Cardano CEO explains his “obsession” with DeFi

With decentralized Finance (DeFi) gaining momentum world over, it isn’t surprising that in a recent video Charles Hoskinson, creator and CEO of Cardano, said he had almost become “obsessed” with it in the past few weeks.

In a session on YouTube, the CEO said that his company was working on some “serious research” on some of the more popular things that DeFi has to offer. What seems to be at the forefront now is the partnership between IOHK and Emrugo in order to develop an algorithmic stable coin. According to the CEO, this could be a significantly better project than MakerDAO. Hoskinson though was not willing to reveal too much on other research.

He said that Cardano had partnered with Emrugo, and was working on the logistics of a stable coin with them, which he believes will be “significantly better” than MakerDAO.

Although Cardano is seen as one of the latecomers to the DeFi space, Hoskinson believes it is a good thing because one can learn from the mistakes committed by the first-movers into the space.

“You actually want to be in the imitator, the second-mover category for DeFi,” he said.

There’s a lot in the offing from the company in September. Hoskinson says Cardano plans on doing more extensive work on Shelley, which will include introducing partial delegation to Daedalus, improving the presentation of stake pools on the platform, and introducing bifurcated hot and cold environments for pools.

However, the inventor of Cardano also said that the tasks are a workload that goes beyond the month of September. Referring to Cardano’s next phase, Voltaire, IOHK’s CEO said that there is an “enormous amount” of work ahead, which explains why he reportedly released an additional budget of $600,000 to accelerate Voltaire’s development.

Cardano is currently the 12th largest digital asset with the current market capitalization of $2.63 billion and an average daily trading volume of $385 million.

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