Cardano’s total value locked is currently $298.27 million
Founder of Cardan Charles Hoskinson responded to criticism, this time around Emin Gün Sirer, founder and CEO of Avalanche’s Avalabs. The latter had criticized the slow growth of Cardano’s DeFi ecosystem, as evidenced by its TVL.
According to DefiLlama, Cardano’s total value locked is currently $298.27 million. Without the inclusion of staked governance tokens in the TVL valuation, Cardano’s TVL stands at about $219.42 million.
Total value locked (TVL) refers to the total value of crypto assets deposited in a decentralized finance (DeFi) protocol or DeFi protocols. Cardano has seen steady TVL growth from January, after the launch of the Sundaeswap and Minswap projects, which have contributed immensely to its TVL.
Taken from all-time highs of $434.74 million in TVL reached on March 28, Cardano has seen nearly 50,000% growth in TVL since the start of 2022. Despite the growth, Cardano is far from catching up with other major “Ethereum killers” such as Terra, Avalanche and Solana.
According to the DefiLlama ranking of decentralized financial platforms, Cardano currently occupies a distant 28th place.
As previously covered by U.Today, Cardano founder Charles Hoskinson explains the seeming delay in growth because many decentralized applications (dApps) are waiting for the Vasil hard fork to benefit from pipelining.
The pipeline is a scaling solution that speeds up the process of distributing blocks, thereby significantly reducing the “dead time” between them. This would allow more aggressive changes such as benchmark scripts to be implemented, which could significantly increase the blockchain.
Presently, there are currently 10 dApps contributing to the total value locked on Cardano. MuesliSwap became the first decentralized exchange to launch on the mainnet in late December. Sundaeswap launched in January, while MinSwap made its debut in March.
In recent updates of IOHKnearly 900 projects are currently being built on Cardano, with DEXs making up almost 4%.
