Charles Hoskinson noted that during this period he is focused on improving his network and interacting with the community

Cardano founder revealed the benefits of bear market

12.06.2022 - 06:30

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2 min

What’s new? The founder of the Cardano (ADA) blockchain network Charles Hoskinson said in an interview with Yahoo Finance that he is not worried about the cryptocurrency market falling, and spoke about the benefits of a bearish trend. According to Hoskinson, the current situation allows him to focus on improving the network and interacting with the community.

Yahoo Finance’s interview

What else did Hoskinson add? The developer believes that a bear market is the best time to reach the “next kind of leg of growth.” Hoskinson noted that the company has experienced six such periods already.

“Bull markets are really frustrating because nobody wants to cooperate. You have a lot of poaching, unrealistic wages, and unrealistic expectations. Bear markets are actually quite comfortable. So I’ve personally been through, I think, about six bear markets now. And every time, we've seen major advancements. That’s where smart contract revolution came from. That’s where a lot of the DeFi revolution came from,” Hoskinson said.

The developer also noted that the popularity of his blockchain is growing exponentially, which is why changes need to be introduced to ensure the stable operation of the network.

Cardano is also gaining popularity in the NFT space. According to Hoskinson, about 40% of the applications on his blockchain involve non-fungible tokens.

Earlier, the crypto community predicted the ADA price to rise above $1 following the release of the Vasil hard fork. According to a CoinMarketCap survey, 24 600 respondents believe that the ADA price will reach $1,06 by the end of June, while 16 000 people believe the value of the asset will drop to $0,97 by the end of July. Both, however, suggest a significant rise in the price — as of June 11, 11:50 UTC, the token is trading at $0,58, according to Binance.

Vasil is due to launch on June 29. The upgrade will improve performance by significantly increasing throughput and reducing latency in block transmission. The Verifiable Random Function (VRF), Ouroboros, will also be optimized.

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