Charles Hoskinson, the founder of Cardano, has shared his insights on the current state of the cryptocurrency market, emphasizing the need to focus on the signal amidst the noise.
Responding to recent claims surrounding Cardano’s institutional interest and the health of its DeFi sector, Hoskinson highlighted the ecosystem’s growth and commitment to decentralization.
In a tweet on June 28, Hoskinson expressed his confidence in Cardano’s real adoption and significant growth, even in challenging market conditions.
Drawing a comparison to Bitcoin, he emphasized that Cardano’s progress is achieved through a completely decentralized approach.
Hoskinson’s response was prompted by a tweet from Cardano supporter Chris O, who refuted claims made on a popular YouTube channel regarding Cardano’s lack of Total Value Locked (TVL) and institutional interest.
Chris countered by listing prominent institutions involved in the Cardano ecosystem, including Grayscale, Hong Kong Vectors Capital, Bitwise Investments, WisdomTree Europe, and 21Shares.
These institutions have shown interest in Cardano and have established products related to the network, demonstrating their confidence in its potential.
Crypto analyst Dan Gambardello also highlighted the thriving nature of Cardano’s DeFi sector. In a video, he showcased investors achieving significant gains despite the bear market and challenged the misconception that all altcoins perform poorly during such market conditions.
Dan presented data showing Cardano’s rapid growth in the DeFi space, with a 148% increase in total value locked (TVL) from January to June.
He also mentioned successful projects within the Cardano ecosystem, such as IAG, VPhi, Indie, and Milk, which achieved substantial gains ranging from 255% to 590% over the same period.