Cardano was in a slow and steady decline Sunday as founder Charles Hoskinson took to X to defend Input Output Global (IOG), the blockchain research and engineering firm, against criticism over its ADA holdings and the network’s adoption efforts.

Hoskinson clarified that IOG earned its ADA, rather than receiving it as a gift.

“No ADA was ‘given’ to IOG,” Hoskinson stated. “We earned it all. It’s not the people’s money. It’s profit for building Cardano. The original value of IOG’s ADA was around [$8 million] in 2015. We’ve been here for nine years building.”

See below.

Hoskinson contrasted IOG’s ADA holdings with those of the Cardano Foundation (CF), which received ADA as a donation.

The foundation, he said, has a mandate to allocate those funds to ecosystem development. His comments came amid speculation about whether IOG would contribute its ADA to support the integration of Circle’s USDC stablecoin, a notion Hoskinson seemingly dismissed.

Hoskinson: ‘Dishonest people have no place at IOG’

On Saturday, Jan. 11, Hoskinson accused a former CF employee of attempting to “rewrite history” regarding the blockchain’s integration of stablecoins.

The former employee had criticized the network’s lack of progress in this area. Hoskinson clapped back: the CF missed an opportunity to integrate USDC in 2021 for $3 million, a time when the foundation’s holdings were valued at nearly $2 billion.

“They turned down the deal according to their own employee,” Hoskinson said. “Then you re

Go to Source to See Full Article
Author: Anthony Patrick