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Following
ADA Cardano's ambitious year: The game of progress versus price performance
Cardano is spending the year with big ambitions, but investors holding ADA tokens are still waiting for the rewards. As criticism of adoption rates, liquidity and the token's sluggish performance mounts, Charles Hoskinson, founder of Input Output Global, has reached the end of his patience-he asks critics a straightforward question: "What else can I do?"
Hoskinson's frustration stems from Cardano's advancement of projects such as Midnight, RealFi and new ecosystem integrations, which has created a sharp contrast between the expansion of online activity and ADA's market performance.
Hoskinson fights back: Cadano's progress collides with ADA's price dilemma
The debate began with the idea raised by community members that Midnight's release as an independent network could ultimately harm ADA holders. Hoskinson strongly refuted this, pointing out that the NIGHT token was issued through Cadano and questioning why projects originating in Cadano Ecology would automatically be considered a threat to the ADA or its holders.
Another community member added fuel to the flames, comparing Hoskinson to a "used car salesman" and criticizing Cadano for weak liquidity, limited stablecoin activity and sluggish decentralized exchange (DEX) trading volume. The member also accused Hoskinson of passing the blame on ADA holders rather than developers when the ecosystem fell short of expectations, adding a new level to the debate about whether Cadano's development progress could bring real value to ADA holders.
In response, Hoskinson listed a series of Cadano projects that have moved from the development stage to real-life deployment this year:
- RealFi was launched on Cadano's main network on October 1 after months of public testing.
- Midnight's network was launched in March, and its NIGHT token has been unveiled as a Cadano native asset as early as December 2025.
- Meanwhile,Midnight.city is already running in open testing, adding AI-focused applications to the broader Midnight ecosystem.
Hoskinson also mentioned Pogun, a bitcoin-focused DeFi initiative built around credit, yield and bridging. The project failed to gather enough support from the treasury in September to secure a request for 12.29 million ADA, but Hoskinson insisted development work was continuing.
There is also the Pentad Infrastructure Promotion Program. USDCx and Pyth are already online, LayerZero is being introduced in phases, and Fireblocks announced plans to fully support Cadano native tokens.
霍斯金森在社交媒体上总结道：“解释一下我还有什么不同做法？我们刚刚推出了 RealFi；Pogun 即将到来；我们发布了 Midnight；现在又有 Midnight.city。我们完成了 Pentad，为卡达诺带来了 LayerZero、Fireblock、Pyth、Circle 等其他集成。我们有 Draper 和 Alphagrowth。”
综上所述，霍斯金森的例子旨在强调一个更广泛的事实：尽管 ADA 的价格表现持续令持有者沮丧，但卡达诺的开发管线确实在运转。
卡达诺面临迄今为止最大的考验
这才是争论变得有趣的地方——链上数据讲述了一个比批评所暗示的更为复杂的故事。
根据 DeFiLlama 的数据，卡达诺目前在 DeFi 生态系统中锁定了约 7078 万美元，另有约 6720 万美元的稳定币流动性。这使得声称该网络没有稳定币存在或 DEX 活动的说法并不完全正确。
在过去 24 小时内，DEX 处理了约 436 万美元的交易量，七天内达到 4200 万美元，每周活跃度跃升了 139%。同时，在同一 24 小时期间，网络记录了约 15,985 个活跃地址和 25,631 笔交易。
These data show that Qatar is far from stagnant. But they also set a hard benchmark for Hoskinson's grand roadmap: The real test now is whether the projects he advocates can translate this development momentum into deeper liquidity, higher usage and stronger demand for ADA.
Currently, ADA rose about 10.8% on the day, trading at close to US$0.273, and has a market value of approximately US$10.2 billion. Notably, Cadano is still 91.1% below its all-time high of $3.09, underscoring that the token still has a long way to go to recover.
