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ADA Charles Hawkinson: Cryptocurrencies are entering a new stage of exponential growth
In a speech at the United Nations, Cardano founder Charles Hawkinson likened blockchain technology to the Internet and artificial intelligence. He pointed out that after initial slow development, both technologies have accelerated significantly. The most specific case he provides is the tokenized stock market: the size of the field has soared from about $600 million to $3 billion.
Summary of Core Views
- Hodgson compared the evolution of cryptocurrency with the development trajectory of the Internet and artificial intelligence.
- The size of the tokenized stock market has grown from approximately US$600 million at the beginning of 2025 to nearly US$3 billion.
- He believes that blockchain technology is about to enter a new stage where adoption rates may accelerate sharply.
Hodgson's expansion of encryption technology
Hodgson's view is based on a relatively simple logic: exponential technologies rarely develop linearly and smoothly. For a long time, change may seem limited; however, as infrastructure improves, costs fall, and new user groups flood in, everything suddenly accelerates.
The Internet is his main reference. In the past, international communications were severely limited by geographical distance. With the gradual evolution of network technology, this restriction was gradually broken, and near-instant exchange was finally achieved on a global scale.
如今，霍金森认为区块链也正处于类似的上升轨迹上。他还指出，这一演变过程与人工智能领域密切相关，而后者正是Cardano生态系统希望更深入整合的方向。AI模型正变得能够在消耗更少计算资源的情况下完成更多任务；与此同时，区块链的应用场景也逐渐超越单纯的加密货币交易，传统金融领域开始提供多个先行案例。
从6亿到30亿：代币化股票的快速增长
为了佐证其论点，霍金森引用了金融资产代币化的数据。他在演讲中展示的数据显示，代币化股票市场的规模从2025年初的约6亿美元飙升至近30亿美元。这意味着在不到两年的时间里，该市场扩大了五倍。
目前，股票、货币、房地产或基金等资产均可通过区块链进行代表。多家加密平台和金融机构也在积极开发用于结算和链上转移的基础设施。
然而，对于“30亿美元”这一数字需要加以澄清。市场规模与交易量衡量的是不同的概念。早在9月初，代币化股票的周现货交易量曾接近30亿美元，其中Robinhood Chain、BNB Chain和Solana是该细分领域中最活跃的网络。
Despite this, the degree of true on-chain financial integration is still low. Based on data reported at the time, the actual integration ratio was approximately 5%. Although the progress is rapid, the current market is still small compared with traditional stock exchanges.
Technological progress does not guarantee asset prices rise
Hodgson also cited renewable energy as an example to illustrate the misunderstandings that overly linear forecasts can lead to. In Germany, renewable energy will account for 55.9% of net public electricity production in 2025, a level unimaginable a few decades ago.
His reasoning focuses on the adoption and application of technology rather than specific predictions of the price of Bitcoin, ADA or the entire crypto market. The rapid advancement of a technology does not mean that all tokens related to this field will automatically benefit from it.
Cardano has a deep understanding of this. Although ADA has experienced many difficult market cycles, its ecosystem continues to develop projects such as Leios, artificial intelligence and privacy protection.
Hodgson is particularly betting on the Midnight project to expand its ecosystem's application scenarios. This privacy-focused network is designed to combine blockchain, data protection and enterprise-level applications. As a result, the arguments he made at the United Nations went far beyond Cardano himself. The parallel advancement of tokenization, artificial intelligence, blockchain settlement and new financial products constitute a broader picture. For Hodgson, this precise combination is expected to change the speed of cryptocurrency development and push the industry into a new era.
