Hoskinson: Input Output Is No Longer Cardano First

Input Output no longer treats Cardano as the automatic first and permanent home for its commercial products, according to Charles Hoskinson. The Cardano founder outlined a multichain approach, with ventures deploying on the networks best suited to their requirements rather than committing exclusively to one ecosystem.

Input Output Chooses Networks by Product Fit

“We’re no longer operating under a deploy on Cardano first and forever mindset,” Hoskinson said.

He described Input Output as a venture studio developing businesses across Cardano, Midnight and other networks. Deployment decisions, he explained, will follow the technology and commercial conditions each product needs.

Hoskinson linked this flexibility to the rejection of treasury funding for individual commercial initiatives. He said the community had been offered participation in their success, but ventures proceeding without that financing would retain control over where they operate.

Cardano remains his preferred technical choice for certain Bitcoin DeFi applications because of the relationship between the two networks’ UTxO architectures. Other products, he said, may require different infrastructure.

Pogun and the Proposed Cardano Treasury Return

Pogun provides a concrete example. The project is developing credit infrastructure that would let users borrow against BTC through direct agreements with lenders. Its Bitcoin collateral service remains in development.

Its original proposal requested 12.29 million ADA from the Cardano treasury to develop a credit market, a yield application and a Bitcoin bridge. It proposed returning 20% of earnings to the treasury until full repayment, followed by a perpetual 5% contribution on Cardano-related products.

Hoskinson said the rejection had not stopped development. He had already discussed the proposed financial relationship in June, describing it as a commercial agreement rather than a prerequisite for building the product.

Cardano Activity Without Commercial Exclusivity

Hoskinson explicitly rejected the interpretation that he had given up on Cardano. He said he remained one of the largest ADA holders and described the network as independent of its founder, with other organizations taking on development and governance responsibilities.

He also said Leios remained on schedule and that he expected Pogun to launch within the next 90 days, without specifying whether that timeframe covered every component.

Under the arrangement Hoskinson described, Cardano would still receive transaction fees from Pogun’s activity on the network and could attract additional liquidity and volume. Its treasury, however, would not receive the proposed share of business earnings, and Pogun would remain free to direct activity toward competing networks.