Hoskinson claims victory as Cardano secures $71M for Hydra and Leios upgrades

Charles Hoskinson, the founder of Cardano, has publicly defended his influence on the blockchain network’s development following growing criticism.

In an Aug. 3 post on X (formerly Twitter), Hoskinson addressed the negative claims suggesting that his leadership was detrimental to Cardano’s progress.

Hoskinson pointed to the success of his other project, Midnight, highlighting its significant expansion with over 100 partnerships across eight ecosystems. He also emphasized the project’s liquidity influx for Cardano Native Assets (CNAs) and its leadership in Bitcoin’s DeFi space.

According to Hoskinson, these efforts have brought billions in Total Value Locked (TVL) and millions of transactions into the Cardano network.

Hoskinson further explained his strategic focus last year on deploying key technologies like Peras, Leios, and Hydra, while referencing major initiatives such as Doom and the Glacier Drop.

Moreover, he noted that his push for rapid development and significant marketing efforts, including appearances on popular shows like Shawn Ryan’s, has expanded Cardano’s reach to new audiences, including 19 million potential users.

In response to criticisms from online trolls and what he called “Charles Drangement Syndrome,” Hoskinson argued that the broader Cardano community remains unaffected and is thriving.

Considering this, Hoskinson emphasized to the critics that:

“You lost. I’m here to stay in Cardano. Deal with it.”

Input output secues $71 million funding

Meanwhile, Input Output Global, a company founded by Hoskinson, has received approval to access 96 million ADA, worth around $71 million, from the Cardano treasury.

On Aug. 2, the firm revealed that its funding proposal passed with 74% of community support.

The firm stated that the fund would support upcoming Cardano upgrades, including improvements to scalability through Hydra and Ouroboros Leios, enhanced security with Mithril, and streamlined user interactions via Nested Transactions and Project Acropolis.

Tim Harrison, EVP Community & Ecosystem, said:

“For the first time, core protocol development is being funded directly by the community. This vote of confidence empowers us to move forward with full transparency, shared responsibility, and a renewed commitment to building an open, resilient ecosystem.”

Meanwhile, Intersect, a Cardano community group, will oversee fund distribution.

Input Output has also committed to providing regular updates, including monthly development reports and quarterly financial summaries, to keep the community informed on the project’s progress.

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