Cardano has been one of the fastest-growing decentralized finance (DeFi) networks in recent weeks and this has shone through in the number of transactions being carried out on a daily basis. As this growth ramps up, founder Charles Hoskison has celebrated the achievements of the network.
Cardano Founder Celebrates Full Blocks
For the longest time, the Cardano network has been referred to as a zombie chain due to it not seeing as many transactions as other networks in the same category. However, as the price of its native token, ADA, has been on the rise, so has the network usage.
Recently, the community has gone from being worried about not enough activity to the blocks being produced on the blockchain being too full. This has been a welcome development for Hoskinson who took to X (formerly Twitter) to express his pleasure at the fact that this is happening.
In the post, Hoskinson alluded to the full Cardano blocks that are being processed which he said brings him glee. He takes a jab at those who used to call Cardano a ghost chain, saying that the network had no use case and no utility. “Suddenly we are too busy?” Hoskinson mocks.
The founder explains that the network was actually developed for situations like these where activity is very high. “Cardano is designed to operate at these loads and there is a huge design space to optimize the network and DApps for more scale both in the short term and long term,” Hoskison said.
Furthermore, the Cardano founder alluded to the fact that the network was growing despite not having any help from venture capitalists (VCs), the media, or any influencers. “Just good old fashion community growth and engagement, just like Bitcoin did,” he said in closing.
ADA price falls to $0.59 | Source: ADAUSD on Tradingview.com
ADA Grows As DeFi Activity Rises
After a rough year, decentralized finance activity on Cardano is starting to see some much-needed adoption. The network’s Total Value Locked (TVL) has risen rapidly in the last two months, going from $194 million in October to over $550 million in December, data from DeFiLlama shows.
The amount of ADA staked on the network saw a reasonable level of growth. However, the large jump in the TVL in terms of dollar value can be alluded to by the growth pattern of the ADA token over the last few months. The ADA price has risen more than 100% in two months, going from $0.25 to as high as $0.7.
Currently, the ADA price is back down to $0.59, representing a 2.30% decline in the last day. However, there is still a lot of bullishness around the token which is currently the eighth-largest cryptocurrency by market cap.
Featured image from Bitcoin Sistemi, chart from Tradingview.com