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Cardano Enters Top 3 Most Developed Blockchain Networks, TVL Approaches $200 Million

Cryptocurrency Feb 21, 2022 11:30AM ET
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Cardano Enters Top 3 Most Developed Blockchain Networks, TVL Approaches $200 Million
 
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Since Cardano implemented its Alonzo fork in September 2021, introducing the network to smart contracts, the network has recorded a surge in activity.

Despite plunging prices across the crypto market, developers in their droves are looking to build on the Cardano network. Th new lease of life has placed Cardano as the third most actively developed blockchain network.

Development on the Cardano Blockchain Surges

According to data, there are 492 projects currently building on the blockchain. However, at the tail end of December 2021, only 175 projects were being developed for the network.

Santiment’s metric ranks Cardano as the third most developed blockchain network in terms of active daily contributors. Cardano has 120 active daily contributors who are constantly working to develop the network.

In terms of active daily contributors, Cardano is now only behind Ethereum and Solana, which have 138 and 533 daily contributors respectively.

Cardano’s DeFi Ecosystem Approaches $200 Million

The rising number of developers building on Cardano has led to massive growth in Cardano’s DeFi ecosystem. On January 2nd, the total value locked (TVL) in Cardano was $822k, while the network now holds $176 million.

The TVL locked in Cardano. Source: DefiLlama

Five DeFi protocols heavily contribute to Cardano’s TVL, with SundaeSwap dominating at 71.46% of Cardano’s DeFi ecosystem with a TVL of $120.5 million.

On the Flipside

  • Cardano’s native token, ADA, is still yet to benefit from the network’s growing activity. ADA currently trades at less than 70% of its September 2021 ATH, as of this writing.

Why You Should Care

Despite being criticized for being slow with the deployment of smart contracts, Cardano has adhered to using upgrades backed by formal methods and peer-reviewed research. A Finder Poll suggests this raises its potential for future success.

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Cardano Enters Top 3 Most Developed Blockchain Networks, TVL Approaches $200 Million
 

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