"Hoskinson: Cardano to Become Bitcoin's $2T DeFi Layer, Criticizes Ethereum and Solana"
1min read Charles Hoskinson, the founder of Cardano (ADA), has recently expressed his criticism of Ethereum (ETH) and Solana (SOL) while outlining his ambitious plans for Cardano's role in the Bitcoin network. Despite the recent price drop of ADA to $0.80, a decline of over 40% since December, Hoskinson remains optimistic about the future of Cardano.
In a recent YouTube interview, Hoskinson discussed his belief that working with the Bitcoin blockchain presents a massive $2 trillion opportunity that few have explored. He revealed that Cardano is working hard to become Bitcoin's decentralized finance (DeFi) layer, a goal he doubts Ethereum or Solana can achieve. This plan aligns with Cardano's recent partnership with BitcoinOS, which aims to connect Cardano more closely with Bitcoin's network, with an expected launch in the coming months.
However, Cardano is not the first project to attempt building on the Bitcoin blockchain. Core, a layer-2 network for Bitcoin, already has 53 developers and a total value locked (TVL) of $626 million. Another project, Stacks, has 12 decentralized applications (dApps) and $104 million in locked assets.
In the interview, Hoskinson criticized the Ethereum network's approach to scaling, arguing that its dependence on layer-2 networks like Base, Arbitrum, and Optimism weakens its leading network. He also took aim at Solana, one of Cardano's main competitors, claiming that its network is weak and may struggle with large amounts of data as it grows. Despite Solana's popularity for its fast and cheap transactions, Hoskinson doubts its long-term sustainability.
Cardano's price has experienced some volatility, reaching $1.32 in November before dropping to $0.524, aligning with a common price pattern. Although ADA has recently fallen, it remains above a critical moving average, indicating that buyers are still active. If the trend continues, ADA could potentially rise again to $1.32, representing a 70% increase from its current price of $0.7644.
