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- 1 Cardano become one of the fastest-growing Decentralized Finance (DeFi) in recent, showing growth ramps up.
- 2 From not enough activities to a hike in the number of daily transactions, the platform mitigated the worries of the Cardano community.
Cardano, once referred to as a zombie chain for a long time due to fewer activities, has shown a drastic change recently. The network represented a cold phase when compared with other networks in the same category. The sound of celebration from Charles Hoskison’s office, however, seeks the attention of crypto worlds towards Cardano.
What Charles Hoskison Is Celebrating?
A welcoming tweet from Hoskinson to express pleasure made Cardano the headline of the day.“Cardano a ghost chain is suddenly too busy”, Hoskinson mocks.
Cardano, a blockchain platform for visionaries, changemakers, and innovators, with the tools and technologies was referred to as a zombie chain for a long time. The network recently emerged as one of the fastest-growing DeFi networks. An upsurge in the number of daily transactions revived the network and offered Charles Hoskison a reason to celebrate.
Charles Hoskison celebrates full blocks. The rise in the price of the native token ADA, played a major role in the revival of the network, making Cardano one of the fastest-growing DeFi.
Not enough activities for the blocks produced on the blockchain somehow raised the worries of the community. However, Cardano recently recorded busy lines, showcasing a breath of relief for the Cardano community.
The network’s commitment to gradual protocol upgrades and the deployment of smart contracts played a major role in DeFi’s growth. Protocols including Indigo, Liquid, and Minswap have a major role in flipping the coin.
“The platform was introduced for situations like these, to handle heavy loads. The network holds a huge design space to optimize the Decentralized Applications (DApps) and network for both the short and long term”, said Hoskinson.
The network developed its position in the crypto world without any help from venture capitalists (VCs), influencers, and the media which is appreciable.
Cardano’s Current Performance
Cardano struggled a lot to make a strong and recognized image in the crypto world. After several rough years, the activities over the network started. DeFi activities on Cardano starting some much-needed adoption.
According to data from DeFiLlama, Cardano’s total value locked (TVL) upsurged from $194 Million in October to $550 million in December. The network geared up in the last two months.
In addition to this, the amount of ADA staked on the network has also grown recently. The token’s price has risen by 100% in the two months, reaching from $0.25 to $0.7. However, the hike in the TVL in dollar value is alluded to by the growth pattern of tokens.
As the growth ramps up, Charles Hoskison celebrated the achievements and hit milestones.
Addressing the current performance, the ADA price is $0.6073, a hike of 2.70% in one day with a market cap of $21,493,557,014. The 24-hour volume is $683,424,819.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
