Cardano Breaks New Milestone As TVL Continues To Surge

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

Cardano Native Tokens Touch 4 Million

On Wednesday, Morgan Schofield, Head of Ecosystem Growth at Cardano, posted on Twitter that the network was about to set a record of 4 million native tokens that have been issued. At the time of posting, this 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 crossing 4 million less than an hour later. This marked the 4,000,000th Cardano NFT that had been minted on the network, and with 50,000 distinct minting policies issued.

Today we will witness the 4,000,000th #Cardano #NFT being minted, with 50,000 distinct minting policies.

As we scale throughput, this pace will increase.
Digital, sovereign ownership has never been so easy or 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 had surpassed his expectations, explaining that he “was wrong” with his previous prediction of thousands of native assets being issued on the blockchain.

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 are now in the hundreds. #SlowAndSteady https://t.co/mK4So6NHa1

— Charles Hoskinson (@IOHK_Charles) March 23, 2022

TVL On The Rise

2022 is proving to be the year of Cardano with the various milestones that the network has been hitting in just the first three months of the year. The network which is basically new to the decentralized finance (DeFi) space has continued to climb in terms of TVL. In 2022 alone, the total value locked on the network has grown more than 25,000%.

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

This TVL has now reached a new milestone above $300 million as activities ramp up on the network. Decentralized exchanges (DEX) such as 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 translated into the price of the digital asset. ADA which had been trending below $1 for the past week had finally been able to break above this resistance point, now resting at $1.13. There’s is no telling how long this accelerated growth rate will continue but one thing is for sure and that is the fact that Cardano is bracing to become a top DeFi contender.

Featured image from TheCryptoBasic, chart from TradingView.com