Hoskinson Highlights Cardano’s Scalability
Charles Hoskinson, the founder of Cardano layer-1 protocol, recently addressed the network’s critics and emphasized its scalability. He pointed out that in the past, there were concerns about Cardano’s blocks being too full and claims that the blockchain had no utility. However, Cardano has made significant progress over time, achieving milestones and expanding its functionalities. According to Hoskinson, Cardano is designed to handle high loads, and there is ample room for optimizing the network and decentralized applications (DApps) for greater scalability in both the short and long term. He compared Cardano’s growth to that of Bitcoin, highlighting the role of community growth and engagement.
Cardano’s Surge in Total Value Locked
Cardano recently witnessed a substantial increase in its Total Value Locked (TVL). Data from DefiLlama revealed that Cardano’s TVL surged from $188.65 million on October 17 to $529.42 million on December 15, representing a significant jump of approximately 180% within this period. This surge in TVL demonstrates the efforts made to attract liquidity to the network.
Cardano Ranks Among Top DeFi Networks
Cardano’s rise in TVL has positioned it alongside other leading decentralized finance (DeFi) networks like Ethereum and Solana. In terms of the DeFi ecosystem, Cardano now holds the 12th position. Notable contributors to this increased liquidity include Indigo, Minswap, and Liqwid with contributions of $120.2 million, $103.77 million, and $60.18 million respectively.
ADA’s Strong Performance
In addition to its growing TVL, ADA, the native cryptocurrency of Cardano, has outperformed many of its counterparts and currently ranks among the top ten by market capitalization. At the time of writing, ADA is trading at $0.5753 with a market capitalization exceeding $23 billion. The activity of whales on the Cardano blockchain has also contributed to the recent price rally.
Hot Take: Hoskinson Silences Critics with Cardano’s Success
With Cardano’s significant milestones and achievements, Charles Hoskinson’s response to critics seems well-founded. The network’s scalability, surge in TVL, and strong performance demonstrate its ability to compete with other leading blockchain networks in the DeFi space. Cardano’s growth without major support from VCs, crypto media, or influencers further solidifies its success story. As Cardano continues to evolve and attract more liquidity, it remains a promising project in the cryptocurrency industry.
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