Hoskinson is eyeing the Rare Evo conference as an opportunity for a deep reset for Cardano.
CCardano is advancing its position as a smart contract layer for Bitcoin, but Charles Hoskinson argues that the absence of an executive authority will affect the narrative. Key ecosystem players are backing claims that Cardano needs a new narrative amid as the network makes leap toward Bitcoin DeFi.
Cardano Requires Executive Voice For Bitcoin DeFi
According to Cardano founder Charles Hoskinson, the network is in dire need of a narrative to shape market sentiment. Hoskinson disclosed via an X post Cardano has several options for a narrative from its raft of recent innovations.
Apart from Cardano’s inherent security and decentralization, the network has scored major wins with Leios, Hydra, and the Midnight Glacier Drop. Despite the streak, Charles Hoskinson says Bitcoin DeFi is the network’s best chance to drive a compelling narrative for the network.
Cardano is pursuing the introduction of Bitcoin-based DeFi functionalities using its smart contract functionalities. Recently, Cardano’s largest decentralized exchange Minswap is preparing for Bitcoin, eyeing a $2 trillion liquidity pool while Lace Wallet and USDM are gaining momentum.
However, the Cardano founder blames the absence of a competent foundation as a key reason for Cardano’s underwhelming performance.
“Bitcoin DeFi is indeed the largest opportunity, but the single biggest issue is that we are missing a competent Foundation and executive authority to push these narratives into the mindset of the space,” said Hoskinson.
In the absence of an executive authority, Hoskinson says he has attempted to steer narratives but has incurred the wrath of critics. Several podcasters and thought leaders have slammed Cardano for being a dying chain and akin to a cult.
Charles Hoskinson To Continue As Core Cordinator
Hoskinson’s company Input Output Global (IOG) will continue to serve as core cordinator, steering narrative for Cardano. The founder shared that acting in that capacity has its drawbacks with Hoskinson pointing to the scathing accusation of theft of ADA tokens.
“It’s been brutal and expensive this year,” said Charles Hoskinson. “It’s also been dehumanzing as we have been blamed for everything wrong and aren’t allowed to feel any wins.”
Previously, Hoskinson identified Cardano’s main killer as stablecoin liquidity undersupply, pushing a proposal to improve metrics. The ambitious plan to convert $100 million worth of ADA received fierce criticism with Hoskinson urging users to “grow up or fall behind.”
Hoskinson is hinging his faith on Rare Evo, a crypto conference that will afford the community a chance at a reset. Charles Hoskinson says the communit will clarify lingering governance issues and update the constitution to include delegated executive authority. There are plans to launch a sovereign wealth fund at Rare Evo to support Bitcoin DeFi growth on the network.
