Cardano Feud: SBI Holdings Joins Solana Alliance

Japan's SBI Holdings has joined the Solana blockchain-based stablecoin and real-world asset (RWA) alliance, sparking controversy within the Cardano community. This move is seen as a significant loss for Cardano, which has historically relied on Japanese investors for funding. The community is treating this decision not just as a business partnership but as a symbolic defeat.

Cardano founder Charles Hoskinson responded to criticism by stating that business development should be the responsibility of the community, not a specific individual. He emphasized that commercial negotiating authority for Cardano is not held exclusively by him or IOG (Input Output Global), the project's developer. Hoskinson argued that the community must use the Treasury, a shared pool of funds operated through on-chain governance, to pursue major business or strategic partnerships.

Hoskinson also pushed back against claims that he should personally step in to secure partnerships, saying those making that argument must first show whether he has legal and institutional authority. He stressed the principle of decentralisation and argued that Cardano's commercial success is a task that all token holders must build together, not a single leader.

The dispute highlights differences in governance structures between Cardano and Solana. While Solana moves quickly on corporate partnerships through a relatively centralised foundation-led structure, Cardano relies on on-chain voting procedures for most business efforts and spending. This has led to criticism that the two differ in decision-making speed and ability to execute even when securing major business opportunities.