$ADA

Charles Hoskinson, the founder of Cardano, proposed using 140 million ADA (approximately 100 million dollars) from the treasury to boost the growth of decentralized finance (DeFi) by purchasing Bitcoin and stablecoins specific to Cardano (USDM, USDA, IUSD). The value of ADA dropped by 6% following the announcement, amidst a divide in the cryptocurrency community. Some see it as a bold step towards the maturity of the ecosystem, while others view it as risky given the market conditions and governance concerns.