Tuesday, October 4, 2022
HomeDeFiCharles Hoskinson confesses "I was wrong" about DApp rollout

Charles Hoskinson confesses “I was wrong” about DApp rollout

Charles Hoskinson, co-founder of the Cardano blockchain, has jokingly conceded that his July 2020 prediction of the amount of DApps arriving to the blockchain has yet to come true.

On March 23, Hoskinson tweeted in reference to his famous July 2020 tweet, “Remember when I projected hundreds of assets and DApps on Cardano?” Well, I was mistaken; there are now millions of native assets in circulation, and DApps number in the hundreds.

He may have misremembered his own tweet, since he forecasted in July 2020 that by 2021, Cardano would have “hundreds of assets and thousands of DApps” (ADA).

While the quantity of assets appears to have surpassed his forecasts by 2022 as a result of new nonfungible token (NFT) minting protocols, the number of decentralized apps running on the network isn’t as spectacular.

DeFiLlama, a decentralized finance analytics tool, records only seven Cardano-based DApps and a total of $315.72M in total value locked (TVL), excluding staked governance tokens. Outside of governance tokens, two of those DApps have no TVL.

Hoskinson believes that developers are waiting for the Cardano Vasil hardfork upgrade, which is due for June, before launching their projects.

While the data contradicts some of Hoskinson’s more lofty expectations from 2020, it does demonstrate that Cardano’s ecosystem has been steadily growing into 2022. The Jan. 21 launch of the SundaeSwap decentralized exchange (DEX) contributed to a significant increase in total value locked in (TVL). According to DeFiLlama, Cardano TVL increased more than 24 times in a single day from Jan. 20 to 21 from $3 million to $87.7.

Despite Cardano’s rise this year, the network’s TVL still lags behind that of its Layer-1 competitors in DeFi, such as Ethereum (ETH) and Solana (SOL). According to DeFiLlama, the two businesses are worth a whopping $137.3 billion and $7.2 billion, respectively.

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