Lately, Cardano was leading the pack in terms of market capitalization and made it to the top ten most valuable cryptocurrencies this week. Much of this happened on the back of the Total Value Locked (TVL) on Cardano which has increased to over $300 million. TVL represents the sum of all Cardano tokens in decentralized finance (DeFi) and while it’s undoubtedly impressive, Cardano ranked 24 on Friday, by Total Value Locked, which pales in comparison to its competitors. Considering how new Cardano’s DeFi services are, it’s fair to say that the network still looks promising and that’s because…
Numbers are up, up, and away
TVL across Cardano’s DeFi protocols surged by 11.97% in a day’s time and Minswap, the decentralized exchange (DEX) on Cardano, led the way with 62.19% of the TVL held on the protocol. This was followed by the other Cardano DEX, SundaeSwap, with both protocols having around $194 million and $113 million, respectively. This was when Messari recorded Cardano’s daily transaction volume, at one point, being close to the $70 billion mark, above Bitcoin’s $15.9 billion and Ethereum’s $3.6 billion.
And the price?
Alongside cementing their six-month-old presence in the decentralized space, Cardano developers have wrapped up a critical network update. Their development firm Input Output Hong Kong (IOHK) successfully upgraded the blockchain’s smart contract platform, Plutus which is intended to increase the network’s scalability. The announcement may have been one of the reasons why the price of Cardano’s ADA token increased by over 14% in 24 hours and traded above $1 at the time.
What’s next for Cardano?
The Cardano team is geared towards scaling its DeFi projects and is planning to introduce new changes to the network. These changes in the Cardano blockchain, known as the Vasil hard fork will arrive this summer. According to the Cardano team, the blockchain upgrade, which is scheduled for June 2022, will impact the network, its total DeFi value, and the price of the ADA token– all for the better.
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