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Charles Hoskinson Responds to Criticism of Cardano’s Decentralized Finance System…Details Here

Charles Hoskinson Responds to Criticism of Cardano’s Decentralized Finance System…Details Here

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Answer Charles Hoskinson Responds to Criticism of Cardano’s Decentralized Finance System…Details Here

Charles Hoskinson, founder of Cardano Reply on critics.

This time, the response was directed to Emin Gün Sirer, founder and CEO of Avalabs, which oversees the Avalanche blockchain, who criticized the slow pace of growth in Cardano’s DeFi ecosystem, and TVL’s locked value.

According to DefiLlama, Cardano’s total insured value is currently $298.27 million.

Without the inclusion of governance tokens in the TVL valuation, Cardano’s TVL is valued at approximately $219.42 million.

TVL Total Locked Value refers to the total value of crypto assets deposited in a Decentralized Finance (DeFi) protocol or in DeFi protocols.

Cardano has seen steady growth in TVL since January, following the launch of the “Sundaeswap” and “Minswap” projects, to which TVL contributed significantly.

Read:Coinbase glitch exposes registration data of more than 3,400 customers to leak

Already the all-time high of $434.74 million closed on Cardano, which was reached on March 28, Cardano has seen a growth of nearly 50,000% of TVL since the start of 2022.

Despite the growth, Cardano is far from catching up with other major Ethereum “killers” such as Terra and Solana.

According to DefiLlama’s ranking of decentralized finance platforms, Cardano is currently ranked 28th.

Cardano founder Charles Hoskinson previously justified and explained the apparent delay in growth because many decentralized applications (dApps) are waiting for the Vasil split to take advantage of it.

At the moment, there are 10 dApps that contribute to the total value locked on Cardano.

“MuesliSwap” became the first decentralized trading platform to be launched on the mainnet in late December.

“Sundaeswap” launched in January, while “MinSwap” debuted in March.

In recent updates by IOHK, nearly 900 projects are currently being built in Cardano, with DEX trading platforms making up nearly 4%.

Read:Learn about the details of Ripple’s partnership with “MoneyGram”

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