Charles Hoskinson, the founder of Cardano and one of the co-founders of Ethereum, said one of the biggest lessons crypto users could take away from the collapse of Terra and other projects was learning to appreciate those that withstood the test of time.<\/p>\n
Speaking to Cointelegraph at the Web Summit tech conference in Portugal on Nov. 2, Hoskinson said he had seen many companies in the crypto space collapse<\/a>, from Silk Road to Mt. Gox. According to Hoskinson, protocols that survived were \u201cresilient under an adversarial load,\u201d capable of weathering both bear and bull markets \u2014 something of which many decentralized finance projects<\/a> were incapable.<\/p>\n \u201cJust \u2018cause you\u2019re on top today, you\u2019re not always going to be,\u201d said Hoskinson. \u201cGreat cryptocurrencies have to go through several collapses. I was in Bitcoin when it was under a dollar, and I watched it go from a dollar to $30, to $40, to $256, to $80, to $1,200, to $250, to $20,000, to $4,000, to $64,000, now down to, what is that, $20,000 today, give or take? I watched that, and I watched all the companies come and go.\u201d<\/p>\n Hoskinson said some DeFi projects had a limited \u201cshelf life of maybe 6-12 months\u201d and were \u201cbiased towards insider distribution,\u201d as many in the space learned after the collapse of Terra:<\/p>\n \u201cThe way things were constructed, [Terra] was wildly profitable for a few people, and those few people happened to be well connected to the space, and so they lifted it up, and they made billions of dollars, and they made it off the back of retail investors \u2014 which is wrong. It\u2019s going to result in a regulatory crackdown in that particular area.\u201d<\/p><\/blockquote>\n Related: <\/em><\/strong>Charles Hoskinson and Ethereum dev get into a war of words post-Vasil upgrade<\/em><\/strong><\/a><\/p>\n <\/strong><\/a>The Cardano founder has frequently criticized the Ethereum protocol<\/a> following his departure from the project, as well as the proof-of-work system connected to Bitcoin (BTC<\/a>) mining. Like many other digital assets amid the market downturn, the price of Cardano\u2019s native token (ADA<\/a>) has fallen markedly since May, dropping more than 57% in six months to reach $0.38 at the time of publication.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/40e54c67-6387-4803-b99d-2675257f54f9.png\")