Charles Hoskinson, Co-Founder and CEO of Cardano IO Global (a.k.a. “IOG,” formerly “IOHK”), the company in charge of Cardano research and development, discussed the use of TVL in Cardano-powered Defi protocols on Saturday (March 12).
Hoskinson’s comments came in response to a $ADA HODler’s tweet about Cardano’s Total Value Locked (TVL), or the total amount of funds locked into the Defi protocol’s Defi protocols.
According to the IOG CEO, many Cardano DeFi applications are looking forward to the Vasil hard fork combinator (HFC) event, which is expected to take place in June, and once it does, Cardano’s TVL should see even more impressive growth.
Hoskinson announced on December 10, 2021, that the June hard fork would be named after his recently deceased Bulgarian friend and Cardano ambassador Vasil Dabov. Labov has worked as a blockchain consultant, Haskell developer, and gynecologist in the past.
IOG Described The Changes That Could Occur During The June And October Hard Fork Events In A Blog Post On February 28:
“Our February release is just the beginning. Throughout 2022, we will implement a variety of scaling enhancements, with a focus on hard fork combinator (HFC) events in June and October.
Pipelining, new Plutus CIPs, UTXO on-disk storage, and Hydra are all critical components of our scaling strategy. These features, when combined with parameter adjustments, will increase.
Cardano’s throughput and optimize the system to support an expanding range of decentralized finance (DeFi) applications, smart contracts, and decentralized exchanges (DEXs).”
“In addition, as discussed on our recent Cardano360 February show, IOG is working on a slew of new products and features, including a DApp store and a new light wallet, as well as Mithril fast sync and sidechains.”
Meanwhile, an incredible community contributes new decentralized applications, services, websites, tools, and APIs to ensure the decentralized ecosystem’s continued health.”
Cardano’s TVL Has Increased Significantly This Year
According to DeiLlama, Cardano’s TVL is currently around $187.59 million in USD, a significant increase from the $822,261 recorded at the start of the year.
The fact that the volume is derived from only four of Cardano’s six decentralized exchanges (DEXs) is an intriguing aspect of the data.
While only six decentralized exchanges have launched on Cardano to date, more are developing trading platforms in anticipation of a full launch on the platform.
Cardano’s Adoption is Growing
According to Cardano’s founder, who was accused of falsifying his educational credentials, the network will release a number of significant upgrades in the coming months, potentially increasing the value of its native cryptocurrency ADA.
Cardano’s widespread adoption in recent years has been aided by this assurance, with whales leading the way. Cardano whales with between 100,000 and one million ADA recently purchased a whopping 16 million ADA.
According to Coingecko data, a unit of ADA is currently trading at around $0.81, up 1.8 percent in the last 24 hours.
Read More : What Comes Next Following Biden’s Crypto Order?