Flare Network CEO Hugo Philion publicly criticized Cardano, asserting that the blockchain has failed to deliver on its DeFi ambitions despite a six-year head start. His remarks came in direct response to recent claims by Cardano founder Charles Hoskinson regarding Cardano’s push into Bitcoin-based DeFi.
Philion pointed to DeFiLlama data showing Flare holds approximately $159 million in total value locked (TVL), surpassing Cardano’s $131 million. He argued that Cardano launched in 2017 while Flare only went live in 2023, yet Cardano has been “trying and miserably failing to copy our strategy.” Philion questioned Cardano’s ability to lead Bitcoin DeFi, emphasizing Flare’s focus on a unified cross-chain liquidity layer supporting assets like FXRP, FBTC, and real-world assets.
As evidence of Flare’s execution, he highlighted the FXRP program, where around 154 million XRP is locked on Flare and nearly 140 million actively deployed in DeFi protocols. Meanwhile, Cardano continues to advance its own Bitcoin DeFi strategy through tools like the non-custodial Cardinal protocol and plans to integrate XRP, signaling the race for Bitcoin DeFi dominance is far from over.
