Cardano DeFi Ecosystem Hits 500 Million ADA in Total Value Locked (TVL)
The Cardano blockchain has achieved a major milestone by surpassing 500 million ADA in total value locked (TVL). This comes just a month after TapTools predicted a significant increase in the network's TVL. On-chain data shows that Minswap is the leading protocol on the network with a TVL of $55.56 million, followed by Indigo with $28.5 million locked. Despite the impressive TVL growth, the price of ADA has not been significantly impacted, with the cryptocurrency experiencing a steady decline in value over the past month. ADA currently ranks as the seventh-largest cryptocurrency with a total market cap of $12.79 billion.
Cardano Makes Strides in Smart Contracts and Scalability to Challenge Ethereum Dominance
Cardano, a blockchain platform often referred to as an "Ethereum killer," is making strides in smart contracts and scalability. The network, created in 2017, aims to challenge Ethereum's dominance in the dApp space with a focus on scalability, security, and energy efficiency. Recent developments such as Hydra and an increase in smart contracts have bolstered Cardano's position as a competitor to Ethereum. While Cardano still trails behind Ethereum in terms of adoption and dApp ecosystem, it has the potential to become a major player with continued progress and widespread adoption.
Charles Hoskinson Criticizes Ethereum Classic and Ledger Hardware Wallets in Candid Opinions
Charles Hoskinson, the creator of Cardano, has been vocal about his criticism of Ethereum Classic (ETC) and Ledger, a hardware wallet manufacturer.
Cardano Founder Charles Hoskinson Calls Ethereum Classic a Scam Project and Criticizes ETC Community's Decision to Exclude Ergo from Proof-of-Work Summit
Charles Hoskinson, the founder of Cardano (ADA), has criticized Ethereum Classic (ETC) as a scam project that serves only to allow insiders to take advantage of recruits with false hopes.
Cardano Founder Calls For “Decentralized Updates” Over Ledger Controversy
Charles Hoskinson, founder of Cardano, weighed in on the controversy surrounding Ledger's new firmware update, stressing the importance of open-source software that undergoes regular audits to enhance security and trust in the hardware wallet industry.
Cardano Approaches 400 Million ADA in DeFi Total Value Locked
Cardano's DeFi ecosystem is approaching a total value locked (TVL) of 400 million ADA, the native cryptocurrency of the Cardano network. The current TVL stands at 398.55 million ADA, while the TVL in USD is currently at $148.55 million.
Cardano Rises in DeFi Market with Tremendous Potential in ADA Ecosystem
Cardano has climbed to the 16th position in the DeFi market with a Total Value Locked (TVL) of $183.16 million, according to a report by DefiLlama. This puts it ahead of other chains such as Bitcoin and EOS. The TVL is denominated in ADA, which recently set a new all-time high of $504 million. Cardano's unique Proof of Stake model and introduction of smart contracts have enabled developers to build more DApps on the platform, which could lead to exponential growth in TVL. The asset currently has a support level of $0.349169 and a resistance level of $0.397221.
Cardano Adds Over 1,000 Smart Contracts Since Start of 2023
Cardano's development team has been actively working on improving the network's capabilities, and their recent addition of over 1,000 Plutus V1 smart contracts since the beginning of 2023 is a testament to their dedication and technological prowess. As of May 17, 2023, there were 5,776 Plutus V1 scripts on the Cardano network, compared to 4,718 recorded on January 1.
Cardano's Hydra TPS Capability Under Scrutiny as Developers Seek to Correct Misconceptions
Developers are working to correct misconceptions about the capabilities of Cardano Hydra Head. While it was previously thought that Hydra could process over one million transactions per second (TPS), it can actually only handle thousands of TPS. Each "Hydra head" is capable of processing 1000 TPS based on simulations, but the performance will scale up as more stake pools are added. The release of the first functional Mainnet version of Hydra was recently announced, and more upgrades are expected in the future. Despite the overhyped expectations, Hydra still offers increased throughput, minimized latency, and cost-efficient solutions without substantial storage requirements.
Crypto Price Prediction: BNB, Cardano and Polygon
On Wednesday, Binance Coin (BNB), Cardano (ADA), and Polygon (MATIC) were attempting to break through key resistance levels as cryptocurrency prices rose. Bitcoin bounced back above $27,400, while other coins such as XRP, Dogecoin, and Litecoin also saw gains. However, the broader cryptocurrency market remained largely flat due to investor caution surrounding US debt-ceiling sentiment. In terms of short-term price predictions, BNB was trading at $314 with resistance at the 20-day and 50-day EMAs, while ADA was above $0.37 and needed to break past $0.40 to target the recent uptrend peak of $0.46. MATIC was trading at $0.87 with resistance at $0.91, and a potential target of $1.00 if the bulls succeed.
