Hoskinson to VCs Who Hate ADA: Deploy Your Capital in LUNA, FTX
CoinEdition
Published Nov 23, 2022 03:22AM ET
Hoskinson to VCs Who Hate ADA: Deploy Your Capital in LUNA, FTX
- Reportedly, venture capitalists say funding ADA-related firms is unreasonably risky.
- Cardano founder mocked the VCs, urging them to invest in the bankrupt Luna & FTX.
- DJED algorithmic stablecoin will launch on the Cardano mainnet in January 2023.
The crypto community is back at taunting the Cardano (ADA) fanboys, calling the blockchain a risky Ponzi scheme waiting to collapse. Yesterday, crypto enthusiasts Paul Manuel and Patrick Tobler claimed that some venture capitalists (VCs) have vowed not to invest in any startup related to the Cardano network. In their view, sponsoring Cardano-related businesses imply taking on unreasonable risk.
Despite the bad press Cardano sometimes suffers, its utility token ADA still ranks as the eighth largest cryptocurrency with a market cap of over $10 billion. Lately, its team has partnered with a layer-one protocol to establish the algorithmic stablecoin DJED.
According to an earlier report by Coin Edition, the DJED stablecoin will go live on the Cardano mainnet starting next year after a successful audit and rigorous stress testing. The algorithmic stablecoin will trade at a one-to-one ratio against the US Dollar using surplus collateral in cryptocurrencies like the ADA token.
The post Hoskinson to VCs Who Hate ADA: Deploy Your Capital in LUNA, FTX appeared first on Coin Edition.
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