The Decentralized Finance (DeFi) ecosystem is witnessing a notable milestone as Cardano (ADA) has broken into the top 10 for its Total Value Locked (TVL), marking a significant change in its position.
This achievement came after a staggering $337 million increase, taking the protocol above $300 million for the first time in 21 months, replacing Cronos in this ranking.
The highlight of this milestone is the increase in Cardano’s TVL by more than 30% in just 24 hours, leaving other protocols behind in terms of growth percentage.
This boost came just after Cardano hit the 50 cent mark, with decentralized exchange (dex) volume increasing over 21% to over $12 million.
In the most recent data provided by CoinMarketCap, Cardano (ADA) has seen a notable increase, standing at $0.54, representing an impressive increase of 17% in the last day, 40% in the last week, and even more significant growth of 50% in the last month.
This astonishing performance extends even further into the long term, with an impressive 73% increase over the course of the last year.
These figures reflect continued and sustained momentum for ADA, underscoring its position as one of the fastest growing cryptocurrencies in the current market, ranking #8 in the crypto ecosystem.
This uptick is attributed to activity on the Cardano blockchain, although data from Santiment shows a decline in development activity, which has dropped from 686 to 300.
Interestingly, a drop in the number of ADA addresses has been interpreted as a positive sign, indicating that small investors could be selling to large holders at a loss.
IN ADDITION TO CARDANO, OTHER NETWORK-BASED COINS HAVE EXPERIENCED A RESURGENCE
Likewise, prominent protocols such as Minswap and the lending protocol Liqwid have also seen significant increases in their prices following the increase in TVL.
Additionally, Cardano has revamped its blockchain-based voting solution, using it for participation-based voting events.
This momentum and development in the Cardano ecosystem signals sustained and diversified growth in the DeFi space, with important implications for its position and perception in the market.