Charles Hoskinson Predicts Unprecedented Growth for The Cardano Ecosystem In 2024

Charles Hoskinson, the co-founder of Cardano, has expressed his optimism about 2024, predicting unprecedented growth for the Cardano ecosystem.

Speaking during a YouTube broadcast on Saturday, Hoskinson highlighted the unique and interesting nature of the year so far, emphasizing that 2024 is poised to be a pivotal period for the Cardano blockchain.

“2024 is going to be a great year for Cardano,” said Hoskinson, “2023 was actually a great year, all things considered -how much progress we made and how many things we thought through and did. This year, we’re just getting started.”

Notably, Hoskinson particularly focused on the ongoing transition into the so-called “age of Voltaire.” Named after the influential French writer and philosopher, Voltaire marks the fifth and final stage of the Cardano development roadmap, succeeding the Basho scaling phase. In this phase, ADA holders will be able to play an active role in shaping the future decision-making processes of the blockchain. 

Hoskinson further outlined Voltaire’s key pillars. The first involves democratic consent, emphasizing the need for an on-chain governance system like DS (Decentralized Software Development) and the Constitutional Committee. The second pillar highlights institutions like the Cardano Foundation, simplifying blockchain complexity, set to be validated by the community by year-end through democratic consent. Finally, the third pillar centers on constitutional representation, safeguarding users’ fundamental rights, focusing on principles like a deflationary monetary policy and inclusive accountability.

Hoskinson further shared insights from the recently released Electric Capital 2023 Crypto Developer Report, showcasing positive trends in Cardano’s development. Despite the crypto market facing fluctuations, the report showcased that Cardano has remained productive, with a significant number of developers and repositories contributing to the blockchain’s growth.

Although Hoskinson failed to fully agree with the report’s figures, such as the mentioned 170 full-time developers, 490 monthly active developers, 2,796 repositories, and approximately one to three million commits, he expressed his optimism, stating, “They’re moving in the right direction, and the trend lines are also looking really good.”

The Cardano founder also addressed the challenges and opportunities ahead, discussing topics ranging from governance key management to the role of institutions in driving ecosystem growth. Hoskinson acknowledged the need for ongoing community discussions, debates, and improvements to ensure Cardano’s sustained success.

That said, Hoskinson’s optimistic predictions come despite ADA, Cardano’s native token, experiencing a 27% drop in the aftermath of the spot Bitcoin ETF approval sell-off. At press time, ADA was trading at $0.47, reflecting a 4.88% decrease in the past 24 hours. However, the price is still above a critical support level of $0.4, suggesting the possibility of a recovery.