According to DeFiLama, Aada finance – a lending non custodial protocol on Cardano has gained huge traction in the last seven days. Aada Finance was under development on public testnet for months and has gone live on Cardano Mainnet recently. With the Vasil Hard Fork scheduled around the same time Aada Finance’s launch in the nick of time has proved to be a profitable move for the project as well as the community.
Additional Read: Aada Finance all set to Launch the First DeFi App on Cardano Mainnet
The total value locked – TVL of Cardano saw a slight decline (not inclusive of the staked amount) of 1.19% amounting to $79.58 million while the TVL inclusive of staked ADA stood at 97.9 million. The cumulative value of locked assets on DeFi platforms is the Total Value Locked of crypto tokens.
Minswap – the largest decentralized crypto platform for Cardano (ADA). $41.47 million in TVL is retained by Minswap with a market dominance of 42.36%.
Vasil Hard Fork Timeline
The hard fork is scheduled to take place on September 22, 2022 which aims to bring more functionality, scalability and faster performance. The upgrade will enhance the smart contract platform Plutus version 2 and will introduce diffusion pipelining – a feature that improves block propagation times and further leads to higher throughput. The hard fork will be done by IOG – Cardano foundation using the fork combinator.
According to Input Output Group – IOG – 99% of blocks on the mainnet are created by Vasil node (1.35.3). IOG has been closely working with some of the top projects on Cardano and good news is that most of them are ready for the hard fork upgrade.
Cardano ADA milestones ahead of the Vasil Hard Fork Upgrade
Cardano’s network has recently surpassed the 50 million transaction milestone in one day. Aada Finance went live to become the first lending protocol to support ADA tokens.
The token saw an uptick weeks back and has been able to hold the position for a while now.
With the developments that will take place after the fork, the capabilities of the blockchain will potentially impact the token’s price. The token’s value may be subject to some volatility as fear and pressure of inflation looms over the global population.
The lag in Cardano’s blockchain system
Cardano has been criticized for its smart contract limitations. Unlike the Ethereum blockchain, Cardano records UTXO – Unspent Transaction Outputs to keep a tab on the coins left in users wallets after a transaction is made. This process is similar to Bitcoin and makes the blockchain ledger keeping slow and cumbersome. Cardano applies EUTXO meaning, extended unspent transactions output.
“Some see blockchains as fully programmable platforms, game engines, databases and whatnot. But they really aren’t. They’re ledgers, and they keep track of transactions,” said Cardano technical director Matthias Benkort.
The scaling upgrade ‘ Diffusion Pipelining’ will streamline the process of sharing information on newly created blocks among network participants by ensuring that blocks can be propagated across the network within five seconds after they are created.
Source: CoinDesk, Utoday.