Hoskinson Sheds Light On Colossal Network Upgrades Positioning Cardano For A $1 Billion TVL Boost

Charles Hoskinson, co-founder, and CEO of IO Global, formerly IOHK, a division that oversees the research and development of the Cardano network recently stated in an interview that Cardano will soon see better scalability and developments by the end of this year.

Cardano Is Undergoing Three Massive Upgrades

In an interview with Marco Monty Montemagno, the host of “InsideW3B”, Hoskinson shed light on recent developments that the Cardano blockchain is going through. Hoskinson noted that the blockchain is currently under work to improve three major factors including its commercial capability, sustainability, and self-determination.

“Right now, I would say commercial comparability, sustainability, and self-determination are the three big things that we are working on,” Hoskinson commented.

He later added how Cardano is currently evolving to improve and enhance the network’s scalability and expressiveness factor. 

“This year all these updates are coming that are massively improving the scalability and expressiveness of the system so that you’ll get the same type of performance you’re seeing from systems like Solana and so forth. Or at least in the same orders of magnitude… Not only do you get all the security, the correctness, the resilience, and a great three-million person community, but you also get the best of what competitors are bringing to bear.” Hoskinson told Montemagno.

Speaking about the future plans concerning Cardano, Hoskinson said that he is looking forward to June and October, as these are the months when Cardano will be rolling out new features including improvements in Plutus, side chains, and pipelining.

“June and October are going to be great months for us because those are the months where we’re turning a lot of new features on… in terms of improvements in Plutus, side chains, pipelining… and there are some phenomenal applied research threads like Hydra…”

Another major priority for Cardano to work on this year would be improving the network’s sustainability factor. Speaking about the said aspect, Hoskinson noted:

“In terms of sustainability, you’d like a system that as it operates, it gets more efficient, more scalable, and can grow at an organic pace, and the system contains that same cost center and standard of performance that you come to know and love… That means you need things like Mithril.”

As ZyCrypto reported, Hoskinson stated that countless Cardano DeFi apps are waiting for the Vasil Hard Fork Combinator event to take place, after which Cardano’s TVL will get a drastic boost.

“What most also don’t understand is that many Cardano DApps are waiting for the Vasil hard fork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL.”

Yesterday, Cardano’s total value locked crossed $400 million, intensifying beliefs that the network TVL is likely to cross $1 billion before June. Moreover, the network is gaining consistent momentum, according to the marketing and communication director (input and Output global) of Cardano, Tim Harisson, who recently posted on LinkedIn highlighting that over 500 projects are currently being built on Cardano spanning diverse domains including NFTs, DeFi lending and new wallets.