On Sunday, Cardano (ADA), the native governance token of the proof-of-stake layer-1 network of the same name, rose to its highest since April after its founder said he would play a role in shaping crypto policy in the world. USA next year.
On Sunday, Cardano (ADA), the native governance token of the proof-of-stake layer-1 network of the same name, rose to its highest since April after its founder said he would play a role in shaping crypto policy in the world. USA next year.
The ADA rose as much as 33% on the day to $0.64 before paring gains to 0.58 at the time of writing, CoinGecko data shows.
The ADA rose as much as 33% on the day to $0.64 before paring gains to $0.58 at the time of writing, CoinGecko data shows.
It follows Cardano founder Charles Hoskinson’s statement that he aims to position himself as a prominent voice in the ear of newly elected President Donald Trump when he takes power on January 20.
“Much of my time in 2025 will also be spent on the political process,” Hoskinson said in a statement on Saturday video statement posted by Cardano-based wallet, NFT and token tracking platform TapTools.
He continued: “I’m going to spend a lot of time working with legislators in Washington, DC, and a lot of time working with members of the [Trump] board to help promote and facilitate, along with other key leaders [the] industry, crypto policy.”
To be clear, Hoskinson has not been tapped by Trump’s inner circle to take a position on crypto. However, the former president has pledged to listen to industry practitioners to shape future regulations affecting it.
A prominent figure in the crypto and blockchain space, Hoskinson is best known as the co-founder of Ethereum and the founder of Cardano, which was developed by his company, Input Output Global (IOG), formerly known as IOHK.
He once played a role in the early development of Ethereum along with co-founder Vitalik Buterin, but left due to differing views on the project. Hoskinson advocated a more corporate approach with venture capital funding, while the Ethereum team wanted to push for a non-profit, decentralized model.
Cardano tailwind
In a surprise twist late last month, Hoskinson said he would hinge Cardano’s strategy to operate as a Bitcoin Layer 2 solution. This shift would allow Cardano to leverage the security and liquidity of Bitcoin and integrate it with its network to enable faster and scalable transactions.
Speaking at the Top of strike last week in Bangkok, IOG Chief Technology Officer Romain Pellerin said his company would launch a new “partner chain” called Midnight sometime next year.
The zero-knowledge-proof native blockchain will seek to provide “advanced privacy and selective disclosure” to users and companies with operations secured by Cardano Stake Pool Operators.
SPOs are individuals or organizations responsible for managing and operating a stake pool on the Cardano blockchain. Stake pools, meanwhile, are essential components of Cardano’s proof-of-stake consensus mechanism, which relies on stakeholders to secure the network and validate transactions.
Those SPOs would earn additional $Night tokens, securing the Midnight board on Cardano, Pellerin said.
While ADA’s jump to its April high is a sign of confidence in the token’s ecosystem to switch, it comes amid a big surge in digital assets across the board.
Bitcoin broke to a new record above $80,000 on Sunday, while the game-changing meme coin Doge soared to highs not seen in more than three years.
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