Cardano (ADA) has often been referred to as the so-called ‘ghost chain’, or a blockchain with little or no activity. Cardano is popular layer-1 network supporting smart contracts since September 2021. However, according to many, the activity on the network after this major upgrade has been very disappointing, which has led to the term ghost chain being thrown at it. Blockchain has now experienced good growth, and Cardano founder Charles Hoskinson laughs at the commonly used point of criticism.
Cardano ghost chain
Yesterday reposted Hoskinson tweeted from TapTools in which the ghostchain criticism is undermined. Also, she shared a gif of a person pretending to be a ghost and dancing and added a comment “Ghostchain Gonna Ghost” Please.
TapTools’ tweet cited several reasons to prove that Cardano is anything but a ghost chain.
First of all it was written that the Cardano network has already processed more than 72.5 million transactions in total. He goes on to say that Cardano is home to over 8.6 million native resources.
Growth Total value blocked (TVL) could not be missing from the list. The TVL refers to the total value of the assets held in decentralized finance protocols (DeFi). It has been pointed out that this metric is growing exponentially. Second data from DefiLlama The TVL of Cardano currently stands at 182.66 million. At the start of the year, the metric was still just under $50 million.
When you look at TVL in ADA terms, the growth is even more impressive. On January 1, there were still 198.65 million ADA secured on the network and that has now grown to a total of 594.31 million ADA.
The total number of wallets has also been brought forward. Currently, the network has no less than 4.2 million wallets and the total is clearly growing according to TapTools.
Finally, the power of the Community named as a signature statistic by Cardano. “United by shared values and a vision for a decentralized future, the Cardano community is vibrant, engaged and growing,” writes TapTools.
Cardano Mithril Update
A lot of work is also being done behind the scenes to take the Cardano blockchain to the next level. Yesterday, for example, one could read in Cardano’s news that the so-called Mithril update was launched. The update improves node synchronization to ensure an accessible network.
Node synchronization means that the local copy of the blockchain is updated to the latest and most accurate version.