Cardano blockchain co-founder Charles Hoskinson defiantly admitted that his July 2020 prediction of the number of DApps coming to the blockchain has yet to materialize.
Referring to his famous July 2020 tweet, Hoskinson tweeted on March 23: “Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are millions of native assets released now and DApps numbering in the hundreds. #Slowly, but sure.”
Remember when I predicted thousands of assets and DApps on Cardano? Well, I was wrong, there are millions of native assets released now and DApps are in the hundreds. #SlowAndSteady https://t.co/mK4So6NHa1 — Charles Hoskinson (@IOHK_Charles) March 23, 2022 .
However, he may have misremembered his own tweet as back in July 2020 he predicted that there would be “hundreds of assets and thousands of DApps” on Cardano (ADA) by 2021.
While the number of assets appears to have exceeded its projections by 2022 thanks to new non-fungible token (NFT) minting protocols, the number of decentralized applications running on the network is not as impressive.
DeFiLlama, a decentralized financial analytics platform, tracks just seven Cardano-powered DApps and a total value locked (TVL) totaling $315.72 million, excluding governance tokens. Two of these DApps have zero TVL outside of governance tokens.
Hoskinson believes that the developers are waiting for the rollout of the Vasil hard fork update on Cardano, scheduled for June this year, to launch their projects.
According to the leading tracker of the Cardano ecosystem, Cardano Cube, there are 579 DApps at various stages of development.
What most also don’t realize is that many Cardano dapps are waiting for the Vasil hard fork to launch in June to take advantage of the pipeline. So it looks like we haven’t seen anything on TVL yet https://t.co/mMHxwRrF96 — Charles Hoskinson (@IOHK_Charles) March 12, 2022
While the data contradicts some of Hoskinson’s higher predictions for 2020, it confirms that the Cardano ecosystem has grown steadily through 2022 so far. The launch of the SundaeSwap decentralized exchange (DEX) on January 21 helped to significantly increase the total value locked (TVL). Leading up to the launch of Cardano, TVL increased more than 24 times from $3 million to $87.7 in a single day from January 20 to 21, according to DeFiLlama.
Including the value of the tokens, the TVL of the ecosystem is now at an all-time high of $315.7M and Minswap DEX leads all other dApps with $195.2M. This makes Cardano the 25th largest blockchain network according to TVL. If we calculate the value of the governance tokens staked, the TVL of Cardano is around $421.5 million.
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Despite Cardano’s rise this year, the network’s TVL still pales in comparison to its DeFi Tier 1 competitors such as Ethereum (ETH) and Solana (SOL). According to DeFiLlama, the two networks control a whopping $137.3 billion and $7.2 billion, respectively.