As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I must admit that witnessing the resurgence of Cardano (ADA) is a sight for sore eyes. Having seen the bear market of 2022 bring it down to a mere $50 million TVL, the current surge past $700 million is nothing short of impressive.
On the Cardano (ADA) platform, the combined worth locked within it (Total Value Locked or TVL) has surpassed the $700 million threshold, marking a significant rebound from the crypto market downturn that drove it down to roughly $50 million in November 2022.
Based on information from DeFiLlama, a total of approximately $709 million is currently secured in smart contracts within the Cardano network. This figure represents an increase from around $53 million following the fall of the well-known cryptocurrency trading platform FTX.
On the Cardano blockchain, Liqwid lending platform currently holds the highest value locked at approximately $176 million, making it the largest decentralized application. Minswap, a decentralized exchange, comes in second with around $138 million, while Indigo, a collateralized debt protocol, ranks third with roughly $101.9 million.
In a decentralized finance (DeFi) context, Total Value Locked (TVL) is frequently viewed as a significant marker of the system’s vitality and investor trust, since it demonstrates the expanding interest and adoption by investors in the network. An uptick in TVL typically suggests growing faith in the project.
Apart from seeing an increase in TVL, Cardano’s decentralized exchanges (DEXs) recently recorded a trading volume of $33.85 million over the past 24 hours – a record high for this network. This significant growth has also been fueled by a rise in the value of its native token, ADA.
Based on current information, ADA is presently being exchanged at $1.26. This is a significant increase of over 275% in the past 30 days, starting from approximately $0.333. Over just the last week, the value of ADA has risen by more than 38.6%.
According to CryptoGlobe’s latest report, transactions fees on the Cardano smart contract platform have surged to their peak in nearly two and a half years, amounting to approximately 279,000 ADA – a figure last observed in March 2022.
Moreover, it’s worth noting that the community of ADA token owners has been expanding consistently since July 2022, as indicated by data from IntoTheBlock. This trend, according to analysts, is indicative of increasing trust and faith in the Cardano blockchain.
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2024-12-03 23:33