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Cardano Founder Says with Over 500 Projects Building on Cardano, a Surge Might Be on the Way: Details

Tue, 03/15/2022 - 12:04
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Tomiwabold Olajide
The network has hit several milestones in recent months
Cardano Founder Says with Over 500 Projects Building on Cardano, a Surge Might Be on the Way: Details
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In response to a tweet that spoke of over 517 projects now building on the Cardano ecosystem, Cardano founder Charles Hoskinson hints that an explosion in the number of dApps might be underway.

The IOHK CEO says, ''A large wave will come after June when the Vasil hard fork happens.''

As reported previously by U.Today, the Cardano founder gave a similar response while hinting that the growth in total value locked (TVL) might just be getting started. 

The upgrade in question appears to be named after Vasil Dabov, the late Bulgarian mathematician who was a prominent member of the Cardano community. The upgrade is expected to take place this June.

With over 517 projects building on Cardano, the network has hit several milestones in recent months - for instance in total value locked (TVL). The overall value of crypto assets placed in a decentralized finance (DeFi) system - or DeFi protocols in general - is referred to as total value locked (TVL).

According to data from DefiLlama, the total value locked in the Cardano ecosystem is currently $192.5 million. The DefiLlama dashboard demonstrates that Cardano's TVL is substantially higher when staked governance tokens are included in the TVL valuation. With the inclusion, Cardano's TVL now stands at about $275.9 million.

What to expect in the June hard fork event

IOHK indicated in a blog post that it intends to group multiple code releases to improve delivery predictability for the Cardano ecosystem as more decentralized apps (DApps) and exchanges (DEXs) launch in the coming months.

The company says it plans to roll out a slew of scaling improvements in 2022, with an emphasis on hard fork combinator (HFC) events in June and October. Pipelining, new Plutus CIPs, UTXO on-disk storage and Hydra are among the core parts of its scaling plan. In the context of Cardano, a hard fork combinator is meant to allow the combination of multiple protocols, without requiring significant changes.

When paired with parameter adjustments, these improvements aim to increase Cardano's throughput and optimize the system to handle an increasing number of decentralized finance (DeFi) apps, smart contracts and DEXs.

Although the groundwork for future improvements in the Cardano ecosystem has been built, the ADA price has failed to catch up. ADA is currently trading at $0.79, down 75% from its all-time high of $3.10.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.