Charles Hoskinson expressed his opposing view in regards to MicroStrategy president and Bitcoin maximalist Michael Saylor’s most recent criticism of ADA, XRP, Ether and other altcoins.
The debate continues between leaders of the crypto community, as Cardano founder Charles Hoskinson aimed to defend his cryptocurrency after MicroStrategy CEO Michael Saylor’s recent criticisms.
Saylor asserts that Bitcoin will be the only long-term institutional asset, and that other cryptocurrencies such as Cardano, Ethereum, BNB, Solana and Ripple would be considered as securities, not as serious investments.
According to Saylor, Wall Street will accept only Bitcoin, and this crypto will be the only one enjoying support from large financial institutions. Regarding this, Hoskinson argues that Saylor’s opinion reflects too narrow a view. He added that the Bitcoin maximalist community considers “Literally everything but Bitcoin [to be] illegal and a scam.”
Saylor is not the only industry expert to be skeptical about the approval of Spot Ether ETFs in the foreseeable future. Justin Sun, founder of Tron, for instance, does not believe in the SEC’s approval of ETH-based investment products sometime soon.
Hoskinson, in contrast, believes diversity is important, and that multiple cryptocurrencies may promote innovation in the sector.
Partnership between Yuga Labs and Somnia to Enhance Interoperability in the Metaverse
Yuga Labs announced the start of a partnership with Somnia, a blockchain technology startup that focusses on the Metaverse. The aims of such alliance is to significantly improve interoperability within Otherside, Yuga Labs’ Metaverse.
Somnia, known for its high-performance L1 blockchain and omnichain protocols, is able to support hundreds of millions of transactions per second, which represents a big step forward for the Metaverse and for connectivity between different gaming ecosystems.
Yuga Labs aims to improve the experience for NFT holders by offering greater incentives. The Somnia Protocol in Otherside will also improve functionality and add new events within the Metaverse, so that users can enjoy a more dynamic and fulfilling experience.
LayerZero Labs Announces Measures to Combat Sybil Activity in the Crypto World
LayerZero Labs, which developed the cross-chain communication protocol, has announced measures to prevent excessive cultivation of airdrops and Sybil activity. The team turned to X to explain that their goal is to reward long-term users, not those who seek to gain advantages through fraudulent behavior.
As part of the solutions implemented, LayerZero Labs is offering an incentive to users who may have been involved in Sybil activities, under the following terms:
“If you are a Sybil, you have two options:
– Self-report Sybil addresses for 15% of your intended allocation. No questions asked. The deadline to do so is May 17th.
– Do not report and receive nothing when an address is flagged by our internal Sybil report or by bounty hunters.”
Bloomberg: Kraken Index Provider Anticipates $1 Billion in Assets Under Management in Hong Kong ETFs by End of 2024
The CEO of CF Benchmarks, a unit of cryptocurrency exchange Kraken, Sui Chung, predicts Hong Kong Crypto ETFs will reach $1 billion in assets under management (AUM) by the end of 2024, report says from Bloomberg last Friday. Sui Chung further noted that he sees South Korea and Israel as the next major financial markets to offer cryptocurrency ETFs. “South Korea is a market where ETFs have become the preferred wrapper for long-term savings,” he added.
By Audy Castaneda
