Cardano (ADA) founder Charles Hoskinson, who attracted the market’s attention with his statements, announced his $100 million proposal.
In accordance to Coindesk, Charles Hoskinson proposed changing $100 million price of ADA reserves into Bitcoin (BTC) and native stablecoins USDM and USDA to revitalize and make stronger the DeFi and stablecoin ecosystem.
“We are going to take the $100 million price of ADA in the treasury, convert it accurate into a mix of stablecoins on Cardano, namely USDM and USDA, and convert some of it into Bitcoin, which makes it Top Bitcoin DeFi.”
Hoskinson acknowledged that with this proposal, he objectives to develop the stablecoin-TVL ratio from 10% to 30-40%. Hoskinson acknowledged that the present 10% stablecoin-TVL ratio is killing Cardano.
In accordance to DefiLlama recordsdata, Cardano’s whole TVL is $356 million, while the tag of minted stablecoins is handiest $31 million.
In comparability, Solana has $9.8 billion in TVL and $11 billion in stablecoins minted on-chain.
There was once criticism that the proposed $100 million sale would dangle an affect on the tag of ADA, but Hoskinson brushed apart issues about the tag affect as fraudulent.
Hoskinson hit help at critics for being inexperienced, adding that the sale wouldn’t trigger any problems.
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