Hoskinson outlines Cardano's long-term ADA strategy

• Charles Hoskinson said Cardano is shifting more control to its community.
• The comments followed a sharp fall in Cardano (CRYPTO:ADA).
• He said broader developer participation will support the network's future.

Cardano (CRYPTO:ADA) founder Charles Hoskinson said the project will give more control to its community after a sharp drop in ADA's price.

Hoskinson said ADA had climbed to about $1.20 last year before sentiment changed after 10 October, leading to a broad market decline.

“There has been a dramatic drop, no doubt about it,” said Input Output Chief Executive Officer Charles Hoskinson.

Hoskinson said Cardano's development should be shared across more companies instead of relying on a single organisation.

He also said the network should return to its core principles as the community responds to changing market conditions.

Following the comments, Cardano (CRYPTO:ADA) continued trading below last year's peak, with no immediate market reaction reported.

Cardano has continued expanding its governance model while increasing community involvement in protocol development, according to Hoskinson.

At the time of reporting, Cardano price was $0.1653.