Charles Hoskinson cheerfully confesses that he was ‘wrong’ regarding the launch of DApps
Hoskinson made a big forecast regarding Cardano two years ago that has failed to materialise, despite the ecosystem’s continued growth until 2022.
Charles Hoskinson, co-founder of the Cardano blockchain, has cheekily conceded that his July 2020 prediction of the amount of DApps coming to the blockchain has not yet materialised.
Hoskinson tweeted on Mar. 23 in reference to his now-famous July 2020 remark, “Remember when I projected hundreds of assets and DApps on Cardano? I was mistaken; millions of native assets have been released, and DApps number in the hundreds. #SlowAndSteady.”
He may have misinterpreted his own tweet, since he had projected in July 2020 that by 2021, Cardano will have “hundreds of assets and thousands of DApps” (ADA).
While the number of assets looks to have surpassed his projections by 2022 as a result of new nonfungible token (NFT) minting protocols, the number of decentralised applications operating on the network is not quite as spectacular.
DeFiLlama, a decentralised finance analytics tool, analyses only seven Cardano-based DApps and $315.72 million in total value locked (TVL), excluding staked governance tokens. Outside of governance tokens, two of them DApps have no TVL.
Hoskinson thinks that developers are holding off on launching their ideas until the Vasil hardfork update is implemented on Cardano in June.
DeFiLlama keeps track of Cardano DApps
According to Cardano Cube, the top ecosystem tracker, there are now 579 DApps in different stages of development.
While the data contradicts some of Hoskinson’s more optimistic 2020 projections, it does demonstrate that Cardano’s ecosystem has been steadily growing into 2022. The debut of the SundaeSwap decentralised exchange (DEX) on Jan. 21 contributed to a significant rise in total value locked (TVL). Cardano TVL increased more than 24 times in value from $3 million to $87.7 million in a single day from Jan. 20 to 21, according to DeFiLlama.
The ecosystem’s total value of staked tokens has surpassed $315.7 million, with the Minswap DEX topping all other dApps with $195.2 million. Cardano is now the 25th biggest blockchain network in terms of transaction volume. Cardano’s TVL is around $421.5 million when staked governance tokens are included.
Despite Cardano’s rise this year, the network’s TVL continues to be dwarfed by its Layer-1 rivals in DeFi, such as Ethereum (ETH) and Solana (SOL). According to DeFiLlama, the two chains are worth a combined $137.3 billion and $7.2 billion.