Thursday, May 6, 2021

Charles Hoskinson Hints at Cardano’s Foray into Decentralized Finance (DeFi)

The CEO of IOHK, Charles Hoskinson, who co-founded Cardano (ADA) has recently hinted at Cardano’s possible advancement into decentralized finance (DeFi).

Hoskinson shared this during the recent AMA conducted on YouTube. There, he spoke on the effort presently exerted on DeFi.

Charles Hoskinson noted:

“For example, we’ve partnered with Emrugo, and we’re right now working on the logistics of a stable coin with them that we’re going to be building first on ergo to verify everything works correctly, and then we’ll pull it over into Cardano and this is going to be an algorithmic stablecoin.

We think it’ll be significantly better than MakerDAO. That’s just one of many DeFi things that are going on right now”

The creator of Cardano also spoke about his direct involvement in a lot of discussions about decentralized finance (DeFi), to ensure that they are properly resourced and have the right people working on them.

In the course of the AMA, Hoskinson spoke about the positive influence of DeFi on Ethereum, noting that the first-mover advantage is a disadvantage.

He said:

“Those network effects were ephemeral and often covered with mistakes and scars and explosions. You actually want to be in the imitator the second-mover category for DeFi, and I think we’ll have a lot more luck than the first movers did in the space.”

The Take of Binance CEO on DeFi

At the moment, over 5.1 million ETH worth around $7.8 billion as of the time of writing has been locked in various DeFi applications. However, some crypto big guns have been showcasing skepticism towards the future of the trending DeFi.

The CEO of Binance, Changpeng Zhao, is of the opinion that only a few of the DeFi projects will stand the test of time, while the majority of them would end up like the embattled Yam Finance protocol.

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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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