- Cardano’s DeFi ecosystem achieved a significant milestone, with a nearly 50% increase in Total Value Locked (TVL) in the past month.
- Cardano becomes the ninth-ranked blockchain network in terms of DeFi TVL, with $376.54 million locked.
The Cardano blockchain network has achieved a remarkable milestone by witnessing an unprecedented surge in its Total Value Locked (TVL) within the decentralized finance (DeFi) ecosystem. According to data from DefiLlama, Cardano’s TVL has soared by nearly 50% in the last month alone, elevating it to the ninth position among blockchain networks with the highest DeFi TVL. As of the latest data, Cardano’s TVL stands at an impressive $376.54 million, indicating a significant surge in the adoption of DeFi protocols on the platform.
This milestone is a testament to the broader trend of increasing engagement and trust within the Cardano ecosystem. The surge in TVL underscores the growing confidence among users and investors in the network’s capabilities and the effectiveness of its DeFi offerings.
The past month has seen a surge in activity within the Cardano network, closely aligned with the increase in TVL. Notably, the network has witnessed a record high of 77,000 daily active addresses on December 9, the highest since July. Simultaneously, Cardano’s daily transactions count reached a year-to-date peak of 113,000 on the same day, emphasizing the network’s vitality and user engagement.
Another indicator of Cardano’s thriving ecosystem is the explosive growth in trading volumes on its decentralized exchanges (DEXs). On December 9, Cardano’s DEXs recorded a trading volume of $18 million, a level not seen since June. This substantial increase in trading volumes highlights the rising demand and liquidity within Cardano’s DEXs, contributing to the overall health and dynamism of the network.
ADA’s Impressive Price Surge
The heightened activity on the Cardano network, coupled with a bullish market sentiment, has led to a substantial increase in the value of ADA, Cardano’s native cryptocurrency. ADA has witnessed a remarkable 47% surge in its value over the past month, currently trading at $0.57, reaching its highest price level since August 2022.
The growing demand for ADA can be attributed in part to the profitability of transactions involving the coin. An analysis of the Market Value to Realized Value (MVRV) ratio reveals that ADA’s MVRV ratio recently crossed above the zero line for the first time since January 2022. With an MVRV ratio of 1.76%, ADA holders can secure at least a 2% profit on their investments if sold at the current value, underscoring the positive sentiment surrounding Cardano and its native token.
