Mike Novogratz, Galaxy Digital’s CEO (Chief Executive Officer), stated in a tweet that no one that he knows of is developing on the network f Cardano; thus, its position as one of the top-three is unfair. He elaborated that he had discussed with 20 among the smartest people in his contact, and no one of them spoke much about Cardano’s traction with developers.

Charles Hoskinson, the CEO of IOG (Input-Output Global), responded by denying Mike’s comment. He disclosed that such things are propagated by bankers regarding the entire crypto space. Hoskinson claimed that Mike’s check-in date is 15th August. He further mentioned that after revisiting his initial comment, one could confirm that he was wrong to a great extent. Hoskinson then suggested a fix to the statement by saying that Mike has talked to twenty among the smartest bankers in the community from whom no one saw any traction in the whole cryptocurrency space. He added that such a statement is repeated by Mike every year on 15th August, which might be called his check-in day.

Novogratz taunts Cardano

The whole episode began innocently when a question concerning developers’ building on Cardano was asked by Andrew Steinwold, who is known as an associate director at Sfermion (the NFT specialized investment fund). Novogratz prolonged his argument by specifying that there is no reason for Cardano to be so much popular as the 3rd biggest among the crypto because there is no stuff being built on the network to be utilized by people. However, the 3rd biggest crypto market cap is occupied by Binance, and Cardano is $500M behind it which disproves Mike’s claim.

As a result of his argument, a tide of criticism provoked, and the respondents blamed him for not having any knowledge about the topic. To clarify his stance, Mike cited circumstantial evidence that he spoke with up to 20 among the smartest persons according to him and not a single of them endorsed any developer concern for Cardano.

Project Catalyst fund, round five

Catalyst’s 5th funding round came to a close on 19th July, having a competition among 267 projects for $2M funding to be made on Cardano. Project catalyst denotes an open funding system for incorporating the innovation brought by the community to the blockchain of Cardano. ADA holders utilize it to vote for their favorite protocols to be developed.

Despite the allegations of Novogratz, it is clarified that developers are structuring Cardano as the network as confirmed to ship its Alonzo Purple on 12th September.