Co-founder of Solana Labs Anatoly Yakovenko has opposed the new proposal of Cardano’s leadership to convert part of his treasury into Bitcoin.
In a post of June 16 on X, Yakovenko suggested that the idea was misled, row That it reflects bad treasury management and sends the wrong message to the Cardano community.
According to him:
“Projects must hold post-kill list catwalk for 18-36 months in short-term Tbills, but that’s just about it.”
The controversy comes from a proposal of 13 June by Cardano founder Charles Hoskinson, who suggested that the blockchain network could reduce $ 100 million in ADA from his treasury to Bitcoin and Stablecoins.
According to Hoskinson, the goal is to strengthen the Defi possibilities of Cardano and to solve current problems in the Ecosystem of the Stablecoin.
However, critics claim that the proposal suggests a lack of trust in the ADA tucks.
Crypto trader Aaron Dishner written That the move can be seen as Cardano who admits that Bitcoin is more valuable than its native token.
The co-founder of Solana repeated these sentiments and doubted the need for each protocol to keep Bitcoin on behalf of his users, proverb:
“Why would anyone want a team to buy Bitcoin for them and holds when they can do it themselves?”
Cardano community divided as Hoskinson defends strategy
In the meantime, the proposal has activated mixed reactions within the Cardano community, with some worries that an ADA sale of $ 100 million to buy Bitcoin can damage the price of the token.
Hoskinson, however, rejected those worries and said that the ADA market is deep enough to absorb the rejection without crashing.
He too defended The plan as a daring step to improve the Defi positioning of Cardano, especially in the integration and liquidity of the Stablecoin. The founder of Cardano emphasized the competitive challenges of the network in a busy crypto landscape.
Hoskinson noted that currently only $ 33 million in stablecoins is being used on Cardano, a figure that he thinks undermine the viability of the network. He emphasized that the proposed Treasury Shift is a strategic response to this shortage, not a sign of weakness.
Despite the controversy, Hoskinson was detained and claimed that criticism will not solve the underlying issues.
He explained:
“We have a means to solve it. Call me names, selfish, a cancer or dictatorial will not solve that objective reality.”
Given this, Hoskinson said A coalition would submit a proposal about the plan at Rare Evo, an annual event aimed at the Cardano Blockchain.
