Charles Hoskinson, the founder of the Cardano blockchain, has come to the defense of the protocol against critics who doubted its ability to handle full blocks. Hoskinson confidently stated that Cardano has shown impressive growth and has the potential for optimization and scalability. He backed up his claims with tangible achievements and statistics that demonstrate Cardano’s rise in the face of adversity.
One notable achievement is the recent increase in Cardano’s price, which has seen a commendable 5.23% growth in the past 7 days. This growth has outperformed both Bitcoin and Ethereum. Cardano is currently trading at $0.5901, with a market capitalization of $20.8 billion.
Furthermore, Cardano has surpassed both Bitcoin and Ethereum in on-chain transaction activity within 24 hours. The on-chain transaction volume for Cardano reached an impressive $23.56 billion on December 13, overshadowing Bitcoin and Ethereum.
Addressing concerns about Cardano’s full blocks, Hoskinson dismissed the idea of overload, stating that the network is operating within its designed capacity. He also highlighted the organic growth of the Cardano community, drawing parallels with the growth of Bitcoin.
Romain Pellerin, the CTO at Input Output HK, echoed Hoskinson’s emphasis on organic community growth and highlighted ongoing research and development in community-centered innovations.
Cardano’s foray into Decentralized Finance (DeFi) has also been remarkable. Despite facing competition from Ethereum and Solana, Cardano has seen a substantial increase in Total Value Locked (TVL) in DeFi protocols. The TVL for Cardano has increased by 180.64% from October to December.
The success of Cardano’s DeFi ecosystem can be attributed to innovative protocols such as Indigo, Liqwid, and Minswap. These protocols have contributed to the growth of Cardano’s ecosystem.
Cardano’s journey to success took a pivotal turn with the Alonzo hardfork, which introduced smart contract capabilities. Since then, the platform has made notable advancements in the DeFi field.
Analyst Tyler Strejilevich’s projection for the price of ADA has also caught the attention of crypto enthusiasts. Strejilevich’s research is based on a bullish weekly cross pattern similar to the one witnessed in June 2020, when ADA increased by an incredible 6,000%.
In conclusion, Cardano has shown impressive growth and potential for optimization and scalability. It has surpassed Bitcoin and Ethereum in on-chain transaction activity and has seen significant growth in DeFi. The Cardano community’s organic growth and ongoing research and development efforts contribute to its success.