Cardano Founder to Critics, “We are Winning,” Just like Bitcoin
Charles Hoskinson, the founder of Cardano layer-1 protocol has directed one of his latest posts on the X app to the network’s critics, touting the scalability of the network while comparing its win to that of flagship cryptocurrency Bitcoin (BTC).
Hoskinson Reiterates Cardano’s Scalability
Hoskinson started by recalling a time when there were concerns about Cardano’s blocks being too full as well as when there was a ghost chain narrative that the blockchain has no utility. Compared to this former outlook, Cardano has gotten busy over time, hitting milestones and increasing its functionalities.
“In reality, Cardano is designed to operate at these loads and there is a huge design space to optimize the network and DApps for more scale both in the short term and long term,” he added “We are winning and did it without VCs, the crypto media, or influencers. Just good old fashion community growth and engagement, just like Bitcoin did.”
In light of this growth, Cardano reported a significant jump in its Total Value Locked (TVL) a few days ago. Data from DefiLlama showed that Cardano TVL had a parabolic surge from $188.65 million as of October 17 to $529.42 million on December 15, accounting for an increase of up to 180% in this time span.
This shows the amount of effort put into attracting such liquidity to the network.
Cardano Outperforming its Counterparts
The DeFiLlama ranking also positions Cardano alongside other top-ranking Decentralized Finance (DeFi) networks like Ethereum (ETH) and Solana (SOL) in TVL.
Overall, it brings Cardano to the 12th position in the DeFi ecosystem. Indigo, a decentralized non-custodial synthetic assets protocol, Minswap and Liqwid, a decentralized lending protocol were notable contributors to this increased liquidity with contributions of $120.2 million, $103.77 million, and $60.18 million respectively.
In terms of the value of the coin, ADA has outperformed most of its counterparts and ranked among the top ten by market capitalization. At the time of this writing, ADA is trading at $0.5753 with a market capitalization above $23 billion. Whales have been quite active on the Cardano blockchain for many weeks now, triggering the price rally.
Considering these milestones, Hoskinson seems to have a basis for his jab at critics.
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