Key Notes
- Charles Hoskinson says Cardano must win against Ethereum in the long term.
- He acknowledged the challenges that Cardano had witnessed in the past and new solutions to tackle them.
- Ethereum is seeing massive institutional adoption.
The subject of Cardano
ADA
$0.82
24h volatility:
0.2%
Market cap:
$29.97 B
Vol. 24h:
$1.57 B
and Ethereum
ETH
$4 416
24h volatility:
1.5%
Market cap:
$532.53 B
Vol. 24h:
$26.39 B
rivalry is making rounds again, and this time around, Charles Hoskinson is putting his legacy on the line. In a recent video shared by Mintern on X, the Cardano founder stated that the Layer-1 blockchain must win against tough competitors like Ethereum.
Tough Competition Between Cardano and Ethereum
Charles Hoskinson clearly stated that his legacy depends on Cardano winning this brewing rivalry.
He claimed that he has no incentive to witness the failure of the network as his life, brand, and reputation are all tied to Cardano’s success. This is an indication that there is so much at stake for the crypto boss in the network’s triumph over its competitors.
Meanwhile, he acknowledged the challenges that Cardano had witnessed in the past. One of these is the disconnection with developers and the unavailability of practical tools like smart contracts.
However, there have been recent developments and advancements that address these challenges. This includes the Midnight and Lace Wallet, which now aligns Cardano with developers’ core needs.
Mintern left its followers and readers with the question, “Do you believe Cardano will surpass Ethereum?” While there is no exact answer to this question, it is worth noting that Cardano community members are optimistic about the possibility. Interestingly, Cardano has been outperforming Ethereum for quite a while.
In April, Coinspeaker recorded that Cardano topped Ethereum in terms of core developer activity over the past year. At the time, Cardano boasted of an impressive 21,439 GitHub commits across 550 core repositories over 12 months. This significantly placed it ahead of Ethereum, which had 20,962 commits.
Around that time, Hoskinson predicted that Ethereum would face a significant downturn by 2040. The basis for this forecast was Ethereum’s “outdated tech” and its Layer-2 fragmentation. By June, analyst Cardano Hieronymus shared some charts from CoinMarketCap on X, showing ADA outperforming Ethereum and even Solana
SOL
$200.6
24h volatility:
1.3%
Market cap:
$108.44 B
Vol. 24h:
$6.75 B
.
Currently, ADA price is trading at $0.8352, with a 1.04% increase in the last 24 hours. Ethereum, on the other hand, is only 0.23% high within the same time frame and has seen its price go up to $4,470.76. Ethereum’s 24-hour trading is at $31.53 billion, and its market capitalization is $539.56 billion.
ETF and Treasury Reserve as a Determinant
Generally, Ethereum has seen some improvements in its ecosystem, from price to Exchange Traded Funds (ETFs).
Inflows into spot Ethereum ETFs saw a spike to a total of $1.83 billion as reported on August 28. These Ethereum funds attracted over 10x the inflows seen in their Bitcoin counterparts during the same period. Notably, the spot Bitcoin ETF saw only $171 million in inflows.
Additionally, the coin has experienced increased institutional adoption over the last few months. SharpLink and BitMine are two of the most prominent institutions in this cycle. Notably, SharpLink has as much as 800,000 ETH in its portfolio while BitMine has more than double this value.
Although Cardano is also featured in ETF applications, it has yet to garner as much traction as a treasury reserve asset.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Godfrey Benjamin on X
Source: https://www.coinspeaker.com/cardano-will-win-hoskinson-breaks-silence-ethereum/
