Cardano founder Charles Hoskinson proposed to allocate $100 million in ADA tokens from the project's reserves to purchase bitcoins and 'stablecoins' to activate the DeFi segment in the network: 'We could take $100 million in ADA from the treasury, convert it into a mix of stablecoins used in Cardano, to have USDM and USDA, and exchange part of the bitcoins for initial BTCFi.'
This move aims to eliminate such a drawback of the blockchain ecosystem as limited adoption of 'stablecoins', which reduces competitiveness in the DeFi sector.
He believes that addressing this issue will allow generating 'non-inflationary income' and stimulate the decentralized finance economy.
Over the last day, the price of ADA has decreased by approximately 6%, and the total capitalization of the cryptocurrency market has shrunk by 5%. Cardano is trading about 60% below its all-time high recorded in September 2021.
