Charles Hoskinson, the founder of Cardano, recently declared that Cardano is the top blockchain in the cryptocurrency space. Despite ADA’s underwhelming performance over the past year, Hoskinson expressed confidence in the platform’s technology. His bold statement was made on X (formerly known as Twitter), sparking debate among crypto enthusiasts about Cardano’s advancements and its future roadmap.
Leios Update to Boost Cardano’s Scalability
Hoskinson based his assertion on the strength of Cardano’s technology, particularly its upcoming Leios update. This upgrade promises to significantly enhance Cardano’s transaction throughput. Hoskinson even suggested that Leios could potentially make Cardano more scalable than Solana (SOL), a blockchain that has gained attention for its speed.
Related article: Charles Hoskinson Slams Bitcoin Advocates While BTC Price Consolidates
In his statement, Hoskinson emphasized that after the Leios update, no blockchain would surpass Cardano in terms of speed without sacrificing decentralization and security. He explained that other blockchains may try to increase speed by introducing sharding, but that this compromises both security and decentralization, which are critical to blockchain integrity.
Debate Over Decentralization and Security
Vini Barbosa, an editor at Finbold, challenged Hoskinson’s claim. He brought up MultiversX (EGLD) as a counterexample. Barbosa highlighted that MultiversX successfully implemented a sharded system while maintaining high levels of decentralization and security. This sparked further debate over whether Cardano’s technology could genuinely outperform other blockchains in terms of both scalability and security.
ADA’s Recent Performance
According to CoinMarketCap, ADA, Cardano’s native token, experienced a 4.52% increase in value over the last 24 hours, trading at $0.3655 at the time of the report. However, ADA’s performance over the past week showed a decline of 6.17%, despite a 13.69% rise in the last 30 days. ADA’s market capitalization currently stands at $12.75 billion, ranking it as the 11th-largest digital asset.
Related article: Charles Hoskinson Applauds Midnight Testnet Rollout: A New Era for Secure dApps
Its trading volume saw a significant 30.33% jump to $181 million. While these figures indicate some positive short-term momentum, ADA has underperformed in the long term.
Since October 2023, ADA has risen by only 38.39%, in contrast to Solana, which has surged by 527.93%. Additionally, ADA is trading 88.21% below its all-time high, whereas Solana is just 42.3% away from reaching its peak.
