Cardano-co-founder Charles Hoskinson has fled the idea of converting $ 100 million to ada-tokens to Bitcoin
and stableecoins.
“We could take $ 100 million from ADA in the Treasury, convert it to a mix of stablecoins that are in Cardano, then USDM and USDA and convert some of that in Bitcoin to Prime Bitcoin Defi,” Hoskinson said on a YouTube Live Stream.
Then he hit back on critics who claimed that a $ 100 million sale would affect the price of ADA and called them “inexperienced” before adding that the sale “would not cause problems at all.”
The goal of the sale would be to get the relationship between stablecoin issuing and tvl to approx. 30% to 40% against the current approx. 10%.
The total value of Cardano amounts to $ 356 million with only $ 31 million worth of stablecoins embossed on chain, defillama data shows.
Solana, meanwhile, has $ 9.8 billion in Tvl and $ 11 billion worth of stableecoins that are embossed on chain.
In a tweet, Hoskinson said the stableecoin situation is “to kill Cardano” and that the proposal would generate “non-inflationary revenue” and help build the Cardano deficial economy.
Hoskinson’s comments are contrary to the Cardano Foundation CEO Frederik Gregaard, who told Coindesk in March that Tvl is not a metric he used for adoption.
