“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.”.

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)..

“I was wrong” about using DApps
“I was wrong” about using DApps

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.

Cardano DApps are tracked by DeFiLlama.

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

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.

Cardano TVL has seen a steady increase throughout 2022. Source: 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.

Clarification: The information and/or opinions expressed in this article do not necessarily reflect the views or editorial line of Cointelegraph. The information contained herein should not be construed as financial advice or investment recommendation. All investment and trading movements involve risk and it is the responsibility of each person to conduct their proper research before making any investment decision.

Similar Posts