Cardano’s (CRYPTO: $ADA) price is down 10% after founder Charles Hoskinson said he is “taking a break.”
Hoskinson’s comment comes after he warned that the blockchain’s ecosystem faces a “wave of failures” as Cardano’s price falls below $0.20 U.S. for the first time in five years.
ADA is now down nearly 70% over the last 12 months amid an ongoing slump in the cryptocurrency market.
In a video post, Hoskinson expressed frustration that the Cardano community voted to not hold an annual conference this year, and with the shutdown of TapTools, a Cardano analytics platform that spent the past four years helping to build the network.
“This is where we’re at as an ecosystem,” Hoskinson said in the video.
He added that he warned earlier this year that deteriorating market conditions would force some Cardano projects to close.
Hoskinson also expressed frustration with what he characterized as limited community support for deploying treasury funds to support ecosystem growth.
“There doesn’t seem to be a lot of community desire to spend the treasury to take these ventures to the next level,” he said.
Earlier this week, Cardano’s community voted against funding the ecosystem’s flagship 2026 Summit conference in Singapore, forcing organizers to cancel the event.
“TTYL,” Hoskinson posted on social media platform X, which stands for “talk to you later.”
ADA is currently trading at $0.19 U.S.
