A (good) monumental blunder — Charles Hoskinson is the co-founder of the Ethereum (ETH) network in 2013, as well as the main founder of Cardano (ADA) since 2014. We have recently witnessed significant “whale” investors amassing ADA. However, it turns out that Charles Hoskinson was gravely incorrect regarding the effectiveness of his blockchain network (but for the better, as we will see).
IN ADDITION TO ADA, THERE ARE ALREADY 4 MILLION DIFFERENT TOKENS.
It’s been just over a year since the Cardano network went multi-asset, which means it now accepts tokens other than its native coin, ADA. The option to generate digital tokens on Cardano was introduced with the Mary upgrade on March 1, 2021.
Smart contracts, which enable the building of decentralized apps (DApps), emerged a few months later, on September 12, 2021, with the Alonzo upgrade.
Long before any of this, in July 2020, Cardano creator Charles Hoskinson took a bold gamble on the amount of coins and DApps that would join the network. Finally, he was incorrect in drastically underestimating the success of this blockchain:
“Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps are already in the hundreds. Slowly but surely. »
CARDANO CHALLENGE ABOUT TO EXPLODE WITH VASIL UPDATE?
According to the statistics supplied by Charles Hoskinson, Cardano already has approximately 4 million individual assets with nearly 50,000 distinct minting (issuance) attributes.
According to DeFiLlama statistics reported by Cointelegraph, decentralized finance (DeFi) DApps on Cardano would still be fairly minor in comparison to rivals on other blockchains. The total value locked (TVL) on Charles Hoskinson’s network is reported to be roughly $315 million — the Terra Project (LUNA) blockchain, for example, has $20 billion of TVL.
According to Charles Hoskinson, TVL on Cardano would be in its early stages. Indeed, IOHK’s CEO believes that many DApps in development are anticipating the Vasil hard fork in June 2022. This version will include the “pipelining” innovation, which should significantly boost the number of transactions per second.
“What most also don’t understand is that many DApps on Cardano are waiting for the Vasil update to launch in June, to benefit from pipelining. So it looks like we haven’t seen anything yet for TVL [on the ADA network]. »
Even if the Cardano project appears to be a replication of the tale of the hare and the tortoise, it occasionally has some pleasant surprises in store for us. We observed 1.5 billion ADA tokens staked to create passive revenue a few days ago, and this in less than 12 hours!