cardano founder Charles Hoskinson Critics have responded – this time around Avalanche’s founder and CEO Emin Gunn Sirer. The latter criticized the slow pace of development on Cardano’s DeFi ecosystem, as reflected in its TVL.
That feeling when you deploy your huge premiere to boost your TVL https://t.co/ksoyE9k7DD pic.twitter.com/ownQFQWJmz
— Charles Hoskinson (@IOHK_Charles) April 9, 2022
According to Defilama, the net worth of Cardano is currently $298.27 million. Without including staking governance tokens in the TVL valuation, Cardano’s TVL is approximately $219.42 million.
Total Value Locked (TVL) refers to the total value of crypto assets stored in a decentralized finance (DeFi) protocol—or DeFi protocol. Cardano has seen a steady increase in TVL since January following the launch of the Sundaeswap and Minswap projects, which has contributed immensely to its TVL.
Taken from an all-time high of $434.74 million in TVL on March 28, Cardano has seen a nearly 50,000% increase in TVL since the start of 2022. Despite the development, Cardano is far from catching up with other major “Ethereum killers” such as Terra, Avalanche and Solana.
According to DefiLlama’s ranking of decentralized financial platforms, Cardano is currently ranked 28th.
As previously covered by U.Today, Cardano founder Charles Hoskinson explains the seeming delay in development as many decentralized applications (dApps) awaiting the Vasil hard fork to profit from pipelining.
Pipelining is a scaling solution that speeds up the process of distributing blocks, thus significantly reducing the “dead time” between them. This would make it possible to implement more aggressive changes such as context scripts, which could dramatically enhance the overall look of the blockchain.
Currently, 10 DApps currently contribute to the total value locked on Cardano. MuesliSwap became the first decentralized exchange to launch on the mainnet in late December. Sundaeswap launched in January, while MinSwap made its debut in March.
in recent updates IOHKAround 900 projects are currently being built on Cardano, with the DEX accounting for about 4%.