Cardano founder reacts to the user’s allegation of loss worth over 7,000 euros

Cardano founder Charles Hoskinson has replied to an individual that he lost 7,000 euros ($7,469) after purchasing Cardano. “DAhodling,” a Twitter user, had alerted Charles to an article based on recent comments by European Central Bank President Christine Lagarde, who stated that cryptocurrencies were useless.

“My very humble assessment is that it is worth nothing,” Lagarde stated of crypto in an appearance on the Dutch talk show “College Tour” on Sunday. According to News Outlet CNBC, one member of the audience claimed they lost 7,000 euros ($7,469) after purchasing Cardano, to which Lagarde remarked, “That hurts.”

A few questions from ADA holders for Charles are where are the dApps, the CEO said there would be a thousand of dApps on his chain by now, but why is this happening?

This year, cryptocurrency prices have fallen, with Bitcoin (BTC) losing more than half of its value from its all-time high in November. Cardano, the eighth-largest cryptocurrency by market capitalization, is still down 82.34% from its all-time high of almost $3, which was hit in September 2021. ADA, like the rest of the market, has underperformed since the beginning of 2022, falling by more than 59% since January.

When a user enquired about the underperformance of the ADA currency, Charles Hoskinson recently warned that cryptocurrencies may have entered a bear market. ADA was trading at $0.52 at the time of publication, down 4.17% from the previous day.

A new Cardano update is the Yoroi Waller. As reported by Emurgo, Cardano’s commercial arm, Yoroi Wallet, has reached full compatibility with CIP 30. Cardano Improvement Proposal, CIP-30, provides a web-based communication bridge that allows ADA wallets to communicate with webpage dApps.

By connecting dApps with new and existing ADA wallet users, it aims to foster the development of Web3 dApps and more effective onboarding of dApp users.

Cardano dApps will be able to communicate more easily with ADA wallet types, which may result in a better user experience for the Web3 ecosystem, which includes Cardano-based NFT and DeFi dApps. It seems that this improvement will help prevent such incidents from happening.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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