Solana founder criticizes "100 million USD ADA for Bitcoin" as too foolish, Hoskinson responds after several days of silence.

Cardano founder Charles Hoskinson's $100 million ADA transfer plan drew fire criticism from Solana co-founder Anatoly Yakovenko. (Synopsis: Cardano is ready to exchange coins!) The founder proposes to exchange $100 million ADA for Bitcoin and stablecoins to improve the DeFi ischemia problem) (Background supplement: ADA founder opens Ethereum's "three major shortcomings": Vitalik admits that Cardano is better, ETH may disappear in a decade) When a public chain is ready to sell its own tokens in large quantities and buy competing assets instead, the first question the market often asks is: Does the team still believe in itself? Cardano founder Charles Hoskinson recently threw out a $100 million ADA transfer plan, which was exposed last Monday and provoked fire criticism from Solana co-founder Anatoly Yakovenko, and also put the question of "how to manage the public chain treasury" on the table. Details and purpose of the proposal Hoskinson submitted a proposal on the community governance platform on June 13, proposing to use treasury funds to sell about $100 million in ADA in batches through OTC and TWAP, and convert this part of the funds into Bitcoin (BTC) and USDM, USDA, IUSD and other stablecoins. He pointed out that the liquidity of the Cardano DeFi ecosystem weakens the user experience, and if it can increase liquidity, it is expected to attract new funds and applications. The proposal also plans to repurchase part of the proceeds of the ADA and establishes a governance board to oversee the treasury. Opposition and price reaction Three days later, Yakovenko bluntly called the decision "so dumb" in X, arguing that the treasury's priority is to preserve value, and only need to store short-term U.S. bonds that can cover 18-36 months of expenses. He questioned: This is stupid. Projects should keep 18-36 months of short-term treasury bills as a backup, but that's about it. Why would anyone want a team to buy and hold Bitcoin for them, when they can do it themselves? Why pay for those useless things. This is so dumb. Projects should keep 18-36 months of post kill list runway in short term tbills but that’s about it. Why would anyone want a team to buy and hold bitcoin for them when they can do it themselves? Why pay for all those coconuts. — toly (@aeyakovenko) June 16, 2025 This move is tantamount to acknowledging "BTC > ADA" and hurts the narrative even more. After the news came out, ADA continued to decline on the 13~14th. At the time of writing, the ADA is last trading at $0.63 and has been oscillating at its lows for the past 1 week, with a total market capitalization of about $23 billion. Hoskinson responds: It is necessary to solve the problem of insufficient liquidity on the chain In response to the opposition of the community, Cardano founder Charles Hoskinson also posted through the X platform last night, re-emphasizing his ideas, saying that he must solve the problem of insufficient liquidity on the chain: Today is Monday, June 16, 2025. While some of you are babbling about feelings, self-esteem, narcissism, or anything else that makes you feel psychologically safe, others are programming, investing, collaborating, and trading. We're not in a static game with guaranteed seats. We are in an ocean full of sharks that are trying to devour us every day. They rob us of talent and decentralized applications (DApps). They have an unfair advantage in venture capital and media. They cut corners on protocols and software to speed up time to market. We have to decide if we want to win or not. If we really want to have a billion users. If we really wanted Cardano in every household. After all this dust has settled, Cardano still has problems with stablecoins. Only 33 million funds are deployed on-chain. We have a way to solve this problem. Calling me arrogant, cancerous, or dictatorial will not change this objective reality. You're just going to let me work on my ranch and stop caring about that, and the stablecoins issued are still only 33 million. There is no Genesis Key anymore. You have to decide for yourselves whether you want to solve the problem or just complain about it. Growing is hard, but that's where our ecosystem is right now. This is harsh love, but if I don't say it, I'm irresponsible to you. It's Monday, June 16th, 2025. While some of you babble on about feelings, ego, narcissism, and whatever else makes you feel psychological safety, others are coding, investing, partnering, and trading. We aren't in a static game with a guaranteed seat at the table. We are in an... — Charles Hoskinson (@IOHK_Charles) June 16, 2025 Related Stories Nasdaq Applies to SEC to Include XRP, SOL, XLM, ADA in the Crypto Index Adam Back anti-quantum computer "cracks Bitcoin" : Recommendations for integrating Taproot AI insights with SLH-DSA XRP vs. ADA: Which cryptocurrency may perform unexpectedly in 2025? "Solana's founder criticized '$100 million ADA for Bitcoin' as too stupid, Hoskinson responded after a few days of silence" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".