Cardano breaks new milestone as TVL continues to rise

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Activity on the Cardano network has been increasing since the smart contract capability was introduced last year. This year, however, it has increased as more decentralized applications (DApps) continue to make their debut on the blockchain. In addition, the growth of native tokens has been on the blockchain, which has now reached a new record, making the network one of the biggest contenders in the space.

Cardano Native Tokens Hit 4 Million

On Wednesday, Morgan Schofield, head of Ecosystem Growth at Cardano, posted on Twitter that the network was about to set a record 4 million native tokens 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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As it should be, the accelerated growth had surpassed 4 million native tokens issued on the blockchain less than an hour later. This marked the 4,000,000th Cardano NFT minted on the network and issued with 50,000 different coin policies.

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

TVL On The Rise

2022 proves to be Cardano’s year with the various milestones the network has reached in just the first three months of the year. Essentially new to the decentralized financial space (DeFi), the network has continued to grow in terms of TVL. In 2022 alone, the total value locked to the network has grown by more than 25,000%.

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

This TVL has now reached a new milestone of more than $300 million as the network grows. Decentralized exchanges (DEX) such as Minswap and SundaeSwap led the way in this growth, accounting for over 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 has been threatening below $1 for the past week, was finally able to break above this resistance point and now rests at $1.13. There’s no telling how long this accelerated growth will last, but one thing’s for sure, and that’s the fact that Cardano is bracing itself to become a top DeFi contender.

Featured image from TheCryptoBasic, chart from TradingView.com

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