Founder of Cardano Charles Hoskinson made a bold statement calling the network a major threat to Bitcoin, attracting attention to ADA.
Hoskinson's Statement on Cardano
In his address to the community, Hoskinson emphasized that Cardano successfully addresses Nakamoto consensus issues, allowing the network to match Bitcoin in transaction verification. He pointed out that as a Proof of Stake network, Cardano combines the benefits of both models. According to him, Cardano's governance model and programmability provide a competitive edge over rival networks.
Key Performance Metrics of Cardano
Recent data on address activity in the Cardano network shows a regression over the past two years. The average number of returning addresses in June 2023 was above 50,000, but it has since dropped to below 30,000. The trading volume on decentralized exchanges (DEX) also failed to rebound after a downturn, peaking at $32 million last December and declining to levels below $5 million. Additionally, the total value locked (TVL) in the network was $360 million at the time of publication, close to its lows in 2025.
Current State of ADA Cryptocurrency
Despite Hoskinson's assertion that Cardano is a threat to Bitcoin, these sentiments are not reflected in ADA's price action. As of publication, the cryptocurrency is trading at $0.63, which is 52% below its all-time high. While technical indicators show significant accumulation, outflows remain dominant in the cryptocurrency market. Meanwhile, the derivatives market reflects growing bullish expectations that may indicate a potential price recovery.
While Charles Hoskinson characterized Cardano as a threat to Bitcoin, network performance metrics and ADA's price dynamics require further analysis and may take time to recover.
