- Cardano founder Charles Hoskinson has defended the protocol’s honor against critics.
- The scalability of Cardano is showing as the price hits 5.23% WTD growth.
Charles Hoskinson, the founder of the Cardano blockchain, has recently taken a decisive stance against critics who questioned the protocol’s ability to handle full blocks.
In a bold statement, he emphasized Cardano’s impressive growth, pointing out that the network is not only handling current loads but also has great potential for optimization and scalability. Hoskinson’s confidence is backed by tangible achievements and statistics that showcase Cardano’s rise, even in the face of adversity.
Cardano Protocol’s Recent Performance
As of the time of writing, Cardano’s (ADA) price has seen a commendable 5.23% increase in the past 7 days, outperforming Bitcoin (BTC) and Ethereum (ETH). ADA is now trading at $0.5901, with market capitalization pegged at $20.8 billion.
This surge in value is not just speculative as Cardano has recently surpassed both Bitcoin and Ethereum in on-chain transaction activity within 24 hours. The on-chain transaction volume for Cardano reached an impressive $23.56 billion, overshadowing Bitcoin’s $13.09 billion and Ethereum’s $5.06 billion on December 13.
Addressing concerns about Cardano’s full blocks, Hoskinson dismissed the notion of overload, stating that the network is operating within its designed capacity. He further asserted that Cardano’s success has been achieved without the support of venture capital firms, crypto media, or influencers. Hoskinson proudly emphasized the growth of the Cardano community, drawing parallels with Bitcoin’s organic growth.
I can't help but watch with glee all the concerns floating around about Cardano's blocks being too full. I recall the ghostchain narrative for years, the no use and utility. Suddenly we are too busy?
In reality, Cardano is designed to operate at these loads and there is a huge…
— Charles Hoskinson (@IOHK_Charles) December 18, 2023
Hoskinson’s emphasis on organic community growth was echoed by Romain Pellerin, the CTO at Input Output HK, the engineering firm behind Cardano. Pellerin highlighted ongoing research and development in community-centered innovations, such as Partnerchains and tiered pricing, indicating a commitment to sustained growth.
Cardano’s foray into Decentralized Finance (DeFi) has been nothing short of remarkable. Despite being criticized and facing strong competition from the likes of Ethereum and Solana, Cardano has witnessed a substantial increase in Total Value Locked (TVL) in DeFi protocols.
DeFiLlama’s statistics reveal a staggering 180.64% increase in Cardano’s TVL from $188.65 million in October to $431.44 million in December.
Key Drivers of DeFi Growth
The success of DeFi is attributed to innovative protocols within Cardano’s ecosystem, notably Indigo, a decentralized synthetic asset protocol, with a TVL of $102.72 million. Other contributors include the decentralized lending protocol Liqwid and the decentralized exchange Minswap, with TVLs of $47.86 million and $94.67 million, respectively. These developments highlight the effectiveness of Cardano’s ecosystem in driving growth.
Furthermore, Cardano’s journey to success took a pivotal turn with the Alonzo hardfork, introducing smart contract capabilities. Since then, the platform has seen notable advancements in the DeFi field.
Meanwhile, Analyst Tyler Strejilevich’s bold projection for the price of ADA has piqued the interest of crypto enthusiasts. Strejilevich’s research is based on the re-emergence of a bullish weekly cross pattern similar to the one witnessed in June 2020, when ADA increased by an incredible 6,000%.
