Charles Hoskinson believes Cardano is undervalued
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Charles Hoskinson, the founder of Cardano, expressed frustration that the blockchain project is not getting the positive recognition it deserves in the media. He believes that Cardano has strong fundamentals, but it is currently undervalued.
“Never in my career have I seen such a profound disconnect between reality and opinion with the cryptocurrency influencer and media perception of Cardano versus its actual fundamentals,” Hoskinson said in his recent post on X.
According to Hoskinson, Cardano is a leader in research and development for scaling blockchain technology. Numerous community dApps on Cardano have seen rapid growth.
Apart from that, Hoskinson is bullish on several project developments, which he thinks could be positive catalysts for the growth of the Cardano ecosystem.
Cardano is set to undergo the Chang Hard Fork, a major upgrade described as “the most significant” in the project’s history. Scheduled for the second quarter of 2024, the upgrade targets enhanced governance and community involvement.
Additionally, Hoskinson noted that new technologies like the scalability solution Hydra are maturing. Cardano has formed partnerships with prominent names like Midnight and Prism.
“Tons of community events, [catalysts], and then the constitutional convention in Argentina,” he added.
Upcoming events like the Rare Evo blockchain convention and the Cardano Foundation Summit are also expected to positively impact the ecosystem.
“Cardano is here to stay, and it’s a juggernaut that will drag this industry kicking and screaming if it has to towards solving the real-world economic, political, and social issues we all face,” he concluded.
Cardano has faced adverse claims and criticism. Its native token, ADA, was named among the top “zombie tokens” by Forbes, which are tokens with high market valuations yet show little real-world utility.
According to CoinGecko, ADA is the 11th largest crypto by market cap, trading at $0.45 at the time of writing.
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Author: Vivian Nguyen
