Cardano founder Charles Hoskinson has renewed his demand for the US exchange Gemini to list the ADA token . this long-standing dispute highlights a growing tension between cryptocurrency developers and major centralized exchanges regarding asset accessibility.
The $70 million revenue hole in Gemini's portfolio
The financial cost of Gemini's decision to exclude ADA is estimated by Hoskinson to be approximately $70 million in lost revenue. according to the report, the Cardano founder believes the exchange is actively bleeding potential income by failing to facilitate trading for one of the industry's prominent assets.
This dispute is not a new development, as the tension between Cardano's leadership and Gemini has persisted for several years. The standoff highlights a broader tension in the digital asset industry between aggressive listing strategies and the cautious approach favored by many US-based platforms.
How Binance and Coinbase are capturing Cardano's volume
Competitors such as Binance and Coinbase are currently benefiting from the absence of ADA on the Gemini platform. Because these rival exchanges support the Cardano ecosystem, they are capturing the trading volume and transaction fees that would otherwise flow through Gemini.
By sidelining ADA, Gemini may be inadvertently handing market share to its largest global competitors. As the source reported, Hoskinson specifically pointed to the profitability of Binance and Coinbase as evidence that the demand for ADA remains high and underserved by Gemini.
The "Wen ADA?" campaign and Hoskinson's public pressure
Hoskinson used a recent public appearance to signal his frustration by holding up a handwritten sign that read "Wen ADA?" This tactic is part of a broader effort to keep the listing issue in the public eye and pressure Gemini's leadership.
The founder of Cardano has moved beyond private negotiations, opting instead for high-visibility demonstrations. This shift toward public campaigning suggests that the relationship between the Cardano community and Gemini has reached a point of significant friction.
Gemini's regulatory and liquidity hurdles for ADA
Gemini maintains a specific set of standards for asset listings, including maturity, liquidity, utility, and regulatory considerations. These criteria are used to ensure that any new token added to the exchange meets the platform's internal risk and compliance benchmarks.
It remains unverified whether Gemini's refusal to list ADA is strictly due to these regulatory or liquidity concerns. additionally,the source does not provide a response from Gemini regarding the $70 million revenue claim, leaving it unclear if the exchange views the omission as a strategic choice or a regulatory necessity.
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