- Hoskinson defended his $450M investment in Cardano amid growing community criticism.
- ADA’s price struggles persisted, highlighting Cardano’s challenges and divided community sentiment.
Charles Hoskinson, co-founder of Cardano [ADA], is well-known for his strong social media presence and frequent engagement on X (formerly Twitter).
However, his outspoken style has occasionally drawn skepticism. Some critics now label him a divisive figure within the ADA community.
This controversy reignited when calls for greater transparency within Cardano’s ecosystem emerged, pushing Hoskinson to respond.
Hoskinson highlights his commitment
In a brief video shared by Plutus Staking, Hoskinson addressed the community directly. He outlined his sacrifices and commitment to the project and emphasized his dedication to ADA’s growth and integrity.
While explaining the true cost of building Cardano, Hoskinson stated,
“Spent out of my own pocket $450M for this ecosystem”
Hoskinson highlighted his substantial financial commitment to developing ADA. He invested significant resources early on to fund development contracts.
This included around $36 million in Bitcoin [BTC] and $6 million in Ethereum [ETH], totaling $38 million in direct payments.
He mentioned his total personal investment in Cardano is now $450 million. This investment has been crucial for growing the blockchain since its inception.
Addressing critics who demand open access to ADA’s financial records, Hoskinson expressed frustration.
He emphasized that Cardano operates differently from profit-driven enterprises and pointed out that such criticism fails to fairly account for the platform’s mission and structure.
Mixed community reactions
As expected, Hoskinson’s message received mixed reactions from the community.
While some supported his stance, others, like Cory Bates, questioned his approach saying,
“Where’d CH get the $450 million? It couldn’t have been the 70% ETH pre-mine, could it? Could it?”
Adding to the fray was another X user who said,
Source: shiv_ada/X
What’s next in Cardano’s journey?
However, despite the criticism, Hoskinson reaffirmed Cardano’s ambitious outlook at the fourth annual Cardano Summit 2024 in Buenos Aires.
He expressed confidence that ADA could surpass BTC and ETH milestones within the next decade.
This optimism contrasts with rising community criticism, with some attributing ADA’s price struggles to Hoskinson’s influence, even calling him a “cancer of Cardano.”
In response, Hoskinson launched a community poll to gauge sentiment. Current poll results show a split, with 52.6% voting “yes” in support and 47.4% voting “no,” highlighting the divided views within the Cardano community.
Meanwhile, ADA faced challenges in regaining bullish momentum. It was trading at $0.3302, at press time, after suffering a 0.98% dip in 24 hours and a 4.57% decline over the last week.
As the community remains divided on Hoskinson’s role, ADA’s performance underscores the obstacles Cardano must overcome to regain investor confidence.
