Charles Hoskinson: Cardano Has Seen ‘Remarkable’ Growth to ‘Over 3 Million’ Users

On Thursday (June 9), Charles Hoskinson, Co-Founder and CEO of IO Global (aka “IOG”, formerly known as “IOHK”), the company responsible for Cardano’s research and development, shared his thoughts on Cardano and the crypto market.

His comments were made during an interview with Yahoo Finance on Thursday.

Here are a few highlights from what Hoskinson said during this interview:

  • I’m down here in Austin, Texas for Consensus. It’s kind of the biggest event in our industry. So, it’s nice to see the tens of thousands of people running around, but it’s been a long road.
  • We started working on Cardano back in 2015, and the initial launch was in 2017, and we’ve been steadily as an ecosystem doing updates, and we’ve gotten from a static confederated system to a dynamic and decentralised system, and the latest updates are all about scalability… And that’s what we’re down here in Consensus talking about, and it’s pretty remarkable to see growth gone from just a few users to over three million. There’s over five million assets issued on the ecosystem, and a thousand DApps under construction. So, we definitely need the new tech to scale to those demands.
  • Part of the legacy of Cardano has always been evidence-based software development… The project has written over 140 academic papers… And then on the software side, we apply formal methods to create specifications and demonstrate that the software actually works. Now the intent is for the software to become a financial operating system across the world, but one area of passion I particularly have is in the developed world. So, the idea is economic identity and agency for those who don’t have it.
  • One surprising area of growth on Cardano is in the NFT space. About 40% of all the applications that are being deployed are NFT-related… About $270 million a month in NFT volume. So, $3 billion a year, and there’s tons of incredible work in the metaverse space, like Cornucopias and others, and it’s really impressive to see how fast it’s grown in just the last year.
  • Bull markets are really frustrating because nobody wants to co-operate. You have a lot of poaching, unrealistic wages, and unrealistic expectations. Bear markets are actually quite comfortable… I personally have been through, I think, about six bear markets now, and every time we’ve seen major advancements.

Also, yesterday, during a fireside chat at Consensus 2022 with Simon Bogdanowicz, Founder of Catalyst Global, the IOG CEO said that he did not expect ETH 2.0 to go live on the mainnet earlier than 2023.

On Tuesday (June 7), American comedian and actor Martin Lawrence explained how he is joining the Cardano ($ADA) community.

His comments were made during a conversation on Twitter Spaces with Patrick Tobler, Founder and CEO of NFT-MAKER, and Charles Hoskinson.

Below are some highlights of what Lawrence and Hoskinson said during this chat. Here is what Hoskinson said about how NFTs have evolved on Cardano:

I didn’t expect Cardano to be a major player in the NFT space, at least initially. It kind of caught us all by surprise. We worked really hard at trying to create great asset standards… We didn’t expect to to have NFTs be quite large, but then it was completely community led. So, all these projects materialised out of nowhere, and about 40% of the 1000+ projects on Cardano are NFT-related, and there’s over five million assets that have been issued on Cardano, and the transaction volume is remarkable…

There’s about $270 million worth of sales that are occurring on a monthly basis when you look at this in the last three months average. So, it’s an unexpected surprise, but in hindsight it makes perfect sense. When you look at the native asset standard, when you look at the eUTXO model in particular, it makes it really easy to do an airdrop, it makes it really easy and low cost to issue things and manage these things that that are coming through. So, in hindsight, it does kind of make sense.

On March 12, the IOG CEO talked about TVL in Cardano-powered DeFi protocols. Hoskinson’s comments came in response to an $ADA HODler’s tweet about the rapid growth in Cardano’s Total Value Locked (TVL), i.e. the aggregate amount of funds locked into its DeFi protocols.

The IOG CEO said that there are many Cardano DeFi apps that are waiting for Vasil hard fork combinator (HFC) event (which is expected to go live on the mainnet on June 29), and once that happens, we should see an even more impressive growth in Cardano’s TVL.

On 10 December 2021, Hoskinson explained that he was going to honour his Bulgarian friend and Cardano ambassador Vasil Dabov — who had died recently — by naming the June hard fork after him. Dabov was a blockchain consultant, Haskell practioneer, and experienced ginkgologist.


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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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