Cardano co-founder Charles Hoskinson came up with the idea of converting $100 million worth of ADA tokens to Bitcoin
BTC$104,862.00
and stablecoins.
“You can get a $100 million ADA from the Treasury and convert it into Cardano’s existing stubcoin blend, and you can convert some of your USDM and USDA into Bitcoin disability with Bitcoin.”
He then fights back against critics who claimed that the $100 million sale would affect the price of the ADA, calling it “inexperienced” before adding that the sale “stimulating no issues at all.”
The sales goal is to get a Stablecoin issue to TVL ratio from about 30% to 40% compared to the current approximately 10%.
The total value locked to Cardano is $356 million, with on-chain stubcoin worth just $31 million, Defillama data shows.
Meanwhile, Solana has a chain of $9.8 billion in TVL and $11 billion worth of Stablecoins.
In the tweet, Hoskinson said the ridiculous situation was “Cardano murder” and that the proposal would “generate non-inflammatory revenues and help build a Cardano debt economy.
Hoskinson’s comments are in conflict with those of Cordano Foundation CEO Frederik Gregaard. Frederik Gregaard told Koindsk in March that it was not the indicator that TVL used for adoption.
