u.today
A heated discussion broke out recently in the community of enthusiasts of popular cryptocurrency Cardano (ADA). The subject of debate and discontent was 200 million tokens, which one of the companies operating in the ecosystem requested from the Treasury.
Thus, the network leaked documents of a venture capital fund called 3UTxO, according to which it requested the above amount in order to further distribute them to the selected start-ups and innovative projects focused on Cardano. This proposal did not please many community members, who protested against such inflated demands, in their opinion.
While the Cardano enthusiast community was mostly angry about giving 3UTxO nearly $120 million in ADA tokens at the current exchange rate, some of its most prominent figures brought up the other side of the issue, which caused such a request to ensue in the first place.
"How do we fix this?"
Thus, Rick McСracken, attaching the ADA dominance chart to the post, questioned what they should all do and how to fix it, given that the protocol will be in the hands of the community on Sept. 1.
For those not in the know, on Sept. 1, Cardano is waiting for a new hard fork called Chang. As part of this event, the blockchain is waiting to move into a new era of decentralized governance, and in particular, the transition under the control of the treasury community, the size of which is estimated at 1.5 billion ADA, which is equivalent to almost $900 million right now.
Ok Cardano peeps, as of Sep 1 this protocol is in our hands. How do we fix this? 👇 pic.twitter.com/neFS3J0o5l
— Rick McCracken DIGI 🇺🇸 (@RichardMcCrackn) August 25, 2024
There is indeed a lot to fix, according to the chart posted by MсСraken. Thus, ADA's dominance fell to 0.63%, which symbolizes its share of the total crypto market capitalization. That takes into account that the Cardano token is fighting for a place in the top 10. In comparison, Solana (SOL) dominance is 3.4%, and Ethereum (ETH) is at 15.02% right now.
The enthusiast himself believes that the best way to bring the token back to market dominance is for current holders to buy more, or to attract new buyers.