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🔥⚠️ Charles Hoskinson Suggests Restarting Cardano, Many DeFi Projects Could Shut Down This Year
🔥 Hoskinson mentions the possibility of a “new Cardano”
* He refers to the idea of launching a new Cardano network based on a proof-of-burn mechanism.
* Proof-of-burn is a mechanism that requires users to burn tokens in exchange for the right to participate or receive benefits on the network.
⚠️ Many Cardano DeFi projects at risk of shutting down
* Hoskinson states that many DeFi applications within the ecosystem may not survive until the end of the year.
* This reflects challenges related to liquidity, user base, and development activity on Cardano.
📉 TapTools preparing to shut down
* The information was announced after the Cardano data analytics platform TapTools announced it will close within the next two weeks.
* This is one of the services widely used by the Cardano community.
💰 Cardano’s TVL remains modest
* According to DeFiLlama, the total value locked (TVL) on Cardano is currently around $115 million.
* This figure is significantly lower compared to leading DeFi ecosystems like Ethereum, Solana, or BNB Chain.
🎯 Notable point
🚨 The most notable thing is not the idea of a new Cardano, but that Charles Hoskinson himself admits many DeFi projects within the ecosystem could disappear this year. This indicates that Cardano is going through a significant period of ecosystem activity challenges, while ADA price and TVL are both under strong downward pressure.
$ADA