Many are admittedly experiencing a crisis of faith when it comes to Cardano’s price performance and DeFi progression. To get a better handle on what’s going on, here’s what some ecosystem stats reveal.
ADA-lts in the room
At the time of writing, ADA was trading at $0.81, after rising 1.97% in the past 24 hours and falling 0.42% in seven days. While this has been a source of concern to many in the Cardano community hoping for quick profits, others — including founder Charles Hoskinson — are confident that DeFi will take the project to new heights.
It started with a Twitter thread in which a self-described “ADA HODLer” shared a photo of Cardano’s rising total value locked [TVL]† Hoskinson added his opinion, claiming that more dApps would be launched after the Vasil hardfork in June. This, in turn, would reportedly strengthen the TVL.
Also, what most don’t understand is that many Cardano DApps are waiting for the June launch of the Vasil hardfork to take advantage of pipelining. So looks like we haven’t seen anything on TVL yet https://t.co/mMHxwRrF96
— Charles Hoskinson (@IOHK_Charles) March 12, 2022
Higher than hope?
At the time of writing, Cardano’s TVL was approximately $188.34 million, up 6.17% in 24 hours.
While certainly impressive in its own right, Cardano’s rank at TVL was 28, making it a very small share of TVL’s share.
In addition, the number of active Cardano addresses has decreased and is at around 126,343 at the time of writing.
To that end, what is the Vasil hard fork planned for June and why is it so important? According to an IOG report, the upcoming hard fork — named after Hoskinson’s late friend — will focus on a “series of scaling improvements.” Many of the changes will focus on improving the development of DeFi, DEXs and smart contracts. Pipelining is just one scaling method that is part of the overall plan for Cardano,
The message stated,
“…IOG is working on a large number of new products and features, from a DApp store and a new light wallet product to Mithril solution for high-speed sync and side chains.”
This explains why Hoskinson is confident that dApps and TVL will get a boost this summer.
Beatings will continue until morale improves
But one has to ask, how is the morale in the Cardano camp? Well, data from Santiment showed that weighted sentiment is still in negative zone as ADA price tends to move sideways.
However, a recent controversy has been the way Messari’s platform records Cardano’s transaction volumes [24h]† According to Messari’s statistics, Cardano’s transaction volume of $32.38 billion was ahead of Bitcoin and Ethereum combined.
Needless to say, many investors have used this to boost their confidence and courage.
This post Cardano: Why Hoskinson thinks ‘we haven’t seen anything on TVL yet’
was published first on https://ambcrypto.com/cardano-why-hoskinson-thinks-we-aint-seen-nothing-yet-on-tvl/