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  5. Cardano hits another milestone as TVL continues to rise

Cardano hits another milestone as TVL continues to rise



Cardano hits another milestone as TVL continues to rise


Activity has been on the rise on the Cardano network since the smart contract capability was introduced last year. However, this has accelerated this year as more decentralized applications (DApps) continue to debut on the blockchain. Along with this has been the growth of native tokens on the blockchain which has now reached a new high, cementing the network as one of the biggest contenders in the space.

Cardano native tokens reach 4 million

On Wednesday, Morgan Schofield, head of ecosystem growth at Cardano, posted on Twitter that the network was close to setting a record 4 million native tokens issued. At press time, that number had not been reached, but using the daily growth rate of native tokens issued on the blockchain, Schofield explained that the network would see 4 million on Wednesday.

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True to form, the accelerated growth had seen the number of native tokens issued on the blockchain cross 4 million less than an hour later. This was the 4,000,000th Cardano NFT to be minted on the network, with 50,000 separate mint sources issued.

Today we will see the number 4,000,000 of #Cardano #NFT minted, with 50,000 different minting policies. 🎉

As we increase performance, this rate will increase.
Digital and sovereign ownership has never been so easy and secure. #CNFT #CardanoCommunity #NFTCommunity pic.twitter.com/4GaK5XcrgN

— Morgan Schofield (@mtschofield) March 23, 2022

Cardano founder Charles Hoskinson also took to the social media platform to celebrate the milestone. According to Hoskinson, the blockchain exceeded his expectations and explained that he was “wrong” with his earlier prediction of thousands of native assets being issued on the blockchain.

Do you remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps now number in the hundreds. #SlowAndSteady https://t.co/mK4So6NHa1

— Charles Hoskinson (@IOHK_Charles) March 23, 2022

ascending TVL

2022 turns out to be the year of Cardano with the various milestones the network has achieved in just the first three months of the year. The network, which is fundamentally new to the decentralized finance (DeFi) space, has continued to scale in terms of TVL. In 2022 alone, the total value locked in the network has increased by more than 25,000%.

ADA recovers to $1.1 | Source: ADAUSD on TradingView.com

This TVL has now reached another milestone above $300 million as activity on the network increases. Decentralized exchanges (DEXs) like Minswap and SundaeSwap have been at the forefront of this growth, accounting for more than 90% of all TVL on Cardano.

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The accelerated growth has also been reflected in the price of the digital asset. ADA, which had been trending below $1 for the past week, finally managed to break above that resistance point, now located at $1.13. It is unclear how long this accelerated growth rate will continue, but one thing is certain and that is the fact that Cardano is preparing to become a top DeFi contender.

Featured image of TheCryptoBasic, chart from TradingView.com

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