Cardano (ADA) founder Charles Hoskinson has taken to X to encourage the community to engage and grow the ecosystem. In a post for the larger Cardano community, Hoskinson urged ADA holders to stop “just talking” about Cardano and actively use and build on it to make it better.
Can Cardano DeFi growth trigger more growth?
Notably, Hoskinson was reiterating the point made by a crypto content creator, Linda, who about 24 hours previously had posted, “Use the chain. Make Cardano better.” In referencing the post, the Cardano founder was amplifying the message that he aligned with.
Hoskinson is suggesting that members of the community should use the Cardano blockchain by carrying out transactions. They could also build apps or smart contracts on the chain or test new features in different ways to promote real usage.
These activities have a way of strengthening the network because activity increases real-world adoption, liquidity and developer interest. If developers build tools or dApps, or users report bugs or test features and participate in governance proposals, these could improve the Cardano chain.
On the positive side, Cardano DeFi has reached a record 520 million ADA in Total Value Locked (TVL). With regulatory clarity in the crypto sector, some are beginning to eye the one billion ADA target as an achievable target to aim for next.
The Cardano founder is signaling that people focus too much on price speculations or complaints about project development speed. Hence, he is encouraging them to look beyond these limits and drive the value of the blockchain through real-world usage.
Hoskinson’s comments are timely considering the continued volatility that ADA has faced in the last seven days. The coin has shed over 6.15% of its value and has still not found stability above $0.30.
ADA price volatility continues amid market pressure
As of this writing, Cardano exchanges hands at $0.2716, which is a 2.48% increase in the last 24 hours. The coin climbed from a daily low of $0.2584 to hit a peak of $0.2720 before settling at the current level.
However, traders remain cautious, given that most holders have suffered over 43% losses due to market fluctuations.
The asset’s trading volume has dropped by a massive 33.35% to $460.78 million within the same time frame. The market structure suggests that Cardano is recovering from deeply oversold conditions and could retest the $0.28 level.
As U.Today reported, Cardano has been pushed out of the top 10 elite list of crypto assets by market capitalization. The coin fell off after it was hit by a severe liquidation imbalance of around 6,100% following price dips.
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