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Solana co-founder opposes Cardano's proposal to convert $100 million into Bitcoin and stablecoins
According to Foresight News, Solana co-founder Anatoly Yakovenko opposes Cardano's proposal to convert $100 million of treasury funds into Bitcoin and stablecoins, calling the decision "extremely foolish." Yakovenko suggested that the project team hold short-term government bonds for 18-36 months as emergency funds and questioned why they would hold Bitcoin on behalf of users.
The controversy stems from Cardano founder Charles Hoskinson's proposal on June 14, aimed at enhancing the liquidity of its DeFi ecosystem's stablecoins. The community is concerned that a large-scale sell-off of ADA will impact the price of the coin, while Hoskinson argues that the market depth is sufficient to absorb the selling pressure. Currently, the scale of stablecoins on the Cardano chain is only $33 million, which has endangered ecological development. The proposal will be submitted at the "Rare Evo Annual Event."
The controversy stems from Cardano founder Charles Hoskinson's proposal on June 14, aimed at enhancing the liquidity of its DeFi ecosystem's stablecoins. The community is concerned that a large-scale sell-off of ADA will impact the price of the coin, while Hoskinson argues that the market depth is sufficient to absorb the selling pressure. Currently, the scale of stablecoins on the Cardano chain is only $33 million, which has endangered ecological development. The proposal will be submitted at the "Rare Evo Annual Event."
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