Charles Hoskinson: "There are advantages to a bearish trend"

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The founder of the Cardano blockchain believes that even in the current market situation, positive aspects can be found, since the bearish trend opens up new opportunities for development.  

Charles Hoskinson is not at allconcerned about the fall in the crypto market, he said in an interview with Yahoo Finance. Instead, Hoskinson and the Cardano development team are now focused on preparing for the launch of the Vasil update, which should improve the performance of the blockchain. Hoskinson said that the demand for the Cardano network is growing exponentially, so urgent changes must be made to ensure the stable operation of the ecosystem. Businessman, now is the best time to reach new heights6

“Bull trends can be very disappointing,because few people want to cooperate: some switch to other networks, some have unrealistic expectations. And the bearish trend is convenient. Personally, I have been through about six market downturns, and each time we have achieved significant success. It was from there that the “revolution” smart contracts and most DeFi projects. The current market downturn is the perfect time to focus on improving our performance and user experience.”

Hoskinson claims Cardano blockchainhas begun to gain popularity in the non-fungible token (NFT) space. According to the founder, about 40% of applications deployed on Cardano are related to collectible tokens. The three of them have a monthly NFT volume of about $270 billion, which is more than $3 billion per year. Previously, Hoskinson criticized the state of the decentralized finance industry for decreased activity and increased hacker attacks.

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According to a recent survey conductedLondon Real TV on Twitter, ADA cryptocurrency is considered one of the most popular coins that users prefer to hold during market downturns. 8,861 people took part in the survey, of which 76.9% prefer to hold ADA, while 11% of respondents voted for Bitcoin, and 5% for Ethereum. ADA's market capitalization is currently $20.6 billion.