Cardano Founder Says Cardano Getting Real Adoption as ADA TVL Sees 148% Growth

Cardano founder Hoskinson says Cardano is witnessing real adoption despite harsh conditions as ADA TVL sees 148% growth this year alone.

Cardano and IOHK founder, Charles Hoskinson, has emphasized the growing adoption the Cardano ecosystem continues to enjoy. Hoskinson recently highlighted this as he called attention to the Cardano ecosystem’s resilience despite unfavorable conditions.

“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,” Hoskinson declared in a tweet today. 

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 accomplished entrepreneur further stressed Cardano’s ability to expand rapidly in a “completely decentralized” manner, drawing parallels to Bitcoin’s explosive growth since 2009 despite the absence of a central point of authority.

Cardano TVL up 148% This Year

Notably, Hoskinson’s remarks came as a response to an earlier tweet from Chris, a prominent California-based Cardano community member. Chris called attention to criticisms from certain crypto proponents.

#Cardano community, saw on a popular YouTube (not @Cardano member), a piece saying to the effect the ecosystem has no TVL & institutions were not interested, among other negative things. We just uninformed retail. Bewitched by @IOHK_Charles (who is awesome).

So to refute that… pic.twitter.com/Z3GKfIZ22F

— Chris O (@TheOCcryptobro) June 28, 2023

According to him, these individuals asserted that Cardano had a nonexistent TVL compared to other crypto ecosystems, and ADA was experiencing minimal institutional interest. Chris aimed to refute these claims with fact-based revelations.

He highlighted Cardano’s TVL growth which is up 148% this year. Per information from a spreadsheet, Cardano’s TVL expanded from 265 million ADA in January 2023 to 657 million ADA in June 2023. This marked an impressive 148% increase, higher than every other ecosystem’s TVL.

Data from DeFi Llama, a reliable multi-chain DeFi aggregator, reveals a more impressive increase. According to DeFi Llama, Cardano’s TVL stood at 263.19 million ADA as of Jan. 1, 2023. However, the ecosystem’s TVL has increased to a current value of 681.21 million ADA.

In contrast, the Ethereum TVL has faced a 25% decline year-to-date, while Binance Smart Chain is currently observing a 29% drop. Furthermore, Avalanche’s TVL has plummeted by 12% YTD, with Polygon and Solana increasing by 52% and 21%.

Institutional Interest in ADA

Besides Cardano’s TVL growth, Chris spotlighted the growing institutional interest in ADA. The community influencer called attention to several investment vehicles in which ADA boasts a noticeable market share.

These investment products include Grayscale’s GDLC and GSCPxE, Wisdom Tree’s Cardano ETP, and 21Shares’ Cardano ETP. Institutions such as Bitwise and the recently-introduced HKVAC have also shown a particular interest in Cardano.

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• Source: https://thecryptobasic.com/2023/06/28/cardano-founder-says-cardano-getting-real-adoption-as-ada-tvl-sees-148-growth/?utm_source=rss&utm_medium=rss&utm_campaign=cardano-founder-says-cardano-getting-real-adoption-as-ada-tvl-sees-148-growth