Cardano (ADA) founder Charles Hoskinson has dismissed criticism of the cryptocurrency’s market capitalization after it briefly surpassed Binance Coin (BNB) to become the third-largest cryptocurrency by market capitalization.
Cardano’s price exploded over 1,400% last year and is now trading above $2.17 according to available data, partly because it’s soon launching an upgrade to its network that will roll out smart contracts.
Bringing smart contracts to Cardano will allow the cryptocurrency to compete with other networks such as Binance Smart Chain and Ethereum and potentially capture some of the interest surrounding the decentralized finance (DeFi) space.
The cryptocurrency’s performance drew criticism on social media from various personalities.
While Hoskinson seemingly ignored most tweets, he did reply to one. After investor Andrew Steinwold questioned why Cardano is now the third-largest cryptocurrency by market capitalization and whether there is “stuff built on Cardano that people are using,” billionaire invest Mike Novogratz, CEO of Galaxy Digital, responded that it was a mystery to him.
When a user questioned whether Novogratz had conducted any research at all, the CEO responded he spoke to “twenty of the smartest people” he knows in the space, and “zero of them saw cardano having traction with devs [developers].”
Responding to the exchanges, Hoskinson dismissed the criticism by implying Novogratz spoke with bankers associated with the traditional financial world who did not see the value in cryptocurrencies in general.
As CryptoGlobe reported, Novogratz has last month said that he thinks Cardano is a “weird cult.” In response, Hoskinson said Novogratz words came because did not see a “backdoor to get in at a favorable price or manipulate the market like the rest of the VC coins. Somehow fair, transparent, community led cryptocurrencies are “cults” I’ll remember that Mike.”
Earlier this month, Hoskinson confirmed that after the Alonzo hard fork smart contracts will be available on the cryptocurrency’s network, and added that with time the infrastructure on Cardano will only get better
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