Charles Hoskinson responded against the criticism of the slow growth of the Defi Ecosystem of Cardano.
Charles Hoskinson is the founder of the Cardano project and also CEO of IOHK, the developer team behind the Cardano blockchain. Besides the development works in the Cardano project with the IOHK team, he remains active on Twitter to respond and explain the activities of the Cardano project.
The whole thing started on 2 April, when Emin Gün Sirer, founder and CEO of Avalanche’s Avalabs shared the rapid growth of the Avalanche’ single Subnet and noted that it surpassed Cardano’s TVL within two days.
According to Avalabs founder, it is a very big milestone for them because Cardano is 8th ranked crypto project, while Avalanche’s AVAX is a 10th ranked crypto asset.
In response to this criticism against the Cardano project, Charles Hoskinson responded and claimed that Avalanche tried to focus on increasing TVL.
According to details available at DefiLlama, the current TVL of Cardano, the total value locked in the Defi ecosystem of Cardano blockchain, is $221 million.
Cardano’s TVL figure started to boost since January of this year when two Defi Protocols Minswap and SundaeSwap launched on the Cardano main net.
The surge in the value of Cardano TVL from January to 28 March was 50,000%.
Avalanche blockchain has been available with its smart contract feature for a long time, so here Avalanche is taking advantage of the first mover, over Cardano blockchain. So by the facts, it was not the right comparison between the TVL value of two Blockchain.
In the past, it has been seen that Cardano never promoted its blockchain-related services among the other crypto projects and also never tried to create fake hype.
Once in an AMA session, Cardano’s founder said that trends will come and go but we will remain focused on the development works to make blockchain technology more decentralized and make it use in real strong use cases like payment systems.