In a recent Ask Me Anything (AMA) session, Charles Hoskinson passionately shared his thoughts about the Cardano Foundation (CF), advocating for new strategies while also clarifying his perspective on recent controversies surrounding Midnight’s NIGHT tokens. He emphasized the importance of establishing strong multi-chain collaborations, revealing plans for considerable airdrops that aim to engage a wider audience, along with upcoming activities tied to significant events like Token2049 and an Asian tour.
The crux of the discussion revolved around the Midnight token allocation dispute. When questioned about the rationale behind restricting the CF’s access to NIGHT tokens, Hoskinson highlighted the need for stringent risk management measures. “This is our innovation and investment; we retain the decision-making power,” he asserted, referring to the original terms laid out in the token distribution plan. He underscored the critical role of maintaining network integrity by setting clear guidelines and disclaimers.
Concerns Over the Cardano Foundation’s Role
Hoskinson expressed clear misgivings about the foundation’s grasp of ADA ownership, suggesting a lack of transparency. He conveyed that allowing the CF to redeem tokens would inadvertently create a challenging governance scenario: “There’s a looming risk if they gain any level of control that could hinder our progress.” He argued for the importance of allocating midnight tokens to more proactive individuals or organizations capable of leveraging them innovatively.
His remarks turned more pointed as he remarked on the CF’s past decisions, questioning the Foundation’s value to the community. “When will stakeholders recognize the Foundation’s inefficiencies and reclaim their focus?” he challenged. When addressing the exclusion of the CF’s addresses from token access, he insisted they should not be invited into an ecosystem where they’ve previously exhibited detrimental behaviors.
He elaborated on the scale of cooperation with other industry players, emphasizing that his endeavors often come with substantial financial investments. “I often find myself operating independently with a growing financial burden; our competitors come equipped with vast resources that allow them to innovate and attract talent at a rapid pace,” Hoskinson lamented, painting a picture of the competitive landscape in the blockchain space.
Addressing the rollout of Midnight, he firmly believed that its expansion will significantly enhance the Cardano ecosystem rather than divert attention from it. He detailed partnerships established with custodial services aimed at integrating both Midnight and Cardano assets into mainstream exchanges. “Today we announced our collaboration with Copper, thereby enabling exchanges using them to support our assets efficiently,” he declared, citing additional strategic partnerships with global organizations.
Beyond just Midnight, Hoskinson asserted the importance of progressive governance structures, claiming that the CF isn’t effectively channeling its resources in impactful directions. He noted its noticeable absence at key industry conferences, such as Salt and Rare Evo, reinforcing concerns about their visibility and engagement level.
A Different Vision for Future Governance
Contrasting the CF’s approach, Hoskinson portrayed the Midnight Foundation as a dynamic and commercially driven initiative, highlighting an initiative pipeline filled with possibilities and reminiscent of a reimagined foundation architecture. “Now, more than ever, we need a robust members-driven body to reflect the aspirations of our community,” he noted, recognizing Intersect as a crucial instantiation of that vision.
Further expanding on his critique, he indicated that the CF’s governance decisions have sadly damaged the community’s reputation. “Some members have insinuated misconduct without any follow-up for resolution or public acknowledgment,” he pointed out. This move has sparked deeper concerns about the foundation’s accountability.
In what appeared to be an anticipatory reveal, Hoskinson mentioned an impending audit report designed to clarify the historical intricacies of Cardano’s evolution from 2015 to 2025. “We’re approaching the final stages; it’s intended to wrap up a decade of discussions around governance and financial practices,” he stated, signaling a future move towards transparency and accountability.
He encapsulated the release as both a form of self-vindication and a critical examination of the CF’s decisions that may have obstructed collaborative opportunities. “Our aim is to shed light on all past decisions, which we believe will ultimately reflect positively on Input Output and the broader ecosystem,” he concluded.
At the time of this announcement, ADA was trading at $0.8795.
