Cardano Chain is rapidly growing in scale among blockchain projects. Recently, its Total Value Locked (TVL) reached 6th place among non-EVM chains. In this article, we will discuss the latest developments in Cardano, the importance of TVL, and non-EVM chains.
1.Background of Cardano’s TVL Rapid Growth
Cardano Chain is experiencing rapid growth by accumulating achievements as a technological innovator and decentralized finance (DeFi) platform. With the achievement of 6th place in TVL among non-EVM chains, Cardano is making remarkable progress within non-EVM blockchain projects. This rapid growth is supported by Cardano’s unique technology and the backing of the developer community.
2.TVL and Its Importance
TVL stands for Total Value Locked, which represents the total amount of assets locked in a platform. TVL is an indicator of a DeFi platform’s popularity and trustworthiness; platforms with high TVL are supported by many users. Additionally, high TVL projects suggest that the platform’s ecosystem is healthy and attractive to investors and developers.
3.TVL Growth Rate and Active User Count
DefiLlama is a data analysis site for the DeFi industry, providing information on TVL, user count, and more for various chains and platforms. According to DefiLlama, Cardano Chain’s TVL growth rate over the past month is +33.33%, indicating rapid growth. Furthermore, the 24-hour active user count has reached 55,601, demonstrating the vibrancy of Cardano’s ecosystem.
4.What are Non-EVM Chains?
Non-EVM chains are blockchains that adopt platforms or protocols different from Ethereum’s EVM (Ethereum Virtual Machine). EVM is a virtual machine for executing smart contracts on the Ethereum blockchain, ensuring compatibility across the entire Ethereum ecosystem. In contrast, non-EVM chains adopt platforms or protocols other than Ethereum’s EVM, pursuing scalability, security, and unique technological innovations. This diversity leads to the development and evolution of the entire blockchain industry through various technological and platform innovations. Non-EVM chains can explore new technologies and approaches without being constrained by Ethereum’s limitations.
5.Why Cardano Shines among Non-EVM Chains
One reason Cardano stands out among non-EVM chains is its adoption of the unique Ouroboros consensus algorithm. Ouroboros is a Proof of Stake (POS) consensus algorithm that aims for sustainability and efficiency by minimizing energy consumption. Cardano also emphasizes project transparency and academic rigor, making it a prominent presence among non-EVM chains. Cardano is expected to contribute to the overall development of the blockchain industry by pursuing sustainability and efficiency.
Cardano Chain has achieved rapid growth as a non-EVM chain, reaching 6th place in Total Value Locked (TVL). Behind this growth are unique technological innovations and an active ecosystem. Cardano is expected to continue to have a significant presence in the blockchain industry.