Speaking at the Financial Times Crypto and Digital Assets Summit, Cardano founder Charles Hoskinson said that the crypto industry “has never been stronger in terms of its offerings to the tradfi [traditional finance] marketplace and to the world as a whole,” but that recent collapses such as FTX have demonstrated the need for decentralization and proof of reserves.

“The failures we’re having aren’t failures of protocols, aren’t failures of DeFi,” Hoskinson said. “They’re failures of trust, they’re failures of regulation, they’re failures of people.”