“I was wrong” about using DApps

The co-founder of the Cardano blockchain, Charles Hoskinson has admitted that his July 2020 forecast for the number of DApps reaching the blockchain has not yet come true..TO

Referring to his famous July 2020 tweet, Hoskinson tweeted on March 23: “Remember when I predicted that there would be thousands of assets and DApps on Cardano? Well, I was wrong.”.

Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, native assets are now being issued in the millions and DApps are now in the hundreds. #Slow and steady https://t.co/mK4So6NHa1

— Charles Hoskinson (@IOHK_Charles) March 23, 2022

Remember when I predicted there would be thousands of assets and DApps on Cardano? Well, I was wrong, there are now millions of native assets being issued and the number of DApps is in the hundreds. #SlowAndSteady https://t.co/mK4So6NHa1

However, he may have misremembered his own tweet since then in July 2020 it was predicted that by 2021 there would be “hundreds of assets and thousands of DApps” on Cardano (ADA)..

Although the number of assets seems to have overcome its predictions for 2022 thanks to the new minting protocols for non-fungible tokens (NFT), The number of decentralized applications running on the network is not that impressive.

The decentralized financial analysis platform DeFiLlama tracks just seven Cardano-powered DApps and a total of $315.72 million in Total Value Locked (TVL), excluding staked governance tokens. Two of these DApps have 0 TVL from governance tokens.

Hoskinson believeTo what Developers are waiting for the launch of the Vasil hard fork update on Cardano, scheduled for this June, to kickstart their projects.

According to the main tracker of the Cardano ecosystem, Cardano Cube, There are 579 DApps in different stages of development.

What most don’t understand either is that many Cardano DApps are waiting for the Vasil hard fork to start in June to benefit from pipelining. So it seems we haven’t seen anything on TVL https://t.co/mMHxwRrF96 yet

— Charles Hoskinson (@IOHK_Charles) March 12, 2022

What is also not understood by most is that many Cardano DApps are waiting for the release of the Vasil hard fork in June to benefit from the pipelining. So it looks like we haven’t seen anything on TVL yet https://t.co/mMHxwRrF96

While the data contradicts some of Hoskinson’s lofty 2020 predictions, they do confirm it The Cardano ecosystem has grown steadily so far in 2022. The launch of decentralized exchange SundaeSwap (DEX) on Jan. 21 helped trigger a huge surge in total locked value (TVL).. Prior to launch, Cardano’s TVL surged more than 24 times, surging from $3 million to $87.7 in a single day from Jan. 20-21, according to DeFiLlama.

Including the value of staked tokens, the ecosystem TVL is now at an all-time high of $315.7 million, with Minswap DEX leading all other dApps at $195.2 million. This makes Cardano TVL’s 25th largest blockchain network. If the value of staked governance tokens is counted, Cardano’s TVL is approximately $421.5 million.

Despite Cardano’s growth this year, the network’s TVL still pales in comparison to its DeFi Layer 1 peers like Ethereum (ETH) and Solana (SOL).. The two chains are worth a whopping $137.3 billion and $7.2 billion, respectively, according to DeFiLlama.

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