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- Cardano’s real adoption and growth in the crypto market are surpassing Ethereum and Solana.
- The total value locked (TVL) of Cardano’s decentralized finance (DeFi) ecosystem has grown by 148% this year.
Cardano, founded by Charles Hoskinson, is experiencing remarkable growth despite challenging market conditions. Hoskinson emphasizes the importance of distinguishing the signal from the noise in the crypto space, highlighting Cardano’s real adoption and growth as an ecosystem. In a recent tweet, Hoskinson stated, “Lots of noise in crypto. Look for the signal. Cardano is getting real adoption and growing as an ecosystem under the harshest conditions our industry knows.”
Lots of noise in crypto. Look for the signal. Cardano is getting real adoption and growing as an ecosystem under the harshest conditions our industry knows. Like Bitcoin, this is being done in a completely decentralized way. https://t.co/t5T0QgDjdW
— Charles Hoskinson (@IOHK_Charles) June 28, 2023
The recent actions taken by the U.S. Securities and Exchange Commission (SEC) against major exchanges like Binance and Coinbase have resulted in price declines for various cryptocurrencies, including Cardano (ADA). However, this setback has not hindered Cardano’s progress. Hoskinson emphasizes that Cardano is defying the odds and experiencing real adoption despite the uncertain market environment.
Data supports Cardano’s substantial growth. The TVL of Cardano’s DeFi ecosystem has surged by an impressive 148% this year, outpacing the growth of other ecosystems. In January 2023, Cardano’s TVL stood at $265 million, and by June 2023, it had soared to $657 million. In contrast, Ethereum’s TVL has declined by 25% during the same period, showcasing Cardano’s superior performance in the market.
Hoskinson’s remarks were prompted by criticisms regarding Cardano’s TVL and institutional interest. Community member Chris O. has presented evidence countering these claims. By comparing Cardano’s TVL with that of other blockchains, the data clearly demonstrates Cardano’s significant lead in growth.
Additionally, Cardano has attracted attention from institutional investors. Grayscale’s GDLC and GSCPxE, Wisdom Tree’s Cardano ETP, and 21Shares’ Cardano ETP are among the investment products that have shown interest in ADA. Notable institutions like Bitwise and HKVAC have also recognized Cardano’s potential.
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Despite persistent attempts by critics to spread fear, uncertainty, and doubt (FUD), Hoskinson remains committed to countering these claims with factual information. He asserts that Cardano, similar to Bitcoin, is advancing its innovations in a fully decentralized manner. This approach has contributed to Cardano’s impressive growth and adoption despite adverse market conditions.
Cardano’s ecosystem is thriving and surpassing competitors like Ethereum and Solana. The substantial growth in Cardano’s TVL highlights its increasing adoption and potential. With a decentralized approach and a focus on real-world applications, Cardano continues to make significant strides in the blockchain industry.
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