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Cardano (ADA) founder Charles Hoskinson, who attracted the market's attention with his statements, announced his $100 million proposal.
According to Coindesk, Charles Hoskinson proposed converting $100 million worth of ADA reserves into Bitcoin (BTC) and local stablecoins USDM and USDA to revitalize and strengthen the DeFi and stablecoin ecosystem.
“We can take the $100 million worth of ADA in the treasury, convert it into a mix of stablecoins on Cardano, namely USDM and USDA, and convert some of it into Bitcoin, which makes it Prime Bitcoin DeFi.”
Hoskinson stated that with this proposal, he aims to increase the stablecoin-TVL ratio from 10% to 30-40%. Hoskinson said that the current 10% stablecoin-TVL ratio is killing Cardano.
According to DefiLlama data, Cardano’s total TVL is $356 million, while the value of minted stablecoins is only $31 million.
In comparison, Solana has $9.8 billion in TVL and $11 billion in stablecoins minted on-chain.
There was criticism that the proposed $100 million sale would affect the price of ADA, but Hoskinson dismissed concerns about the price impact as unfounded.
Hoskinson hit back at critics for being inexperienced, adding that the sale would not cause any problems.
*This is not investment advice.