In terms of locked dollar value, Cardano posted impressive weekly and monthly gains. Thanks to XRP’s legal help, ADA’s value rose 12% over the past week.
Proof-of-stake (PoS) network Cardano [ADA] has steadily evolved into the hive of decentralized finance (DeFi) activities. According to DeFiLlama, the total value locked (TVL) on the chain in ADA terms has steadily increased since hitting the 500 million mark last month.
Read Cardanos [ADA] Price Forecast 2023-24
TVL is experiencing impressive growth
TVL, or the total value of all crypto assets locked to the smart contracts, remains the most popular indicator among DeFi investors. A higher TVL means more liquidity and therefore a higher chance of project approval.
At the time of publication, there were approximately 589.04 million ADA tokens deposited in various DeFi protocols on Cardano. While this may seem significant, compared to ADA’s circulating supply, it equated to a paltry 1.73%. It should be noted that wagered ADA coins do not make up for Cardano’s TVL simply because ADA remains liquid even after staking.
In terms of dollar value, Cardano’s locked capital rose to an annual high of $209 million last week. While Cardano pales in comparison to other major blockchains in terms of DeFi TVL, it recorded impressive weekly and monthly growth rates of 13.65% and 37.46% respectively.
DEX volume not impressive
Cardano’s decentralized exchange (DEX) activity left a lot to be desired. After peaking in the last month of May, DEX volumes fell and stagnated over the past month.
Transactions worth more than $43 million were settled on the network’s non-custodial exchanges last week. This represented a marginal decrease of 1.66%.
Future profits likely for ADA
The historic ruling in the Ripple [XRP] US SEC case has raised the spirits of ADA holders. The coin, which was listed as a security last month, hoped the exemption granted to XRP would set a precedent.
How much are 1,10,100 ADAs worth today?
Based on this sentiment, ADA’s value rose 12% over the past week, according to data from CoinMarketCap.
Whales sensed a bullish shift in ADA and started accumulating the tokens. According to Santiment, the number of addresses with between 1,000 and 100,000 coins has steadily increased since the beginning of July.
This post Following the Cardano journey as ADA gains momentum
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