Cardano (ADA), a proof-of-stake (PoS) smart contract platform, has achieved a significant reliability milestone. A community activist recently highlighted that Cardano has operated for 2,500 days on its mainnet without any severe performance issues. Additionally, its total value locked (TVL) in DeFi is showing signs of recovery after hitting nine-month lows in early July.
Comparison With Other Blockchains
Cardano (ADA), one of the oldest PoS networks, has successfully completed its 500th epoch without any network outages. Jaromír Tesař, a blockchain expert and long-term Cardano ambassador, brought this achievement to light.
Since one Cardano epoch equals approximately five days, this accomplishment signifies 2,500 days of uninterrupted transactions. Consequently, Cardano enthusiasts are celebrating this remarkable reliability milestone. However, numerous skeptics criticize the blockchain for its low on-chain activity and the poor price performance of its native cryptocurrency, ADA.
Related article: Cardano (ADA) Price Crisis: What’s Next After the 50% Drop?
In contrast to Cardano’s reliability, several large blockchains experienced periodic network outages in 2023-2024. For instance, Solana (SOL), another PoS blockchain, suffered a five-hour outage in April this year. Similarly, the Avalanche (AVAX) blockchain halted block production for one hour on February 23. Both networks had to implement emergency fixes to their codebases.
TVL Recovery In July
Meanwhile, Cardano’s total value locked (TVL) has decreased in recent months. It peaked at nearly $500 million in mid-March 2024 but currently stands at $222 million, according to DeFiLlama data. However, it has managed to recover almost 15% compared to its low point registered four weeks ago.
Related article: Is Cardano’s Wealth Distribution a Cause for Concern? The Case of the 1 Billion ADA Address
Minswap, Indigo, and Liqwid protocols collectively account for 50% of Cardano’s aggregated TVL. Despite these developments, the price of Cardano (ADA) has dropped by 50% since mid-March. As of the latest update, ADA is trading at $0.38, reflecting a 3.4% decline in the last 24 hours. Cardano’s impressive reliability record contrasts with its recent TVL and price performance.
While its uninterrupted operation for 2,500 days is commendable, the blockchain faces criticism for its limited on-chain activity and the declining value of its native token. Nonetheless, the recent recovery in TVL indicates a potential positive trend for the platform.
