DeFi

Ethereum L2 language Cairo’s TVL surpasses Solana’s Rust

Haru Invest

Programming language compiler Cairo is now the third largest sensible contract language by whole worth locked (TVL), based on DeFiLlama data.

As of Dec. 26, Cairo has a TVL of $418.23 million. As compared, the programming language of layer1 blockchain networks like Solana’s (SOL) Rust has a TVL of $396.22 million, whereas Cardano’s (ADA) Haskell TVL is $53.27 million.

Solana’s Rust decline

A 12 months in the past, Solana’s Rust had a TVL of round $12 billion, coinciding with when the Layer-1 community was seen as a significant competitor to Ethereum.

Since then, the community has needed to battle a sequence of outages, and its connection to Sam Bankman-Fried’s crypto empire birthed a cloud across the challenge.

In response to DeFiLlama information, Solana has a TVL of $214.92 million, behind different blockchain networks like Avalanche (AVAX), Polygon (MATIC), Cronos (CRO), and so forth.

In the meantime, the native token of the ecosystem SOL is down greater than 90% in 2022. It’s presently buying and selling at $11.20, with a number of analysts predicting that the asset’s worth will go to zero.

Apart from that, common Solana NFT initiatives like y00ts and DeGods introduced they might bridge to Polygon and Ethereum in 2023.

Crypto YouTuber Brian Armstrong (BitBoy), whereas describing Solana’s state of affairs, said:

A coin being down 90%+ is just not a dying sentence. Nonetheless, Solana has additionally misplaced a whopping 90% of its builders. And 100% of its momentum.”

Ethereum-related languages dominate

In the meantime, the dominant sensible contract language is Ethereum’s Solidity, with a TVL of $50.4 billion. Christian Reitwiessner, Alex Beregszaszi, and several other former Ethereum core contributors developed the language.

Vyper is the second-largest sensible contract language, with a TVL of $3.98 billion. The programing language can also be used to develop sensible contracts appropriate with Ethereum Digital Machines (EVM).

Cairo was created in 2020 however grew to become common in 2022 with the expansion of StarkNet’s Zero-knowledge (ZK) rollup ecosystem — a Layer-2 community working on Ethereum. A number of protocols like decentralized alternate dYdX, ImmutableX, and dapps like Celer, Canvas, and Sorare run on the community.

The above means that the highest three programming languages by TVL are associated to the Ethereum community.



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