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ADA, adausd, Cardano, Cardano Price, Charles Hoskinson, IOG, Midnight, Nami

In a recent exchange on X (formerly Twitter), Charles Hoskinson, founder of Cardano, commented on criticisms and misunderstandings arising within the ADA community. In response to a user’s exasperation over apparent internal criticisms, Hoskinson robustly defended IOG’s strategy and commitment to growth.

Cardano Founder Promises Growth “I seem to notice a lot of this lately. Nami, Midnight, etc. Lots of amazing people are building and bringing new users, capabilities, and experiences into the ecosystem. IOG is a builder. We aren’t different from any DApp company in Cardano,” Hoskinson responded. He expressed his confusion over the criticism IOG faces when deploying significant capital into the ADA ecosystem, particularly when the team is “always open, direct, and transparent about plans and projects.”

This statement comes after recent acquisitions and launches by IOG, which some community members view with suspicion. He addressed these concerns about IOG’s recent actions, stating: “We have products and services and are here to bring millions into the ecosystem. I don’t understand why when we start doing that and deploy millions in capital, some are actively hostile.”

Hoskinson also expressed frustration over misunderstandings regarding IOG’s transparency about its plans. He specifically mentioned CIP 1694, which he suggests has been misinterpreted by some as an attempt to establish a power hierarchy. The Cardano founder vehemently denied this, indicating that it aims to do the “exact opposite.”

He also emphasized the critical role of the recent acquisitions, stating, “Lace is here to be the best wallet in the entire cryptocurrency space and expose all Bitcoin and Ethereum users over time to the Cardano ecosystem. So when we buy Nami to help accelerate a great simple user experience, this is bad for Cardano? Really? Midnight which makes Cardano the leader in data confidentiality tech is somehow abandoning Cardano!?”

In his subsequent message, Hoskinson provided a more detailed roadmap for the platform’s user growth. “Midnight will bring tens of millions of users into the Cardano ecosystem, Lace will keep them, intersect gives them a place to talk to each other, CIP 1694 gives them a voice in the future. Yes this is exactly what is happening,” he added.

The Latest Advancements Only yesterday, the much-anticipated Cardano Midnight protocol onboarded the first group of pioneers to its devnet. Input Output Global (IOG) tweeted about this milestone, unveiling that they have cherry-picked the first batch for the Midnight devnet.

Midnight aims to provide a data-protection side-chain designed to facilitate the creation of secure and regulation-compliant smart contracts and decentralized applications (dApps). Furthermore, the Midnight protocol will introduce its token – DUST. The devnet’s initial phase is expected to encompass as many as 100 development teams.

In another significant move that underscores IOG’s ambition to expand and strengthen the Cardano ecosystem, Nami, a leading independent wallet known for ADA transactions, has been acquired by Input Output Global (IOG), as per announcement yesterday. Since its inception over two years ago, Nami has been a favorite among ADA users. Its acquisition denotes a strategic step by IOG to enhance its suite of products and services within the Cardano sphere.

At press time, ADA traded at $0.304.

ADA price breaks above the 200D EMA, 1-day chart | Source: ADAUSD on TradingView.com Featured image from Metaschool, chart from TradingView.com

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