Can Cardano Power Bitcoin DeFi? Hoskinson Thinks So — But What Does It Mean for ADA Price?

Cardano (ADA) has gone down by 4.8% in the past 24 hours as cryptos have started the week on a negative tone ahead of a speech scheduled for today from the Chairman of the Federal Reserve, Jerome Powell.

Recent comments from its founder, Charles Hoskinson, have provided a glimpse of what Cardano is aiming to achieve and why its goals set it apart from its rivals.

Hoskinson stressed during an interview this week that he and his team are aware of the network’s weaknesses and flaws but they also know how to move forward to make things better.

Cardano has been criticized by both investors and the crypto community for its inability to capitalize on the strongest trends that have propelled other networks recently.

Its decentralized finance (DeFi) ecosystem is quite small with a total value locked (TVL) under $320 million compared to Solana’s $7 billion while the network has not embraced top stablecoins like USDT or USDC and failed to create a supportive environment for meme coin enthusiasts as well.

However, Hoskinson emphasized two key strengths that the crypto community could be overlooking. The first is Cardano’s massive treasury, which currently holds $1.5 billion worth of ADA.

These funds can be invested to improve the network and develop the required upgrades and applications to help it thrive.

Moreover, he argued that Cardano’s design is the best to help expand Bitcoin’s untapped potential in the DeFi space.“Bitcoin DeFi is the largest market opportunity of our lives,” Hoskinson claimed.

“Cardano is the best system in the entire world to enable Bitcoin DeFi. Not Solana, not Ethereum, because we’re EUTXO. The way we’re designed, when you’re a Bitcoin developer, you instantly understand it,” he concluded.

ADA’s price currently sits at $0.6063 while trading volumes have gone up by nearly 17% in the past 24 hours.

The daily chart shows that ADA’s drop below a key trend line support earlier this month ended up trapping bears as President Donald Trump temporarily backpedaled from his hostile trade policies.

However, the price is now retesting this key threshold again and a drop below could resume the downtrend and push ADA back to the low $0.50s.

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The post Can Cardano Power Bitcoin DeFi? Hoskinson Thinks So — But What Does It Mean for ADA Price? appeared first on Cryptonews.