Cardano TVL Climbs By 10% In A Day – Is ADA Set To Soar Once Again?

Christian Encila

2 years ago

4 mins read

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Cardano (ADA) was at the peak of its performance in 2022, boasting an all-time high Total Value Locked of over $400. However, since then, the cryptocurrency’s value has fluctuated.

But recent data from Artemis shows that Cardano’s TVL has been consistently increasing over the last six months.

The seven-day moving average of $154 million is a level not seen since May 2022. With this growth rate, many are wondering if Cardano will have what it takes to reach its previous all-time high TVL.

Over the last six months, $ADA TVL has consistently increased.

Currently, the seven-day moving average sits at $154m, a number that has not been seen since May 2022. pic.twitter.com/wkbYoAddQb

— Artemis 🏹 (@Artemis__xyz) May 3, 2023

Cardano Growing TVL, Development Efforts Hint At Bright Future

Cardano’s TVL has been on a consistent upward trajectory, with a recent surge of over 9% in just 24 hours, according to DeFiLlama’s.

Source: DeFiLlama

Meanwhile, a tweet from Input Output Global highlighted the blockchain’s impressive performance in April, with the Hydra team gearing up for the upcoming 0.10.0 mainnet release.

As Cardano continues to prioritize scalability, this new release could have a significant impact on the entire ecosystem.

1/ The weekly development update is released every Friday on #EssentialCardano. This thread recaps the main highlights from the previous month.

Discover how many projects launched on #Cardano in April, the growth of native tokens, token policies, transactions, & scripts. pic.twitter.com/dW6xXXUw3r

— Input Output (@InputOutputHK) May 2, 2023

Additionally, the Plutus team has been developing new built-ins to support BLS12-381 curves, which are expected to be available in Plutus v3.

These developments suggest that Cardano’s growth on the development front is likely to continue, which could lead to further TVL growth in the future.

ADA’s Usage And Popularity Among Whales

Cardano’s current price on Coingecko is recorded as $0.391593. Although it experienced a 1.1% slump in the past 24 hours and a 4.4% decrease in the past seven days, recent data indicates increased network usage.

The number of daily active addresses spiked recently, and the staking market cap of Cardano was recorded as $9,037,199,931. The number of ADA stakers remained relatively stable despite the slump in price.

However, the number of token holders has declined, reflecting a dent in investor confidence. On the other hand, the popularity of ADA among whales is high, which is evident from the consistent number of whale transaction counts.

Despite the recent decline in price, Cardano’s growing network usage and popularity among whales could be indicative of a bullish outlook for the cryptocurrency in the future.

ADA total market cap at $13 billion. Chart: TradingView.com

Cardano Outlook

Despite the recent price slump and decline in the number of token holders, Cardano has shown positive signs with its increased daily active addresses and staking market cap.

The network’s efforts towards scalability and development, such as the upcoming Hydra 0.10.0 mainnet release and Plutus built-ins to support BLS12-381 curves, suggest further growth potential.

While investors’ confidence may have been shaken, ADA’s popularity among whales indicates a promising future.

(The information provided in this crypto news is for educational and informational purposes only. It does not constitute financial advice or an endorsement of any specific cryptocurrency, exchange, or investment strategy.)

-Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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