Cardano (ADA) Creator Charles Hoskinson Denies Event-Driven Approach as ADA Lags

Key Insights

Charles Hoskinson suggests community centers as the way to achieve sustainable growth instead of expensive crypto conferences.

The Cardano (ADA) community declined a plan to spend 14 million ADA on hosting large-scale international events.

ADA lacks momentum even amid constant efforts of ecosystem expansion and cross-chain integrations.

Cardano Moves Away from Media Attention Towards Long-Term Growth

Cardano (ADA) becomes the focus point for a discussion on governance, with the coin’s creator, Charles Hoskinson, questioning the necessity of major crypto conferences.

As ADA has been struggling to make any significant progress in price action terms, the topic of discussion has moved away from media appearances to the issue of the optimal use of funds accumulated in the treasury to achieve the greatest possible growth of the ecosystem.

According to Hoskinson, appearances at conferences and participating in cryptocurrency-related events is not what can help users develop their interest in the project. He claims that, at this stage of Cardano's development, there is nothing more important than fostering regular and valuable participation in the community.

This comes against the backdrop of ADA trading near $0.2383 as the bearish sentiment persists in the market.

Hoskinson Proposes Development of Community Hubs Instead of Global Events

Instead of investing money in costly global events, Charles Hoskinson has started a new initiative of developing community hubs across many cities around the world. The main aim behind such an initiative is that the developer community can get together on a consistent basis to foster innovations and learning.

As per the initiative, there would be regular meetups, hackathons, and startup incubation camps organized to create a pipeline of developers and startups. Already one example of such a community hub is in the city of Buenos Aires where there are about 100-200 participants every single event.

As the community hubs have been planned to be hosted bi-monthly, there would be no shortage of activities at all for interested participants. Such events can provide sustainable benefits compared to global events which cannot offer any long-lasting connections and benefits.

Community Rejects Proposing Spending of 14 Million ADA on Event

A more heated discussion began following the community vote on allocating 14 million ADA on hosting crypto events. These included attendance at international conventions such as TOKEN2049 in Singapore and upcoming Cardano summits.

Nonetheless, this proposal was eventually voted against by the community. This was because the representatives in charge of governance had raised objections regarding the ROI of investing in such events.

Many agreed that such money could have been much more wisely spent on activities fostering ecosystem development. It is worth noting that this trend signifies an increase in decentralized governance among the Cardano (ADA) blockchain platform.

Expansion of the Ecosystem via Cross-Chain Strategy

Even amid the current difficulties, Charles Hoskinson still sees a bright future for Cardano. The founder has not stopped talking about the importance of increasing the number of users and introducing new features such as cross-chain connections.

One of the projects which is expected to be a part of the cross-chain strategy of Cardano is Midnight. The goal of the protocol is to attract people who currently use other blockchains, including Bitcoin, Solana, and XRP.

Such an initiative might lead to the further development of decentralized finance solutions and improve adoption rates.

Prospects: Adoption vs Price Growth

Despite efforts directed at expanding the ecosystem, the prices of ADA have demonstrated poor results compared to those of the competition. In general, analysts have different expectations regarding the future of this project.

There are those who think that the current strategies related to infrastructure development and increased participation in it from developers are bound to eventually boost prices. At the same time, others have their concerns regarding lackluster metrics and overall market environment.

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