{"id":24736,"date":"2025-06-17T13:31:14","date_gmt":"2025-06-17T10:31:14","guid":{"rendered":"https:\/\/forklog.com\/en\/solana-co-founder-criticizes-cardanos-reserve-conversion-proposal\/"},"modified":"2025-06-17T13:31:14","modified_gmt":"2025-06-17T10:31:14","slug":"solana-co-founder-criticizes-cardanos-reserve-conversion-proposal","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/solana-co-founder-criticizes-cardanos-reserve-conversion-proposal\/","title":{"rendered":"Solana Co-Founder Criticizes Cardano&#8217;s Reserve Conversion Proposal"},"content":{"rendered":"<p>Converting Cardano&#8217;s treasury into the first cryptocurrency and stablecoins is &#8220;foolish,&#8221; stated Solana Labs co-founder Anatoly Yakovenko. He was commenting on <a href=\"https:\/\/forklog.com\/en\/news\/hoskinson-proposes-100-million-ada-swap-for-bitcoin-and-stablecoins\">a proposal<\/a> by the project&#8217;s founder, Charles Hoskinson.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is so dumb. Projects should keep 18-36 months of post kill list runway in short term tbills but that\u2019s about it. Why would anyone want a team to buy and hold bitcoin for them when they can do it themselves? Why pay for all those coconuts.<\/p>\n<p>\u2014 toly ?? (@aeyakovenko) <a href=\"https:\/\/twitter.com\/aeyakovenko\/status\/1934440534321594468?ref_src=twsrc%5Etfw\">June 16, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The idea involves exchanging $100 million in ADA for Bitcoin and &#8220;stable coins&#8221; to boost the DeFi segment within the network.<\/p>\n<p>Yakovenko believes this is an example of poor treasury management and sends the wrong signal to the Cardano community.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Projects should keep reserves for 18-36 months in short-term treasury bills, but that&#8217;s about it,&#8221; he stated.<\/em><\/p>\n<\/blockquote>\n<p>The Solana co-founder also questioned the necessity for the protocol to hold digital gold on behalf of its users.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Why would anyone want a team to buy and hold Bitcoin for them when they can do it themselves?&#8221; he asked.<\/em><\/p>\n<\/blockquote>\n<p>Trader Aaron Dishner wrote that this move could be seen as Cardano admitting that the first cryptocurrency is more valuable than its native token.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">So let me get this straight. The #11 market cap coin wants to buy BTC because it recognizes that BTC is more valuable than itself. Did I get that right?<\/p>\n<p>\u2014 Aaron Dishner (@MooninPapa) <a href=\"https:\/\/twitter.com\/MooninPapa\/status\/1934402859069821426?ref_src=twsrc%5Etfw\">June 16, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\">User Concerns<\/h2>\n<p>The initiative sparked mixed reactions within the community. Some participants are concerned that selling ADA could harm the asset&#8217;s price.<\/p>\n<p>Hoskinson dismissed these concerns. He stated that the ADA market is deep enough to absorb the sale without a price crash.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It&#8217;s Monday, June 16th, 2025. While some of you babble on about feelings, ego, narcissism, and whatever else makes you feel psychological safety, others are coding, investing, partnering, and trading. <\/p>\n<p>We aren&#8217;t in a static game with a guaranteed seat at the table. We are in an\u2026<\/p>\n<p>\u2014 Charles Hoskinson (@IOHK_Charles) <a href=\"https:\/\/twitter.com\/IOHK_Charles\/status\/1934597254653899238?ref_src=twsrc%5Etfw\">June 16, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The head of Cardano called the plan a bold step to improve the project&#8217;s position in the DeFi sector. He emphasized that only $33 million in stablecoins are deployed on Cardano, which he believes undermines the network&#8217;s long-term viability.<\/p>\n<p>Despite the criticism, Hoskinson stood by his opinion.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Insults won&#8217;t solve objective reality. We have a way to fix this,&#8221; he stated.<\/em><\/p>\n<\/blockquote>\n<p>Hoskinson announced that a coalition will <a href=\"https:\/\/x.com\/IOHK_Charles\/status\/1934605092717760897\">present<\/a> the corresponding proposal at the annual Rare Evo event dedicated to Cardano blockchain.<\/p>\n<p>Back in April, the entrepreneur <a href=\"https:\/\/forklog.com\/en\/news\/hoskinson-to-audit-cardano-foundation-amid-600-million-ada-misappropriation-allegations\">announced<\/a> an audit of the Cardano Foundation&#8217;s treasury following accusations of misappropriating $600 million in ADA.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Converting Cardano&#8217;s treasury into the first cryptocurrency and stablecoins is &#8220;foolish,&#8221; stated Solana Labs co-founder Anatoly Yakovenko. He was commenting on a proposal by the project&#8217;s founder, Charles Hoskinson. This is so dumb. Projects should keep 18-36 months of post kill list runway in short term tbills but that\u2019s about it. Why would anyone want [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1401,471,1138,1159],"class_list":["post-24736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cardano-ada","tag-charles-hoskinson","tag-opinions","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"137","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=24736"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24736\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/24735"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=24736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=24736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=24736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}