Contents
- Two pillars of Cardano’s (ADA) environmental friendliness
- Cardano (ADA) DeFi ecosystem achieved major milestone
Cardano (ADA) called Green Blockchain, here’s why this is true
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Vladislav Sopov
Cardano (ADA) developers from Input Output Global (IOG) indicated two reasons for calling their brain child “green blockchain”
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Cardano (ADA), the third largest L1 blockchain, can also be considered among the most environmentally friendly. Developers from Input Output Global (IOG) decided to take up a series of publications on the “green” aspects of Cardano’s (ADA) design.
Two pillars of Cardano’s (ADA) environmental friendliness
Cardano (ADA) deserves “green blockchain” status for its two clear advantages over L1 competitors: far less energy consumption and the staking mechanism. Such a statement was made by Input Output Global (IOG) in a tweet today, May 25, 2023.
Proof-of-stake (PoS), a type of blockchain consensus used by Cardano (ADA) and post-Merge Ethereum (ETH), is far more efficient than proof-of-work (PoW) and its alternatives.
In PoS, block producers do not have to spend too much time and computing power to find cryptographic hashes. This is what significantly reduces carbon emissions and reduces the blockchain’s impact on the environment.
As a result, Cardano (ADA) node software clients can run even on inexpensive devices, including Raspberry Pi microcomputers. In contrast, proof-of-work (PoW) blockchains rely on expensive hardware and consume huge amounts of energy, say Cardano (ADA) experts.
As covered by U.Today previously, several Cardano (ADA) ecosystems prioritized DeFi’s “green development” practices in their technological progress.
Cardano (ADA) DeFi ecosystem achieved major milestone
Meanwhile, the ecosystem of Cardano’s (ADA) decentralized applications achieved additional impressive milestones. For the first time ever, the net volume of locked-in funds exceeded ADA 440 million.
By the end of May 2023, five protocols managed to surpass $10 million in equivalents locked on the Cardano (ADA) blockchain. Minswap and Wingrider’s DEXs, Indigo and Djed Stablecoin collateralization modules and Liqwid lending/borrowing tools are in the top five.
USD-denominated TVL reached its local peak on May 24, 2023, with over $163 million, according to the DeFiLlama data dashboards.
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