Cardano’s Charles Hoskinson Publicly Defends XRP Amid Clash with Canton Network CEO
Cardano founder Charles Hoskinson sparked a public debate after criticizing permissioned finance initiatives and praising public blockchains like the XRP Ledger and Cardano’s Midnight sidechain. The exchange began on X following Hoskinson’s claim that XRP and Cardano already provide settlement and privacy features at far greater scale than Canton Network’s permissioned approach. Canton Network CEO Yuval Rooz, whose project targets institutional tokenization backed by banks such as Goldman Sachs and Deutsche Bank, pushed back — questioning Cardano’s DeFi and DEX volumes and implying Cardano’s impact is more retail than institutional. Hoskinson argued tokenization requires end-to-end, community-backed public rails and warned that permissioned chains could sacrifice openness and network effects vital for global scale. The disagreement frames a larger industry question: will tokenized real-world assets run on proven public networks like XRP or on closed, institution-focused systems like Canton? Traders should note potential narrative shifts favoring public-led liquidity and settlement networks, plus short-term social-media-driven volatility for XRP and ADA.
Neutral
The story is primarily a reputational and narrative clash between founders and industry projects rather than an announcement of protocol upgrades, partnerships, or regulatory changes that directly alter token supply or fundamentals. Positive remarks about XRP from a high-profile founder could lift market sentiment for XRP and, to a lesser extent, ADA — producing short-term bullishness driven by attention and inflows. Conversely, Canton Network’s institutional backing reinforces a parallel narrative that regulated, permissioned systems will coexist with public chains, which tempers any single-network upside. Historically, social-media disputes and endorsements have generated intraday to multi-week volatility (e.g., founder tweets affecting BTC, ADA, SOL). For traders: expect short-term increases in volume and price swings for XRP and ADA around the discussion, good opportunities for momentum or event-driven trades, and potential mean-reversion afterwards. Long term, fundamental adoption will depend on measurable metrics (on-chain volumes, settlement flows, institutional integrations). Unless followed by concrete partnerships, deployments, or regulatory shifts, the net market impact is likely neutral — narrative-driven moves without persistent fundamental change.