- Cardano founder finds the bear market rather comfortable.
- Hoskinson observes that bear markets are usually followed by a massive DeFi revolution.
- Cardano (ADA) keeps gaining more and more traction as a cryptocurrency.
In an interview with Yahoo Finance Live on Thursday, Cardano Founder Charles Hoskinson discussed bear markets, scalability, and the future of cryptocurrency exchanges. No worries: The creator of Cardano remarked that he’s quite comfortable in this bear market.
Hoskinson said that nobody wants to collaborate in bull markets, which he finds really aggravating. A lot of people are poaching you, and you’ve got excessive expectations and earnings. However, it’s actually pleasant to be in a bear market. To put it another way, he stated that it’s a lot like playing Build a Bear.
According to Hoskinson, he has gone through at least six bear markets in his career so far. As a result, he has seen significant progress every time. Smart contracts have sprung from there, and that’s where they began.
That’s where a lot of the DeFi revolution came from. This particular one, many people are focused on their operability improvements.
These enhancements include things like ISO 222 on the Open Banking Initiative, the portability of protocols and improved user experience, and the regulation of things, according to Hoskinson, and the best time to concentrate on working on these changes is during bear markets.
On the other hand, the cryptocurrency he co-created, Cardano (ADA), continues to get increasingly popular in the industry. By market capitalization, the token was the biggest gainer on June 3, with a rise of more than 13% in market value. It had a greater re-allocation rate than the other networks, both in terms of percentage and speed.
ADA remains the sixth-largest cryptocurrency by market capitalization. At the time of writing, the token is valued at $0.6074, down 6.73% in the past hour, but up 6.30% in the past seven days.