Cardano Founder Celebrates Network Growth
Cardano, a decentralized finance (DeFi) network, has experienced significant growth in recent weeks, leading to an increase in daily transactions. Charles Hoskison, the founder of Cardano, has celebrated the network’s achievements as it continues to expand.
Cardano Overcomes Zombie Chain Label
Previously referred to as a “zombie chain” due to its low transaction volume compared to other networks, Cardano has seen a surge in activity alongside the rising price of its native token, ADA.
The community’s concerns about insufficient activity have shifted to blocks on the blockchain becoming too full. Hoskison expressed his delight about this development on social media, mocking those who previously dismissed Cardano as a ghost chain without any use case or utility.
Designed for High Activity
Hoskison emphasized that Cardano was designed to handle high loads and optimize the network and decentralized applications (DApps) for scalability in both the short and long term. He highlighted that Cardano’s growth is driven by community engagement rather than support from venture capitalists, media, or influencers.
ADA Thrives Amid DeFi Adoption
After a challenging year, Cardano is now experiencing increased adoption in decentralized finance. The network’s Total Value Locked (TVL) has risen significantly over the past two months, reaching over $550 million in December.
The growth of ADA staked on the network correlates with the token’s price surge of over 100% in two months. Although there has been a recent decline in ADA’s value, it remains one of the top cryptocurrencies by market cap.
Hot Take: Cardano’s Organic Growth Mirrors Bitcoin’s Success
Cardano’s recent growth and engagement without support from external entities mirrors the organic growth experienced by Bitcoin. The network’s ability to handle increased activity and its community-driven development are key factors contributing to Cardano’s success in the DeFi space.
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