The developers behind TapTools, Cardano’s most popular and comprehensive asset tracking software, revealed why Cardano’s Total Value Locked (TVL) is “set for exponential growth” on Friday (April 7).
The TapTools team provided their thoughts on why Cardano’s Total Value Locked (TVL) might be set for a considerable increase on Twitter today. They ascribed this possible uptick to innovation, community support, and strategic collaborations, adding that their thoughts do not guarantee future outcomes.
Cardano’s unique Proof of Stake (PoS) methodology, according to TapTools, puts it as a leading contender in the DeFi field. They believe that as DeFi use grows, Cardano’s safe, scalable, and environmentally friendly solution will entice more users and projects to the platform.
The team also stated that the use of smart contracts on Cardano has allowed developers to create sophisticated decentralized apps (dApps) on the platform. They anticipate that when more dApps are introduced, the TVL will rise in tandem.
Cardano’s focus on financial inclusiveness and real-world use cases, particularly in underdeveloped regions, was emphasized by TapTools. They say this strategy allows for huge growth as more users join the ecosystem and contribute to the platform’s TVL.
They feel that smart alliances and collaborations have been critical to Cardano’s success thus far. The platform has already formed connections with industry heavyweights, and TapTools believes these alliances will pave the road for more TVL acceptance and growth.
Finally, the TapTools team stressed the significance of Cardano’s strong community of developers, enthusiasts, and investors. They think that this community’s continuous support and contributions might be important in boosting Cardano’s TVL to new heights.
The TapTools team praised Cardano’s breakthrough proof-of-stake consensus system, Ouroboros, on March 25, calling it a huge step forward for the industry.
The Cardano Foundation describes Ouroboros as a breakthrough proof-of-stake protocol that improves the security of proof-of-work systems while drastically decreasing energy usage. Ouroboros, the first peer-reviewed proof-of-stake protocol, combines cryptography, combinatorics, mathematical game theory, behavioral psychology, and economic philosophy to ensure the integrity, longevity, and performance of distributed networks that rely on it, with Cardano being the first.
According to the Cardano Foundation, Ouroboros is built for limitless scalability and sustainability, allowing the establishment of distributed, permissionless networks capable of supporting new markets in an energy-efficient manner. Ouroboros, which boasts up to four million times the energy efficiency of Bitcoin, provides a secure and sustainable solution for blockchain networks like Cardano, boasting mathematically verifiable security against attackers, an incentive mechanism rewarding network participation, and a decentralized network control distributed across stake pools.