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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Cardano Surpasses 500 Million ADA In TVL – How About Its Impact On Price?

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Cardano Price

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The total value locked (TVL) on the Cardano blockchain has hit a significant milestone after crossing 500 million ADA. This would come just a month and a few days after TapTools predicted an exponential increase in the network’s TVL.

In this prediction, TapTools, a Cardano portfolio tracker, also reported different factors that could be pivotal to Cardano’s explosive growth in the coming months.

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Cardano DeFi Ecosystem Hits 500 Million ADA In TVL

Data from DeFi TVL aggregator DefiLlama reveals that the total value locked on the Cardano network now stands at 505.114 million ADA. This is equivalent to $186.18 million when converted to U.S. dollars.

Cardano

Source: DefiLlama

This new milestone represents a staggering 91.9% increase in total value locked since the turn of the year. Meanwhile, in the last month, Cardano’s TVL has jumped by nearly 8%, indicating a steady adoption of its DeFi ecosystem.

On-chain data shows that Minswap is, by a distance, the leading protocol on the network, with a TVL of $55.56 million. In fact, the decentralized exchange boasts a market share dominance of 29.84%.

Minswap protocol is followed by Indigo, a collateralized debt protocol, with a total value of $28.5 million locked on it. WingRiders, Liqwid, and Djed Stablecoin are three other notable protocols on the Cardano DeFi ecosystem, with TVLs of $17.51 million, $15.42 million, and $13.71 million, respectively.

It is important to note that total value locked is a metric that estimates the amount of cryptocurrency locked in DeFi protocols on a particular blockchain. It is calculated by summing up the value of all the crypto assets locked in various DeFi protocols on a blockchain. TVL can be represented in the native token of a blockchain (as in ADA for Cardano) or in USD.

ADA Price Shows No Significant Action

A skyrocketing total value locked is often an indicator of increased activity in a DeFi ecosystem. However, Cardano’s impressive TVL growth hasn’t particularly impacted the price of ADA, the blockchain’s native token.

As of this writing, one ADA token trades at $0.3655, losing 1% of its value in the last 24 hours. The price of ADA has been moving sideways recently, dipping by only 0.5% in the last seven days.

Cardano

ADAUSD trading at $$0.3652 | Source: ADAUSD chart from TradingView

That said, a broader look at the market reveals that ADA has been on a steady decline, losing more than 13% of its value in the past month. The cryptocurrency boasts a daily trading volume of approximately $129.3 million. 

According to data from CoinGecko, ADA ranks as the seventh-largest cryptocurrency, with a total market cap of $12.79 billion.

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-Featured image from Solodev, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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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.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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