On Friday (April 7), the team behind TapTools, the most popular and comprehensive asset tracking platform on Cardano, explained why Cardano’s Total Value Locked (TVL) is “set for exponential growth.”
On Twitter today, the TapTools team shared their perspective on why Cardano’s Total Value Locked (TVL) could be poised for significant growth. They attributed this potential upswing to innovation, community support, and strategic partnerships, emphasizing that these are their opinions and not a guarantee of future outcomes.
According to TapTools, Cardano’s unique Proof of Stake (PoS) model positions it as a top contender in the DeFi space. They suggest that as DeFi adoption surges, Cardano’s secure, scalable, and eco-friendly solution might attract more users and projects to the platform.
The team also pointed out that the introduction of smart contracts on Cardano has enabled developers to build powerful decentralized applications (dApps) on the platform. They believe that as more dApps are launched, the TVL could grow correspondingly.
TapTools highlighted Cardano’s focus on financial inclusivity and real-world use cases, particularly in emerging markets. They claim this approach opens up massive growth potential as more users join the ecosystem and contribute to the platform’s TVL.
In their view, strategic partnerships and collaborations have been key to Cardano’s growth thus far. The platform has already partnered with industry heavy-hitters, and TapTools contends that these alliances could pave the way for increased adoption and further growth in TVL.
Finally, the TapTools team emphasized the importance of Cardano’s thriving community, which includes developers, enthusiasts, and investors. They argue that the ongoing support and contributions from this community might be instrumental in propelling Cardano’s TVL to new heights.
On March 25, the TapTools team shared its admiration for Cardano’s groundbreaking proof-of-stake consensus protocol, Ouroboros, hailing it as a significant step forward for the industry.
The Cardano Foundation describes Ouroboros as a groundbreaking proof-of-stake protocol that enhances the security of proof-of-work systems while significantly reducing energy consumption. As the first provably secure proof-of-stake protocol built on peer-reviewed research, Ouroboros combines cryptography, combinatorics, mathematical game theory, behavioral psychology, and economic philosophy to ensure the integrity, longevity, and performance of the distributed networks that rely on it, with Cardano being the first.
According to the Cardano Foundation, Ouroboros is designed for infinite scalability and sustainability, enabling the creation of distributed, permissionless networks that can support new markets in an energy-efficient manner. With mathematically verifiable security against attackers, an incentive mechanism rewarding network participation, and a decentralized network control distributed across stake pools, Ouroboros provides a secure and sustainable solution for blockchain networks like Cardano, boasting up to four million times the energy efficiency of Bitcoin.
The TapTools team took to Twitter to give five reasons to love Ouroboros:
- it has been designed with a strong focus on security and is the first PoS protocol mathematically proven to be as secure as Bitcoin’s Proof of Work (PoW) consensus;
- it has been developed through rigorous peer-reviewed academic research, ensuring that every aspect of its design and implementation has been thoroughly vetted and analyzed by experts in the field;
- it is energy-efficient, unlike PoW algorithms that require massive energy consumption;
- it is built to be adaptive and scalable, ensuring that the Cardano blockchain can grow and evolve while maintaining its high levels of security; and
- it promotes true decentralization by rewarding stakeholders for participating in the consensus process, empowering the Cardano community to take part in securing the network.
