Charles Hoskinson, the founder of the Cardano blockchain has revealed that the popular smart contract-enabled platform is getting real adoption despite the prevailing negative economic and regulatory conditions. This impressive Cardano adoption is evident in the surging total value locked (TVL) on the blockchain network.
Making a comparison to the Bitcoin blockchain, Hoskinson noted that the Cardano ecosystem is growing in a decentralized way, shading off claims of network centralization and zero institutional interest in ADA from non-community members.
He wrote, “Lots of noise in crypto. Look for the signal. Cardano is getting real adoption and growing as an ecosystem under the harshest conditions our industry knows. Like Bitcoin, this is being done in a completely decentralized way.”
This comment came in response to a tweet from a community member Chris O. The user highlighted the growth of the Cardano ecosystem in comparison to other top blockchains such as Ethereum, BNB Smart Chain and Polygon, etc.
According to Chris, Cardano has the fastest-growing decentralized finance (DeFi) ecosystem in terms of Total Value Locked (TVL). In addition, he noted that several institutions such as Grayscale, 21Shares and WisdomTree amongst others have demonstrated high interest in ADA.
21shares Cardano ETP https://t.co/uPRZ0gu9d5
— Chris O (@TheOCcryptobro) June 28, 2023
Cardano TVL Surges 148% in 6 Months
Notably, between January 2023 and June 2023, Cardano’s TVL increased by 148%, which is greater than the TVL of any other blockchain network.
As shown on the Spreadsheet shared by Chris on Wednesday, Cardano’s TVL stood at 265,000,000 ADA as of January 2023. Interestingly, it has risen to 657,000,000 ADA as of June 2023, indicating a growing adoption of the project by institutions and individuals alike.
Data on the world’s leading multi-chain DeFi aggregator DeFi Llama corroborates these figures. However, the data analytic platform shows that Cardano’s TVL stood at 263.19 million ADA on January 1, 2023. At the time of writing, DeFi Llama shows an increase in the ecosystem’s TVL to 681.21 million ADA.