“I was wrong” in the DApp launch

Cardano blockchain co-founder Charles Hoskinson has cheekily admitted that his July 2020 forecast of the number of DApps coming onto the blockchain has yet to come true.

Referring to his famous July 2020 tweet, Hoskinson tweeted on March 23: “Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, native assets are now being issued in the millions and DApps are now in the hundreds. #Slow and steady.”

However, he may have misremembered his own tweet, as he had predicted already in July 2020 that by 2021 there would be “hundreds of assets and thousands of DApps” on Cardano (ADA).

While the number of assets seems to have surpassed its predictions to 2022 thanks to new non-fungible tokens (NFT) Minting protocols, the number of decentralized apps running on the network is not that impressive.

The decentralized financial analysis platform DeFiLlama tracks only seven DApps running on Cardano and a total value of 315.72M. Two of these DApps have $0 TVL outside of governance tokens.

Hoskinson believes that developers are waiting for the deployment of the Vasil hard fork upgrade on Cardano, scheduled for this June, to start their projects

Cardano DApps are tracked by DeFiLlama.

According to Cardano’s leading ecosystem tracker Cardano Cubethere are 579 DApps in different stages of development.

While the data contradicts some of Hoskinson’s loftier 2020 predictions, it confirms that Cardano’s ecosystem has been growing steadily so far into 2022. January 21st Launch of the decentralized exchange SundaeSwap (DEX) helped trigger a large spike in Total Locked Value (TVL). Before launch, Cardano TVL skyrocketed from $3 million to $87.7 more than 24 times in a single day from Jan. 20-21, according to DeFiLlama.

Cardano TVL has been on a steady rise throughout 2022 – DeFiLlama

Including the value of staked tokens, the ecosystem TVL is now at an all-time high of $315.7 million, with Minswap DEX leading all other dApps at $195.2 million. This makes Cardano TVL’s 25th largest blockchain network. Counting the value of staked governance tokens, Cardano’s TVL is approximately $421.5 million.

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Despite Cardano’s growth this year, the network’s TVL still pales in comparison to that of its Layer 1 competitors in DeFi, such as Ethereum (ETH) and Solana (SOL). According to DeFiLlama, the two chains have a massive $137.3 billion and $7.2 billion, respectively.