Concerns Over Focus on Midnight Project
Rumors have circulated within the broader cryptocurrency community suggesting that Cardano (ADA) founder Charles Hoskinson might be leaving the blockchain. These speculations emerged as some Cardano community members expressed concern over Hoskinson's consistent posts about the Midnight project. This has led to worries that Hoskinson might be losing interest in Cardano and shifting his focus to Midnight, a new blockchain project developed by Input Output (IOHK).
Hoskinson's Engagement and Midnight's Role
A post on X by crypto analyst Rex Liu, which was later reposted by Hoskinson, aimed to clarify the situation and reassure the Cardano community that the founder has not "abandoned" it for a new venture. According to Liu's analysis, approximately 60% of Hoskinson's posts on X over the past six months have been related to Midnight. Of the remaining 40%, about 25% have been dedicated exclusively to Cardano, covering topics such as governance systems, scalability updates, and other community matters. The remaining 15% of his posts discuss the interconnectivity between Cardano and Midnight.
Liu suggests that Hoskinson remains devoted to Cardano. It is important to note that Midnight's tools are designed to run on Cardano's infrastructure, such as Hydra, indicating that the project is not separate from Cardano but rather built upon it to enhance the Cardano ecosystem.
Midnight as a Complement to Cardano
Liu further explains that Midnight is intended to complement Cardano as a privacy-focused sidechain, rather than acting as a competitor. The analyst also pointed out that Cardano is experiencing growth, as indicated by the increasing number of new wallet addresses, suggesting that Midnight's development could be contributing to this expansion. Liu emphasizes that members of the Cardano community should instead focus on the ecosystem challenges that Hoskinson aims to address with Midnight. He hinted at potential solutions for bridging practical gaps in stablecoin and Cardano Native Token support.
Liu believes these advancements could strengthen the long-term viability of Cardano. Hoskinson's decision to repost Liu's analysis signals his alignment with the analyst's perspective.
Cardano's Price Performance
Meanwhile, within the cryptocurrency market, Cardano is struggling to regain momentum after a month of significant volatility. In the last 24 hours, the asset has seen a gain of 1.25%, trading at $0.5728. It experienced a fluctuation from a low of $0.5495 to a high of $0.5754 before settling at its current price. Despite this slight uptick, its trading volume remains low, down by 48.8% to $627.74 million.