One of Cardano’s founders, Charles Hoskinson, has claimed that the Cardano team is planning three colossal upgrades for the network to achieve greater scalability before the end of this year.
We Are Working On Three Big Things For Cardano – Hoskinson
In the latest interview with popular podcast host, Marco Monty Montemagno, Hoskinson revealed the plans he and his team have for Cardano going forward this year. Hoskinson, who also heads Cardano’s research and development arm (IO global), revealed that the team intends to improve the blockchain in three major areas – commercial capability, self-determination, and sustainability.
He said, “the three major areas we are focusing on are sustainability, commercial ability, and self-determination.” Then, he explained his previous statement saying, “we are making these upgrades to ensure that Cardano can compete favorably with other similar networks in terms of scalability and expressiveness.” The IO global CEO further said, “you get the best version of what’s available on other networks, including security, correctness, and a 3-million-member ecosystem.”
A Timeframe For The Upgrades’ Rollout
When asked to be specific on when the upgrades will be rolled out, Hoskinson said, most of the new features will be rolled out between June and October. Then, he said, he is excited about the upgrades regarding Plutus, pipelining, and side chains.
“We plan to release most of these new features in June and October. They would be great months for us. Asides from upgrades to side chains, Plutus, and pipelining, I’m also excited about some extra-ordinary threads such as the Hydra.” Hoskinson added that the team also focuses on improving the blockchain’s sustainability factor.
Regarding sustainability, Hoskinson remarked that “our definition of sustainability is a system that becomes more efficient and scalable with continued operation without a drop in performance standards – a system that can grow organically. We also intend to achieve this sustainability with Cardano this month.”
Boosting Cardano’s TVL
As was reported in various media, Hoskinson claimed that many Cardano-built DeFi apps expect the Vasil upgrade, which will significantly boost Cardano’s TVL. Hoskinson remarked that “many people don’t know that several Cardano-built DeFi apps are expecting the Vasil upgrade launch, slated for the next three months. This hard fork would be beneficial to them in terms of pipelining. Consequently, we can expect a massive spike in our network’s TVL.”
On Tuesday, Cardano’s TVL surpassed $410m, indicating that the network might fulfill predictions of having a TVL of more than $1B by June. A top-level executive of IO Global also remarked via his latest Linkedin post that the network’s momentum has been consistent recently.
The executive further noted that nearly 600 projects are being built on the network, and these projects span several areas, including NFTs and DeFi. By December 2022, we will know whether Hoskinson and his team will have achieved their 2022 aims for the Cardano network.
