Cardano founder Charles Hoskinson claimed that Ethereum has adopted Cardano’s development roadmap. ADA trading volume declined as Cardano approaches the Chang hardfork. The Ethereum Foundation continues its selling spree following the launch of 8 Ethereum ETFs last week.
Cardano inventor: Ethereum borrowed our roadmap!
Cardano founder Charles Hoskinson has sparked a debate between Cardano and Ethereum by claiming that Ethereum has adopted Cardano’s development roadmap. This claim was made following Ethereum’s 9th anniversary celebrations, where Hoskinson was conspicuously absent from a picture shared by a user. Charles Hoskinson responded by stating that he left Ethereum in 2014 and that Cardano exists now because it borrowed Ethereum’s roadmap. In this context, Hoskinson said the following:
I left in June of 2014, the world now has Cardano and Ethereum is borrowing our roadmap. It worked for everybody.
The discussion then shifted to comparing the performance of ADA and ETH over time. One user claimed that ETH has outperformed ADA. However, members of the Cardano community disputed this claim, with some suggesting that members of the Ethereum ecosystem were trying to engage in a debate with Hoskinson for the sake of interaction. As the debate between Ethereum and Cardano continues, both protocols remain rivals in the quest for dominance.
ADA trading volume falls as major upgrade approaches
As you have been following from Kriptokoin.com, Cardano’s Blockchain is approaching the Chang hardfork, a major upgrade in the Voltaire era. However, as the network approaches its goal of increasing decentralization, transaction volume has decreased significantly, followed by ADA’s short-term downtrend. According to data from IntoTheBlock, the network recorded an all-time high of 1.85 million transactions in November 2021 when ADA was priced at $1.66. Since then, the digital asset has experienced a significant price decline along with falling trading volumes. As of July 17, 42,600 transactions were recorded on the blockchain and ADA was priced at $0.4462.
Meanwhile, Cardano has made significant changes to its governance with the formation of the Interim Constitutional Committee (ICC) and newly elected DS (decentralized sovereign) members. Cardano Node 9.0.0 was also introduced by its creator Charles Hoskinson, setting the stage for the Conway Ledger era. The network has also expanded its footprint in Argentina, “resulting in fruitful collaborations between Cardano representatives and various Argentine organizations,” according to a post on the Cardano forum.
Ethereum Foundation continues ETH dumping spree
According to data from Arkham Intelligence, an address (0xd7…c1f4) connected to the Ethereum Foundation recently offloaded 150 ETH via Cow Protocol, exchanging it for 497,250 DAI. Today’s transaction follows a pattern observed since the beginning of the year. The same address has been consistently selling Ethereum for DAI ranging from 50 to 200 ETH almost every few weeks. Moreover, there has also been heavy dumping by the Ethereum Foundation in the past week. On July 26, Blockchain analytics firm Lookonchain reported that an Ethereum Foundation wallet transferred 92,500 ETH worth approximately $294.9 million.
This is the first time in about 6.6 years that a new wallet has been migrated. This wallet first received ETH from the Ethereum Foundation on September 1, 2015. Therefore, the latest transfer adds to the uncertainty of ETH sales by the organization. In addition, on July 23, the Ethereum Foundation sold 100 ETH for 345,179 DAI. This transaction coincided with the launch of Spot Ethereum ETFs, further fueling market speculation. Moreover, the Ethereum Foundation’s recent sales sparked discussions about potential downward pressure on the ETH price.
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