Cardano founder Hoskinson defends network buildout, urges Gemini to list ADA
Charles Hoskinson defended Cardano's recent buildout after criticism of liquidity and usage, and renewed his call for Gemini to list ADA.
Why it matters
No listing, trade or network change is reported, so the direct market effect is nil; the story is a public argument by Cardano's founder about network adoption and a third party exchange's asset coverage. Gemini's silence on ADA leaves the demand unanswered.
Where the sources disagree
Status of Midnight within the Cardano ecosystem
Midnight launched as a separate network outside Cardano
The Crypto Basic
Midnight is the largest project on Cardano and listed on Binance
The Crypto Basic
The community member quoted by The Crypto Basic framed Midnight as a separate network harmful to ADA holders, while Hoskinson said Midnight is the largest project on Cardano, is listed on Binance and brings users into the ecosystem.
Whether ADA can recover this cycle
ADA could at least triple from about $0.2437
The Crypto Basic
ADA will not beat most coins this cycle
The Crypto Basic
Hoskinson, quoted in the Gemini coverage, has argued ADA has room to triple while VirtualBacon founder Dennis Liu said he does not expect ADA to outperform most cryptocurrencies this cycle, and sceptics have questioned whether the chain is dead.
Key facts
Hoskinson rejected a community member's claim that he hurt ADA holders by launching Midnight as a separate network, noting NIGHT was issued on Cardano.
Disputed figureReported by The Crypto Basic
A critic compared Hoskinson to a 'used car salesman' and cited weak liquidity, stablecoins and DEX volume as evidence the ecosystem is struggling.
Reported by The Crypto Basic
Hoskinson said Bitcoin still has at least another double to run and that ADA could at least triple; ADA traded around $0.2437 at the time, which would put a triple near $0.7311.
0.244 USDDisputed figureReported by The Crypto Basic
Hoskinson renewed his call for Gemini to list ADA, writing 'List ADA' after Gemini co-founder Tyler Winklevoss posted about the exchange's 11th anniversary.
Reported by U.Today
Gemini lists Solana, Avalanche, Polkadot, Cosmos and Tezos but not ADA, and has never made a public statement specifically about ADA.
Reported by U.Today
In December 2022, Hoskinson joked that Gemini not listing ADA seemed 'pretty tightly correlated' to bankruptcy, shortly after FTX collapsed without ever launching a spot market for ADA.
Reported by U.Today
Hoskinson said Midnight was missing from the Cardano Foundation's 108-square-meter TOKEN2049 Singapore booth on October 7 and called it the largest project on Cardano, noting it is listed on Binance.
Disputed figureReported by The Crypto Basic
What happened
Charles Hoskinson pushed back on a community member who accused him of harming ADA holders by launching Midnight as a separate network, saying NIGHT was issued on Cardano and asking why a project built from the Cardano ecosystem should be treated as harmful to it. The exchange began on October 3, 2026, and Hoskinson asked: 'What the hell else can I do?' A second critic compared him to a 'used car salesman' and pointed to weak liquidity, stablecoins and DEX volume; U.Today reported separately that Hoskinson has pressed Gemini to list ADA for years, including joking in December 2022 that the omission seemed 'pretty tightly correlated' to bankruptcy, and repeating the demand on October 6 after Gemini co-founder Tyler Winklevoss marked the exchange's 11th anniversary. Gemini, which lists Solana, Avalanche, Polkadot, Cosmos and Tezos among other proof-of-stake assets, has never made a public statement specifically about ADA, and its listing policy cites maturity, liquidity, market demand, utility, regulatory considerations, cybersecurity risks and control concentration. On October 7, Hoskinson also criticised the Cardano Foundation for omitting Midnight from its 108-square-meter TOKEN2049 Singapore booth, calling it the 'Where's Waldo' of Cardano while noting Minswap, Iagon, SNEK and GravityDEX were shown, and he said Midnight is listed on Binance and brings users into the Cardano ecosystem. What remains unclear is whether any of this changes Gemini's listing decision or the Foundation's presentation of Midnight; four of the desk's articles on this story are from a single outlet, with only U.Today independent of them.
How the story developed
- Official statement
Hoskinson defends the Midnight launch on X
He said NIGHT was issued on Cardano and posted 'Midnight has become the where's waldo of Cardano' in response to criticism that launching Midnight as a separate network hurts ADA holders.
- First report
First report by The Crypto Basic
VirtualBacon Founder Sees 3X Potential for Cardano Despite ADA Slower Outlook This Cycle
- Update
VirtualBacon founder says ADA could triple while missing the cycle
Dennis Liu said Bitcoin still has at least a double left and that he sees no reason ADA cannot at least triple from around $0.2437, though he does not expect ADA to beat most coins this cycle.
- Update
Hoskinson answers 'What the hell else can I do?'
Asked about liquidity and on-chain use, Hoskinson pointed to RealFi, Midnight, Pogun and major integrations as evidence of the network's buildout.
- Update
Hoskinson tells Gemini to list ADA on its 11th anniversary
He posted 'List ADA' after Gemini co-founder Tyler Winklevoss marked the exchange's 11th anniversary on X.
- Update
Hoskinson says Midnight was left out of the Foundation's TOKEN2049 booth
Speaking at the Cardano booth in Singapore on October 7, he asked why Midnight was absent from the 108-square-meter space while Minswap, Iagon, SNEK and GravityDEX were shown.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 3 Oct 2026, 08:30 UTC: The Crypto Basic — 1 independent source, 1 reports
- 5 Oct 2026, 06:26 UTC: The Crypto Basic — 2 independent sources, 2 reports
- 6 Oct 2026, 07:30 UTC: U.Today — 3 independent sources, 3 reports
Affected entities
Also mentioned: Avalanche, Polkadot, Circle, FTX, Optimism, Ethereum, Coinbase
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| The Crypto Basic Crypto media | VirtualBacon Founder Sees 3X Potential for Cardano Despite ADA Slower Outlook This Cycle | Original | |
| U.Today Crypto media | Cardano Founder Has These Two Words for Gemini | Syndicated | |
| The Crypto Basic Crypto media | “What the Hell Else Can I Do?”—Cardano Founder Defends ADA Progress | Syndicated | |
| The Crypto Basic Crypto media | Charles Hoskinson Says Midnight Has Become the “Where’s Waldo” of Cardano | Syndicated |
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