cardano founder Charles Hoskinson shared his comment on the growth of the Cardano ecosystem in a recent tweet and stated that many decentralized applications on the ADA platform will be released after the Vasil hard fork.
Cardano Ecosystem Ranks Low Among DeFi Platforms
According to DeFi Llama data, Cardano currently ranks 28th among the world’s largest decentralized finance (DeFi) platforms, well behind. ISLAND Although the total locked value (TVL) on altcoin ecosystem is still far from catching other big “Ethereum killers” like Terra, BSC, Avalanche and Solana.
Currently, the number of applications running on Cardano does not exceed the fingers of one hand. The first decentralized exchange launched on the ADA mainnet was MuesliSwap in December. After that, SundaeSwap, perhaps the most anticipated ADA project, made a controversial debut with users experiencing numerous technical problems. Currently, $114.35 million of assets are locked in the leading ADA decentralized exchange. However, Minswap, which was released earlier this week, reached $ 63.72 million.
Update Marked by Charles Hoskinson Coming in June
It is known that there are many applications waiting to migrate to the mainnet on the “pipeline”, one of the consensus layers of ADA.
The Vasil update in question is named after Bulgarian mathematician Vasil Dabov, who is a key member of the ADA ecosystem.
What most also don’t understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL https://t.co/mMHxwRrF96
— Charles Hoskinson (@IOHK_Charles) March 12, 2022
The Vasil update is expected to go live next June.
“Pipelining” owned by Cardano is known as a scaling solution that speeds up the transactions applied while distributing blocks, thus helping to reduce the “dead time” between them.
*Not investment advice.