Cardano’s ADA Surges and DeFi Ecosystem Thrives
Cardano’s ADA has experienced a remarkable surge in value, with an appreciation of over 120% since October 20. As the coin continues to reach new all-time highs, Cardano’s DeFi ecosystem is also flourishing.
The total value locked (TVL) in Cardano has surpassed $370 million, reflecting a growth of 520% since the beginning of the year. This growth is driven by increased decentralized exchange (DEX) activities, network developments, and growing investor confidence.
This is the first time in 21 months that Cardano’s TVL has exceeded $300 million, placing it among the top 10 TVL records.
Cardano’s DEX Volume Soars
Cardano has experienced a significant increase in DEX activities. The surge in TVL resulted in a more than 30% rise in 24 hours, accompanied by a greater DEX volume surpassing $12 million. This occurred shortly after ADA reached the 50-cent mark.
DefiLlama reports that the trading volume on Cardano DEXs exceeded $12 million, showing a notable 140% weekly increase to reach $50 million within 24 hours.
This positive trend indicates a significant improvement from September when most protocols barely processed $50 million. If this trend continues, Cardano could achieve a monthly trading volume exceeding $100 million for the first time since August.
Growth of Cardano-based Meme Coins
In addition to the thriving TVL, meme coins based on Cardano like Snek have also experienced significant growth. Snek, which had been relatively quiet for months, saw a bullish trend that lifted its market cap beyond $70 million.
Hot Take: Cardano’s ADA Value Surges as DeFi Ecosystem Flourishes
Cardano’s ADA has seen a remarkable surge in value, and its DeFi ecosystem is thriving. The total value locked in Cardano has surpassed $370 million, marking a significant growth of 520% this year. This growth is driven by increased DEX activities and growing investor confidence.
Cardano’s DEX volume has also soared, surpassing $12 million and showing a notable 140% weekly increase. This positive trend indicates a potential monthly trading volume exceeding $100 million. Additionally, Cardano-based meme coins like Snek have experienced significant growth.
As Cardano continues to reach new all-time highs, its strong performance in both value appreciation and DeFi activities positions it as a promising player in the cryptocurrency market.
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