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Cardano founder Charles Hoskinson warned that more decentralized finance (DeFi) applications could cease operations on the network in the second half of 2026.
Hoskinson, in a statement following the decision by TapTools, a popular Cardano analysis platform, to cease operations, said that the fundamental problems facing the ecosystem stemmed from a lack of commercialization, funding structure, and governance processes.
Hoskinson stated that TapTools spent $61.4 million this year despite generating only $71,000 in revenue, resulting in a massive net loss of $61.3 million. He noted that similar multi-million dollar losses had been recorded in previous years, adding, “This is not sustainable.”
Hoskinson added that he does not have direct control over solving the current problems in the Cardano ecosystem, noting that he does not single-handedly manage treasury funds, governance keys, or protocol parameters. Therefore, he stated that he cannot unilaterally implement any changes he deems necessary on the network.
The Cardano founder also raised the idea of creating a new Cardano, which he described as an “extreme option,” should the current structure fail to achieve the necessary transformation. Hoskinson stated that a new network could be launched using a “proof of burn” mechanism, enabling the redesign of both the token economy and institutional finance models.
*This is not investment advice.