Here’s What The Cardano Founder Has To Say About The Widespread Criticism

Cardano founder Charles Hoskinson has reacted to Flare founder Hugo Philion’s comments, in which Philion highlighted his network’s growth relative to Cardano. Notably, Flare has achieved this growth as one of the largest DeFi providers in the XRP ecosystem. 

Cardano Founder Reacts To Flare Founder’s Comments

In an X post, the Cardano founder remarked that attacking his network to get attention and media coverage is an old marketing tactic. He urged the Flare founder to update his marketing strategy and possibly try “TikTok reaction videos.” Hoskinson was reacting to an X post, in which Philion highlighted his network’s growth while criticizing Cardano. 

The Flare founder cited DeFiLlama data showing that the Cardano network has $132 million in total value locked in DeFi, while Flare has $159 million. Philion noted that the network launched in 2017, while Flare launched six years later. He added that ever since they launched, Cardano has been trying and “miserably failing” to copy their strategy. 

Philion further mentioned that the network has far lower statistics across the board in DeFi than Flare does, despite having a massive head start and a vast treasury at one point. With his network ahead now, the Flare founder declared that ADA will not win BTC. Instead, he believes that his network will win by creating a unified DeFi layer for FXRP, FBTC, FXLM, RWAs, and stables. 

The Flare network has notably gained ground in the XRP ecosystem, with Philion recently describing his network as the largest DeFi provider. CoinGecko data shows that FXRP currently has a market cap of just over $220 million, with 155 million tokens in circulation. 

Not An Attack On The Network

In another X post, the Flare founder said that he wasn’t attacking Cardano and was just simply stating numbers from DeFiLlama. However, he questioned how nothing has materially changed for ADA despite the attacks against the network in 2022. He teased the founder by asking if he would like an advance copy of Flare’s 2027 strategy, so that he could try to implement it. 

However, the Cardano founder indicated that he didn’t have time to go back and forth with the Flare founder. It is worth noting that, like Flare, Cardano aims to be the DeFi layer for Bitcoin. Hoskinson had previously said they wanted to make BTC programmable in ADA’s smart contracts. That way, market participants will be able to earn BTC yield on the network. 

The founder highlighted how this could be huge for his network, given that the U.S. government and top organizations currently hold BTC. By becoming the DeFi layer for Bitcoin, Cardano could enable companies such as BlackRock to deploy their holdings to generate yields. 

At the time of writing, the ADA price is trading at around $0.27, up over 5% in the last 24 hours, according to data from CoinMarketCap.

Featured image from YouTube, chart from Tradingview.com

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