Hoskinson reveals new programming language for Cardano amid $63M TVL gap

Cardano founder Charles Hoskinson is developing a new programming language with developer Lucas Rosa to support intent-based transactions and proof-carrying data using Groth16 cryptographic proofs. The upgrade follows the upcoming Leios scalability improvement. Despite a market capitalization of about $8.3 billion, Cardano's DeFi ecosystem holds only $63 million in total value locked, with daily trading volume below $1 million and stablecoin supply at $70 million, highlighting a significant gap compared to competitors like Solana.