Hoskinson to VCs Who Hate ADA: Deploy Your Capital in LUNA, FTX

• Reportedly, venture capitalists say funding ADA-related firms is unreasonably risky.
• Cardano founder mocked the VCs, urging them to invest in the bankrupt Luna & FTX.
• DJED algorithmic stablecoin will launch on the Cardano mainnet in January 2023.

The crypto community is back at taunting the Cardano (ADA) fanboys, calling the blockchain a risky Ponzi scheme waiting to collapse. Yesterday, crypto enthusiasts Paul Manuel and Patrick Tobler claimed that some venture capitalists (VCs) have vowed not to invest in any startup related to the Cardano network. In their view, sponsoring Cardano-related businesses imply taking on unreasonable risk.

However, the founder of the Cardano blockchain, Charles Hoskinson, mocked these claims saying, “They’d rather deploy capital into [the bankrupt] Luna and FTX, [right]?” Hoskinson has constantly remained sarcastic in his replies to critics, reminding them how wise it was to invest in Celsius, LUNA, and FTX instead of ADA.

Recently, Celsius, Terra Luna blockchain, and the FTX crypto exchange became insolvent while the Cardano community persistently received backlashes from supposed haters, projecting ADA as a scam. Commenting on the argument, Lawyer Robert Gauss said:

“It has been tough days for Cardano people, with the market treating all crypto the same.”

Despite the bad press Cardano sometimes suffers, its utility token ADA still ranks as the eighth largest cryptocurrency with a market cap of over $10 billion. Lately, its team has partnered with a layer-one protocol to establish the algorithmic stablecoin DJED.

According to an earlier report by Coin Edition, the DJED stablecoin will go live on the Cardano mainnet starting next year after a successful audit and rigorous stress testing. The algorithmic stablecoin will trade at a one-to-one ratio against the US Dollar using surplus collateral in cryptocurrencies like the ADA token.