The Cardano network has seen inflows of funds into its ecosystem as the total value locked ( TVL ) swelled from roughly $1.7 million seen in mid-January to a present $314.87 million, a near 18,420% increase.

Cardano has entered the third phase of building its network, the Basho phase. In this stage, the network is supposed to deliver improved performance and scalability. As part of this phase, Cardano plans to release Hydra , a collection of Layer 2 solutions aimed at improving network security and scalability.