Cardano’s TVL Set For Exponential Growth, TapTools Reports

Semilore Faleti

2 years ago

3 mins read

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Prominent blockchain Cardano is set to experience “exponential growth” in its Total Value Locked (TVL), according to a report by Cardano portfolio tracker TapTools.

In a thread on April 7, TapTools urged its 15,000 followers to keep a close eye on Cardano while stating the possible factors that can drive the expected explosive growth on the blockchain platform.

Innovation, Partnerships And Community To Drive Cardano’s TVL: TapTools

Based on the TapTools report, one factor that should boost Cardano’s TVL is its innovative Proof of Stake (PoS) consensus algorithm, which TapTools believes makes the blockchain a top contender in the next phase of DeFi adoption.

According to the team behind the asset tracker, Cardano’s unique PoS mechanism offers users a secure, scalable and eco-friendly solution that could benefit the platform, especially with the projected massive growth of the DeFi space.

TapTools also highlighted Cardano’s focus on financial inclusivity and real-world use cases as another possible key driver in the platform’s development.

The team stated that this strategy enables Cardano to penetrate emerging markets allowing more users to join the network and boosting its TVL value.

Another noteworthy point stated in the TapTools report is the role of strategic partnerships and collaborations in Cardano’s network growth.

TapTools noted that Cardano’s partnerships with various industry giants would facilitate increased network adoption, thereby boosting its TVL growth in the coming years.

That said, other factors stated in the TapTools report that could drive Cardano’s growth include its smart contract operations and its thriving community of developers, enthusiasts and investors.

Cardano’s TVL Growth Has Been Impressive So Far

For many of the Cardano user community, the report by TapTools only produces more excitement as the platform’s TVL has been on a steady rise following the turn of the new year.

According to data from Defillama, Cardano’s TVL has boosted by about 200% from its initial value of $48.95 million on January 1. On March 22, Cardano’s TVL crossed $140 million for the first time since June 2022.

That said, the current TVL of Cardano stands at $143.16 million, with an increase of 31.98% in 30 days. The decentralized exchange Minswap is the biggest protocol on the blockchain, with a market dominance of 37.37%.

Source: Defillama

Meanwhile, ADA, Cardano’s native cryptocurrency, has also recorded a price growth synonymous with the platform TVL’s movement. Based on data from Coingecko, ADA is up by 22.6% in the last 30 days , however, its total gain since the beginning of the year is estimated to be around 62.5%.

At the time of writing, ADA is trading at $0.39, gaining by 2.8% on the last day. Its daily trading volume is around $228.68 million. With a total market cap of $13.66 billion, ADA remains the seventh-biggest cryptocurrency in the market.

ADA trading at $0.38 | Source: ADAUSD chart on Tradingview.com

Featured Image: Binance Academy, chart from Tradingview, Defillama

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

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Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

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He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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