blockchain Deals

Global Systemically Important Banks (G-SIBs) played a significant role, making 106 blockchain investments, including 14 mega-rounds. These banks are considered essential to global financial stability, and their substantial involvement signals institutional confidence in blockchain technology.

While U.S. and Japanese banks led in deal volume, institutions in Singapore, France, and the UK also made substantial contributions. In total, over $100 billion has been invested in blockchain startups globally since 2020, across more than 10,000 deals.

Blockchain as a Game Changer

In a recent Ripple survey of 1,800 finance leaders worldwide, a strong majority anticipate major change. Roughly 9 in 10 respondents said blockchain and digital assets will reshape financial services within the next three years.

The surge in confidence comes amid evolving regulation. The GENIUS Act in the U.S. and the MiCA framework in Europe are providing much-needed clarity for companies working in digital assets.

Stablecoins Today, Tokenization Tomorrow

Banks are also backing real-world blockchain use cases. A latest Citi analysis estimates that stablecoin transactions reached between $650 and $700 billion per month in early 2025. Riding this momentum, more banks are launching proprietary stablecoins, aiming to deliver programmable financial products with reduced volatility risks.

Looking ahead, tokenization could be the next big wave. Analysts from Ripple and Boston Consulting Group predict tokenized real-world assets could exceed $18 trillion by 2033, with a 53% annual growth rate.

XRP Is the Best $500 Investment in Crypto Today: American Newspaper USA Today

Abdulkarim Abdulwahab
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0
XRP Is the Best $500 Investment in Crypto Today: American Newspaper USA Today

As traditional investments offer increasingly modest returns, a recent analysis by American newspaper USA Today has turned the spotlight on XRP.

Specifically, the analysis highlighted XRP as one of the most compelling crypto choices for investors with a $500 budget. With an improving regulatory climate and expanding real-world use cases, the report suggests that XRP is a good option in a maturing crypto market.

$500 Could Go Further in Crypto Than in Stocks

A $500 investment in the S&P 500 might yield around $50 annually based on historical averages. Meanwhile, the report notes that cryptocurrencies like XRP have the potential to outperform, albeit with higher volatility. 

XRP’s combination of market maturity, regulatory wins, and growing utility makes it a more calculated risk compared to newer or purely speculative coins, USA Today noted.

Regulatory Tides Are Turning in XRP’s Favor

The article highlights how the regulatory environment in the U.S. is becoming more crypto-friendly under the new administration. In July, President Trump signed the GENIUS Act, a law that provides a framework for U.S.-issued stablecoins. The move reflects broader acceptance of crypto assets.

Moreover, this development marks a significant shift from the SEC’s enforcement-heavy approach under the previous administration, which led to Ripple Labs facing a drawn-out lawsuit.

According to USA Today, that case resulted in the loss of key partners like MoneyGram. However, XRP has since bounced back, especially after the landmark ruling that XRP is not a security. 

Ripple has also secured even larger partnerships, the most recent being its alliance with the U.S.’s oldest bank, The Bank of New York Mellon Corporation (BNY).

XRP Focuses on Real-World Utility, Not Hype

Unlike many crypto projects that prioritize speculative dApps, XRP focuses on solving real problems in the international payments space. It boasts near-instant transactions and negligible fees.

To further cement its position, Ripple launched RLUSD, a dollar-backed stablecoin, in 2024. RLUSD runs on the same network as XRP. Every RLUSD transaction incurs a small XRP fee, which is burned—subtly increasing XRP’s scarcity and long-term value.

At $3, Is It Too Late to Buy XRP?

XRP is now the third-largest cryptocurrency by market cap, sitting at around $180 billion. This scale may limit its potential for meme-coin-style parabolic gains, according to USA Today. 

Yet, the report argues that XRP now offers something more valuable. Notably, this refers to its potential long-term growth backed by real adoption and increasing institutional interest.

The report emphasizes that XRP’s relatively low unit price makes it accessible, while its strong fundamentals make it one of the more rational choices for those with a modest budget.

While XRP is currently trading at $3, some community commentators speculate the price could reach $1,000 per coin in the future. In this hypothetical scenario, a $500 investment, which buys approximately 166 tokens today, could potentially rise to $166,000.

Although this outlook remains speculative, some industry analysts have suggested a 10-year timeline for this to materialize.

Cardano Founder Says Midnight Success Proves He Is Not a Liability to Cardano Growth

Elendu Benedict
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Cardano Founder Says Midnight Success Proves He Is Not a Liability to Cardano Growth

Cardano founder Charles Hoskinson has pointed to the success of Midnight pre-launch as proof that he is no hindrance to the growth of the Cardano ecosystem.

Hoskinson shared in an August 3 tweet that Midnight, a project he is deeply involved with, is experiencing strong institutional interest as its NIGHT token airdrop and mainnet launch inch closer. As such, speculations that he is a deterrent to the progress of Cardano do not hold water.

The founder hits back at the bad faith take that he is hindering Cardano’s growth, flaunting Midnight’s success as a perfect indicator. He further assured his critics that he is here to stay, insisting they should deal with it.

Cardano Founder Blows Hot on Cancer Claims

Notably, his comment quoted a tweet from a Cardano enthusiast who highlighted several implementations that need to happen in the Cardano ecosystem to drive sustainability and mainstream adoption.

Of the user’s 18 points, one of them included erasing the perception that Hoskinson is Cardano. The user, who is the creator of Cardano Blockchain Insights, noted that the negative sentiment towards Hoskinson is adversely impacting Cardano as critics often find it hard to differentiate between the person and the project.

However, the Cardano founder maintains that he is not a liability. He maintained that if he were the case, as some suggest, Midnight would have also suffered from his involvement. Furthermore, Hoskinson suggested that these pessimistic sentiments against him seem to be limited to X and among those living in “eco-chambers.”

Aside from them, he noted that others view him as a valuable addition to the Cardano ecosystem. As a result, the founder concluded that the fight against him is “getting really old” and is a lost cause.

Notably, Hoskinson’s battle with a faction of the community has endured for some time now. For context, a meme coin fallout in November led to an organized poll where a majority of voters believed he was “a cancer” for Cardano. This led him to announce he was going off the grid for some time to heal from the personal attacks.

Hoskinson Highlights His Major Wins for Cardano

Furthermore, Hoskinson mentioned a few things he has helped the Cardano ecosystem achieve recently. He started with Midnight, sharing that the forthcoming privacy-focused network has partnered with over a hundred ventures across eight ecosystems and is getting liquidity from CNAs.

Hoskinson further noted that Cardano is leading in the Bitcoin DeFi narrative, tipped to bridge billions of TVL and millions of transactions into the ecosystem. He also highlighted his efforts on the IOG Peras and Leios upgrade and the launch of the layer 2 scaling solution, Hydra.

Additionally, he marketed Cardano on the Shawn Ryan Show in July, noting that it opened the ecosystem to 19 million new people. This adds to the bridges his team built with dozens of decentralized applications (DApps); all aimed at developing Cardano.

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