The founder stated that Cardano needs senior executives to lead the advancement of Bitcoin DeFi.

Gate News bot news, according to CoinGape, Cardano is enhancing its position as a Bitcoin Contract Layer, but Cardano founder Charles Hoskinson believes that the lack of enforcement authority will impact its narrative. Major participants in the ecosystem support this view, stating that as the Cardano network moves towards Bitcoin DeFi, it needs a new narrative.

Hoskinson stated that the network urgently needs a narrative to guide market sentiment. In a recent X post, he revealed that Cardano has proposed several narrative options from its recent series of innovations.

In addition to the inherent security and decentralization characteristics of Cardano, the network has also achieved significant victories through Leios, Hydra, and the Midnight Glacier airdrop. Nevertheless, Hoskinson stated that Bitcoin DeFi is the best opportunity for the network to craft an engaging narrative.

Cardano is actively working to introduce Bitcoin-based DeFi functionalities using its smart contract capabilities. Recently, Cardano's largest decentralized exchange Minswap is preparing for Bitcoin, aiming to create a $2 trillion liquidity pool, while Lace Wallet and USDM are also thriving.

However, the founder of Cardano sees the lack of a capable foundation as a key reason for Cardano's underperformance.

Hoskinson stated: "Bitcoin DeFi is indeed the greatest opportunity, but the biggest problem is that we lack a capable foundation and executing agency to push these narratives into the mindset of this field."

He stated that in the absence of administrative authority, he attempted to guide public opinion but incurred the anger of critics. Some podcasters and thought leaders criticized Cardano as a dying blockchain, akin to a cult.

Hoskinson's company Input Output Global (IOG) will continue to serve as the core coordinator, leading the development direction of Cardano. The founder stated that there are many drawbacks to holding this position, and he has harshly criticized the Cardano token ADA theft incident.

"This year has been truly cruel and expensive," Hoskinson said. "We have been blamed for all the mistakes, yet we are not allowed to feel any victories, and that is just inhumane."

Previously, Hoskinson believed that the main killer of Cardano was the insufficient liquidity supply of stablecoins, and he promoted a proposal to improve the metrics. This ambitious plan would exchange $100 million worth of ADA for cash, but it faced fierce criticism, and Hoskinson urged users to "either grow or get left behind."

Hoskinson has placed his faith in the cryptocurrency conference Rare Evo, which will provide the community with a chance to restart. Charles Hoskinson stated that the community will clarify some lingering governance issues and update the charter to incorporate authorized executive powers.

Rare Evo plans to launch a sovereign wealth fund to support the development of DeFi on the Bitcoin network.