Cardano founder blasts investors for ignoring ADA stability amid OM crash

In light of the recent collapse of the Mantra project's OM token, Cardano founder Charles Hoskinson has criticized investors for overlooking ADA’s stability. He went on to highlight the resilience of ADA and the broader Cardano ecosystem in the face of this turmoil.

As OM plummeted over 90% in a matter of hours, Hoskinson took aim at those who label Cardano a "ghost chain" and dismiss it in favor of emerging trends in the crypto industry. The expert sees ADA's track record as reliable, even in times of market volatility and confidence crises.

The OM token, which is backed by real assets, saw its value plummet from over $6 to $0.37, drawing parallels to the LUNA crash. The Mantra team has denied allegations of insider trading, attributing the sell-off to "reckless liquidation".

Decentralization is Cardano's key strength, according to Hoskinson. The Plomin hard fork launched in January, along with the rollout of the on-chain constitution in February, has boosted community participation in the network's governance, making ADA more attractive to investors seeking long-term stability.