A number of crypto projects, such as Ethereum (ETH) and Shiba Inu (SHIB), are currently undergoing a token-burning process. As for Ethereum, since the implementation of the EIP-1559 upgrade in 2021, some billions of dollars worth of ETH have been destroyed or permanently taken out of circulation.
A section of the Cardano community also wants something similar, believing that the number of the digital token ADA in circulation (45 billion) is enormous, but Charles Hoskinson, the creator of Cardano, continues to say no to the burning of ADA.
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— Darren N ☘🇮🇪 (@CryptoIRELAND1) April 1, 2022
Hoskinson was recently furious at a question on whether there will be a token burn for ADA, which was asked by a number of the Cardano community members.
According to Cardano creator, who has always condemned the idea of creating a means to burn ADA, those who still hope to see it happening are not in their right senses. He urged them to reflect on why they keep nurturing the impossible idea.
Charles Hoskinson noted:
“I want you to be specific about this. Turn off your computer and throw it in the trash can. If you have a car, get in the car and I want you to drive to the mountains, sit on the rocks, look at the sunset, contemplate your existence, and ask yourself why you are still consumed with idiocy.
“After you are done with that I want you to come back only if you have reached a new level of clarity and insight, then you can beg for forgiveness from the entire Cardano community for suggesting to destroy their money.”
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Although Hoskinson may see the idea of burning a part of Cardano total supply as nonsensical, most investors see it as a huge means to boost the value of the digital asset.
Cardano creator believes that if such an initiative is adopted, it could destroy the fundamentals of the blockchain project.
At the time of filing this report, ADA is trading at $1.16, with a relatively 2% price downtrend in the last 24 hours, according to CoinMarketCap.
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