Cardano (ADA) Founder Charles Hoskinson Gets Defensive on “Dirty Protocol” Remark

LUCKNOW (CoinChapter.com) — Charles Hoskinson, the founder of Cardano(ADA), has once again defended his blockchain project against criticism. In a recent exchange on X, Hoskinson responded to a user who referred to Cardano as a “dirty protocol.” Hoskinson reaffirmed his confidence in the Cardano blockchain, replying that Cardano is “an elegant masterpiece of protocol.”

This latest defense follows a similar incident in early July when Hoskinson fired back at claims that Cardano was a “dead coin.” At that time, crypto influencer Ben Armstrong, known as BitBoy Crypto, had labeled both Cardano (ADA) and Polkadot (DOT) as “dead to institutions.” Hoskinson countered by questioning the logic of prioritizing institutional approval, reminding the community of cryptocurrency’s original purpose to disrupt traditional financial systems.

Cardano Ecosystem Shows Resilience and Growth

Despite ongoing criticism, the Cardano ecosystem continues to show signs of growth. Input Output Global, a key Cardano developer, recently highlighted several positive metrics. As of August 6, the total value locked on Cardano reached $190 million, with 1,369 projects now building on the platform.

As of July this year, the number of token policies climbed by 10,778, while native tokens issued increased by 80,000. Plutus scripts, crucial for smart contract functionality, grew by 7,456, reaching a total of 68,734.

The ecosystem has also seen significant technical advancements. Cardano node v.9.1.0 was released last month, introducing crucial features for the upcoming Chang upgrade. Additionally, Lace v.1.13 was launched, offering improvements to the user interface, and Plutus TX was rebranded to Plinth to better distinguish between Plutus TX and Plutus Core.

ADA Performance and Technical Analysis

Amid overall bearish trend in the crypto market, Cardano’s native token ADA is displaying a modest recovery today. ADA is currently trading at $0.33077, marking a 1.11% increase over the past 24 hours.

This slight uptick comes as welcome news for Cardano supporters, especially in light of recent criticism faced by the project. 

Despite the day’s gains, technical analysis suggests that ADA remains in challenging territory. The token is trading below all major Exponential Moving Averages (EMAs). This alignment of EMAs above the current price indicates a strong bearish trend that has persisted over recent months.

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The Relative Strength Index (RSI) on the daily chart stands at 34.88, approaching oversold territory. While this might suggest the potential for a short-term bounce, it also reflects the overall bearish sentiment surrounding the token.