Cardano DeFi Steals The Show, Outperforms The Market With Explosive Transaction Growth

Ronaldo Marquez

2 years ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Despite the recent market dip, Cardano’s decentralized finance (DeFi) ecosystem has seen a significant surge in activity, with transactions on Cardano DeFi apps soaring to 250,000 per epoch from 160,000 transactions during the previous epoch. This remarkable 56% increase in transaction volume has been attributed to the launch of new DeFi protocols on the network and the active community of developers and users driving innovation for the protocol.

Cardano DeFi Challenges Market Slump

According to Cardano Ambassador Yevhen, the latest hype around meme coins like Snek and Pepeblue has also contributed to the transaction surge. Snek is a crypto asset based on memes of snakes with interior monologue captioning, while Pepeblue is a recently introduced crypto asset on the Cardano network and in its metaverse. Yevhen believes this increased interest in meme coins has brought new users to the network and boosted transaction volume.

Aside from the hype around meme coins, several crypto exchanges and liquidity protocols on the Cardano blockchain have reported significant increases in activity in recent weeks. Per Yevhen’s analysis, these include Sundaeswap ($SUNDAE), Minswap ($MIN), MuesliSwap ($MILK), Wingriders ($WRT), and Liqwid Finance ($LQ). These protocols have been lauded for their user-friendly interfaces, low transaction fees, and high liquidity.

Sundaeswap, for example, is a decentralized exchange that allows users to trade Cardano-based tokens with low slippage and high liquidity. The platform has seen a surge in activity thanks to its user-friendly interface and low transaction fees. Minswap, on the other hand, is a decentralized exchange that allows users to trade Cardano-based tokens with zero fees.

Furthermore, Liqwid Finance, a decentralized lending protocol on the Cardano network, has already surpassed $50 million in total value locked in just a few months since its launch. This platform allows users to lend and borrow Cardano-based tokens with low fees and high liquidity.

The recent surge in Cardano DeFi activity has been attributed to various factors, including the launch of new DeFi protocols, the active community of developers and users on the network, and the hype around meme coins.

ADA Follows The Market Trend

The recent dip in ADA’s price can be attributed to the broader market downturn affecting the cryptocurrency industry. Over the past few days, several major cryptocurrencies, including Bitcoin and Ethereum, have experienced significant price declines, dragging down the entire market.

The price of Cardano’s native cryptocurrency, ADA, has experienced a significant dip in the past 24 hours, reaching the $0.3586 level. This marks a 40-day low for the cryptocurrency, with the last time it was at this level being April 28th. However, ADA has managed to stall a further decline and has reported a slight gain of 0.9% in the last 24 hours, trading at $0.3630

The decline in Cardano’s native token, ADA, is further compounded by the fact that it has lost its 50 and 200-day moving averages (MA) since the onset of its decline on April 28th. In the event of further drops, ADA must maintain two critical support levels to prevent a potential decline to the $0.2 territories, which it has not visited since January 2023. These levels are the $0.3441 level and the $0.3034 floor.

Featured image from Unsplash, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.