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Charles Hoskinson Discloses Key Elements of Cardano's Ecosystem Growth

Mon, 05/16/2022 - 11:47
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Tomiwabold Olajide
Currently, 937 projects are being built on Cardano, up from 925 previously
Charles Hoskinson Discloses Key Elements of Cardano's Ecosystem Growth
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Charles Hoskinson, IOHK CEO, has once again stated that Cardano has no secrets while responding to critics calling ADA an "obfuscated scam." Concerns about stablecoins and cryptocurrencies have been expressed in the aftermath of the UST "death spiral," which saw the Terra ecosystem collapse.

Concerns about Cardano's ecosystem being a bit lacking have recently resurfaced. While ADA is valued at over $19.41 billion, its DeFi ecosystem has a total value locked (TVL) of over $137 million (without staking of governance assets), and critics argue that Terra's ecosystem had a TVL of over $30 billion at its peak.

To this end, Charles Hoskinson discloses what might be deemed the key elements contributing to Cardano's ecosystem growth: "Years of progress, building, and a massive community."

Currently, 937 projects are being built on Cardano, up from 925 previously. Eighty-four projects have recently launched on Cardano, while the number of NFT projects is up to 5,549. For the past week, Github connects totaled 2,609, while Cardano native tokens have risen to 4.7 million, per recent statistics shared by IOHK.

Vasil hard fork remains on schedule

Cardano founder Charles Hoskinson has stated that the Vasil Hard Fork remains on track. Cardano and its smart contract platform, Plutus, are set to undergo significant enhancements in the Vasil Hard Fork slated for June 29. To that end, IOHK hints that the testnet could go live by the end of May.

The upcoming Vasil update will introduce four different CIPs: CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts) and CIP-40 (Collateral Outputs), as shared by IOHK.

Over the weekend, on-chain analytics firm Santiment reported a flurry of whale transactions for the eighth largest cryptocurrency, Cardano ADA, stating, "Cardano's whales showed a flurry of transactions yesterday as prices were bottoming out to $0.40, between 8 am and 12 pm UTC. These spikes have very commonly indicated price direction changes for ADA, and we’re monitoring further whale activity closely."

ADA trades up 4% at $0.56 at the time of writing.

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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.