Cardano

DeFi

Million

<ul>
 <li><strong>According to data from DeFiLlama, the Cardano ecosystem is approaching a historic $700 million in total value locked.</strong></li>
 <li><strong>This surge from a low of $50 million has been driven by increased DeFi adoption and strong market performance of ADA.</strong></li>
</ul>
<p>Cardano has been undergoing great growth recently. Notably, the DeFi sector has been looming as Cardano’s ecosystem approaches a historic $700 million in total value locked. In a new developement, DeFiLlama has revealed that the network has recorded $680 million in TVL.</p>
<p>This milestone marks a great milestone. Taking into account this milestone, Cardano’s TVL had recorded a sharp decline which saw the number trickle down to $50 million. This represents a thirteen-fold increase from its low.</p>
<p>This surge in trading activity also coincides with ADA’s <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank" rel="noopener noreferrer nofollow">strong market performance.</a> Holding eighth position, the digital asset is swapping hands with <span class="sc-65e7f566-0 WXGwg base-text" data-test="text-cdp-price-display">$1.26</span> marking a 14.82% and 38.39% in the past 24 hours and week respectively. On a broader scale, the digital asset has also undergone a 277.09% surge in the past month.</p>
<p>Notably, ADA’s market cap has also recorded a 14.54% stopping at $44.30B.</p>
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    <p class="sc-71024e3e-0 sc-c0738578-1 bgxfSG WssXd change-text" data-change="up" data-sensors-click="true">Cardano founder Charles Hoskinson attributes this growth to increasing DeFi adoption on the platform. Both retail and institutional investors are showing growing interest in Cardano’s evolving ecosystem.</p>
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   <h3 class="LongTextDisplay_content-fg__yyqLY" id="strong-cardano-s-technical-analysis-strong"><strong>Cardano’s Technical Analysis</strong></h3>
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<p data-sourcepos="11:1-11:309">Technical analysis confirms<a href="https://www.ethnews.com/as-cardano-aims-for-10-this-new-coin-is-stealing-the-show-with-explosive-growth-up-to-10000/" target="_blank" rel="noopener noreferrer nofollow"> this trend</a>, revealing increased transaction volumes across the network. This indicates broader participation in Cardano’s DeFi ecosystem. The platform’s ability to handle higher transaction loads has been demonstrated through its consistent performance during peak trading periods.</p>
<p data-sourcepos="5:1-5:306">Cardano’s recent integration of Zero-Knowledge technology has significantly bolstered its privacy features, offering users enhanced security without compromising transparency. This <a href="https://www.ethnews.com/cardanos-open-interest-skyrockets-as-ada-eyes-a-bullish-break-above-1/" target="_blank" rel="noopener noreferrer nofollow">technological advancement</a> has instilled greater confidence in the platform, attracting new users and driving wallet creation.</p>
<p data-sourcepos="7:1-7:282">The increased trading volume of ADA across major exchanges underscores the growing market interest in Cardano. This surge in activity coincides with the expansion of Cardano’s DeFi ecosystem, as evidenced by the rising number of unique addresses interacting with these applications.</p>
<p data-sourcepos="9:1-9:219">Cardano’s governance model is evolving towards a more decentralized structure, empowering the community to actively participate in decision-making. This shift has been positively received by stakeholders and developers.</p>
<p data-sourcepos="11:1-11:205">The development team continues to deliver regular updates and improvements, prioritizing scalability and user experience. These ongoing efforts solidify Cardano’s position as a leading blockchain platform.</p>
<p data-sourcepos="11:1-11:205">Additionally, data has shown an increase in the average size of transactions processed on the network, suggesting growing operations among users. This has revealed growing usage patterns within the ecosystem.</p>
<p class="whitespace-pre-wrap break-words">The number of active DeFi protocols on Cardano has expanded, providing users with a wider range of financial services and investment options. This diversity has has all contributed to the overall growth in TVL.</p>
<p>The post <a href="https://www.ethnews.com/ada-skyrockets-by-40-as-cardanos-tvl-approaches-700-million-benchmark/" rel="noopener noreferrer nofollow">ADA Skyrockets by 40% as Cardano’s TVL Approaches $700 Million Benchmark</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

ADA Skyrockets by 40% as Cardano’s TVL Approaches $700 Million Benchmark

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