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As the spot crypto ETF race intensifies, there are growing speculations of more crypto ETFs. After Ethereum’s spot ETF recently started to trade, the focus has now shifted to ADA. The Cardano founder recently responded to a question from Tap Tools on the X platform. It questioned whether the ADA ETF is up next, to which Hoskinson replied with a playful gif that read, “Fine, I’ll do it myself.”
Community Speculations
Amidst the positive speculation, Hoksinson’s response prompted further discussion within the community. A community member, drawn by Hoskinson’s engagement, replied, “If you are going to do it yourself, can you also secure a real stable coin for Cardano with liquidity and an on/off ramp by partnering with an exchange that will also list Cardano native tokens?” In response, Hoskinson supported this idea.
This community member also stressed the need for partnerships, specifically mentioning USDC or USDT and a partnership with Coinbase or Binance. Despite the positive sentiment, some community members expressed concerns highlighting the potential centralization risk posed by an ETF, which could threaten Cardano’s decentralized system.
More ETFs On The Way!
Further, Brad Garlinghouse, CEO of Ripple Labs, had expressed confidence in the SEC’s potential approval of spot ETFs for Cardano, along with Solana and XRP. Garlinghouse suggested that more crypto ETFs might launch following Ethereum and Bitcoin ETFs. The Bloomberg ETF analyst, Eric Balchunas had also predicted the same.
Garlinghouse acknowledged the regulatory challenges these products might face, predicting a lengthy approval process as the Bitcoin ETFs had faced multiple rejections, and Ethereum ETFs, experienced delays.
Cardano’s Upcoming Developments!
While the ETF remains unconfirmed, Cardano boasts other positive developments. The upcoming Chang hard fork, scheduled for August 2024, adds to the anticipation. According to Intersect, 247 members of the Cardano community have completed DRep onboarding in anticipation of the Chang upgrade.
This is a significant milestone, as the network is nearing 100 million transactions. The total value locked (TVL) is also growing, despite being down from its peak. These developments place the Cardano ecosystem for significant growth and advancement.