Taylor Swift is known to drive inflation in the places where she hosts her events. Taylor Swift is known to have driven viewership records for the Super Bowl LVIII. And now, she has been drawn into the picture of cryptocurrency, with Charles Hoskinson making an interesting comparison.
The co-founder of Cardano has said that they have a vision to make Cardano a market leader with a trajectory that could replicate the rise of Swift across the globe. While not much has been said in this regard, Charles has certainly expressed their confidence that Cardano is likely to emerge as the leader based on the fundamental principles of decentralization.
There is a point to worry about, as the network still does not hold any stablecoin. This has raised questions about its adoption in the cryptosphere. Keeping Hoskinson and Cardano undeterred are the updates about liquid staking and independent growth.
For one, Cardano has successfully implemented liquid staking for the community. Second, the growth has been marked in the books independent of any venture capital funding. Simply put, the network’s co-founder believes that they have an updated system in place and the potential to rise in the market.
Some things they have acknowledged pose challenges: the risk of centralization and the absence of stablecoins like USDC.
Asset-backed stablecoins, according to Hoskinson, are highly centralized. This action contradicts the fundamental tenet of cryptocurrency, which is its decentralized nature. As a remedy, they have suggested undertaking comprehensive research on algorithmic stablecoins. Additionally, the lack of stablecoins on the network has contributed to its diminished utility.
Charles Hoskinson is still confident about positioning the ADA network at the top of the list across the world.
The research around algorithmic stablecoins is beginning to highlight that one can maintain decentralization without compromising utility and stability. His vision does not look to compromise with technological advancement, as is evident from the support for decentralization and innovation in stablecoin.
Hoskinson’s vision has instilled a sense of confidence in the minds of crypto enthusiasts, especially with ADA. The token is up by 2.61% in the last 24 hours and has significantly jumped by 18.72% in the last 7 days. It is now listed at $0.5717, with the 24-hour volume down by 4.34%. This could signal a stronger holding in the near future.
A resistance level for Cardano’s ADA is at $0.55. Falling below that margin would pave the way for a dance around $0.53 and $0.52. In sharp contrast, sustaining the current level will enable the token to move up the ladder and touch the milestone of $0.58 or $0.59.
Charles Hoskinson is confident about better positioning the network globally following the implementation of liquid staking and growth independent of venture capital funding.