Cardano founder Charles Hoskinson claims to have completed all the work announced in his roadmap. During a recent live stream, he responded to criticism from investors unhappy with the sharp decline in the ADA token. While the cryptocurrency remains far from its historic record of 2021, the debate now focuses on the responsibilities of the founder and the financial expectations of his community. However, Hoskinson believes he has fulfilled his commitments.
In brief
- Charles Hoskinson claims to have completed all stages of the Cardano roadmap.
- The founder rejects accusations that he promised to overtake Bitcoin.
- The five eras of development ended with decentralized governance introduced in 2025.
- Hoskinson believes the network can now operate without his direct intervention.
- ADA has lost 86% since its peak of $1.21 reached in late 2024.
Charles Hoskinson defends Cardano’s record to investors
On Saturday, Charles Hoskinson defended Cardano’s advancement during a YouTube livestream. He notably responded to several interventions concerning his former statements and investors’ expectations. An Internet user, using the pseudonym shevilkid1738, criticized him for promising that the project would surpass Bitcoin. The founder immediately disputed this claim, believing that there was no evidence to support such a promise.
I never promised it. I said I would love to see this happen, and I believe Cardano is a better store of value than Bitcoin for a variety of reasons.
Charles Hoskinson, founder of Cardano.
Hoskinson explained that he simply expressed his wish to see Cardano become bigger than Bitcoin. He also sees his network as having several attractive characteristics as a store of value. However, he recalled that he had never guaranteed an increase in the price of ADA. According to him, mentioning a possibility does not mean promising a financial result to the holders of the token.
More than an hour after this exchange, the same Internet user presented another statement from the founder. He recalled his belief that Cardano could likely become the world’s largest cryptocurrency. Hoskinson then emphasized the difference between personal conviction and firm commitment. He also claimed to have accomplished everything that was up to him, particularly regarding the decentralization of the network.
A roadmap completed after five major stages
To justify his position, Charles Hoskinson relies on the technical evolution of Cardano since its launch. The project organized its development around five major periods: Byron, Shelley, Goguen, Basho and Voltaire. Each corresponded to specific objectives regarding the operation, capabilities and governance of the blockchain. According to its founder, these different stages have now achieved the announced objectives.
The first period, Byron, launched the network in September 2017. Then, Shelley introduced staking in July 2020, allowing holders to participate in the operation of the network. In September 2021, Goguen brought smart contracts through the Alonzo hard fork. This development has allowed developers to build applications directly on the blockchain and expand its technical possibilities.
The Basho period then focused on processing capacity and scaling. The Vasil upgrade marked this milestone in September 2022. Then, the Chang hard fork launched Voltaire in September 2024, with theintroduction of new governance mechanisms. Finally, January 2025 marked another important breakthrough with the Plomin hard fork, which strengthened the decision-making power of ADA holders.
This latest upgrade gave holders of the token a real vote on the future of the network. It thus marked a transition towards entirely decentralized governance. Participants can now choose the directions of the ecosystem without directly depending on Hoskinson. For the founder, this development confirms that the project has reached the final stage of its initial roadmap.
Decentralization ends central role of Cardano founder
During his speech, Hoskinson also emphasized the loss of direct power in the ecosystem. He believes that the network now operates autonomously and can choose its own leaders. This organization no longer requires his approval to make important decisions. He therefore considers that his personal responsibility cannot remain identical to that of the first years of the project.
The roadmap is complete. Everything I said would be built was built. Its value has quadrupled compared to that of Honda. Millions of people have used it and millions more continue to use it. It is autonomous and self-managed, capable of choosing its own leaders without my consent.
Charles Hoskinson, founder of Cardano.
This position provoked a new reaction from the Internet user, who considered it abnormal that a founder could withdraw in this way. In particular, he believed that investors retained legitimate expectations of the person who launched the project. Hoskinson then asked him when this obligation should end. He responded by reminding that the announced features had been developed and that millions of people had used the network.
The founder also presented the value created by the project as an element of his balance sheet. According to his statements, this value was multiplied by four compared to that of Honda. He also highlighted that millions of users continue to participate in the ecosystem. For him, the autonomy of the blockchain now constitutes an essential result of his initial work.
Fall of ADA Fuels Community Frustration
Behind this confrontation, the decline in the price of ADA occupies a central place. The cryptocurrency reached $3.09 in 2021, before beginning a long period of decline. In 2023, its price had touched around $0.25. It then rose 384% to reach $1.21 by the end of 2024. Since this interim peak, the token has lost 86% of its value.
This development partly explains the tensions between Hoskinson and certain investors. Despite Cardano’s technical advancements, ADA holders also expect financial results. The founder considers, however, that this expectation cannot define the end of the development of a network. He believes that part of the community now confuses the progress of the project with the evolution of the price of its asset.
Hoskinson illustrated this opposition with several examples of purchase prices. An investor who bought his tokens at $3 hopes to see them reach $5. Another, entered at 5 dollars, then expects a progression towards 7 dollars. According to him, satisfying each new expectation would amount to postponing the end of commitments indefinitely. He therefore rejects the idea that his work can depend solely on the financial gains of the holders.
What happens next will now depend on the ability of the ecosystem to function without direct intervention from its founder. Decentralized governance will need to demonstrate its effectiveness, while investors continue to observe the evolution of the ADA. The next steps are therefore no longer solely a matter of Hoskinson’s personal commitments, but also of the collective decisions of the community. This transition could permanently redefine the relationships between the founder and the token holders.
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