Cardano (ADA) founder Charles Hoskinson, in a statement on YouTube, talked about the pitfalls of the decentralized finance industry and said that he was tired of the low quality of applications in the DeFi ecosystem.
Hoskinson reminded that losses from fraud and hacks, which usually take place on the Ethereum (ETH) blockchain, exceed 10.5 billion dollars.
Hoskinson said many projects in the DeFi ecosystem are based on “hope and prayer” rather than rigorous engineering work. For this reason, we think that many projects cannot keep up with the times.
A New Standard for DeFi
Hoskinson claimed that Cardano could circumvent this problem by creating a specific set of standards for DeFi to weed out poor quality applications.
According to Hoskinson, the Ouroboros consensus protocol will pave the way for Cardano to continue for decades.
The Cardano founder also stated that thanks to Hydra and sidechains, they will be able to perform transactions in Cardano much faster, and he believes that billions of users will be a part of this ecosystem in the coming years.
Hoskinson announced that a record number of developers are working on Cardano’s core infrastructure and DeFi ecosystem.