{"id":24380,"date":"2023-05-20T12:52:42","date_gmt":"2023-05-20T16:52:42","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24380"},"modified":"2023-05-20T12:52:42","modified_gmt":"2023-05-20T16:52:42","slug":"cardano-surpasses-500-million-ada-in-tvl-how-about-its-impact-on-price","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/20\/cardano-surpasses-500-million-ada-in-tvl-how-about-its-impact-on-price\/","title":{"rendered":"Cardano Surpasses 500 Million ADA In TVL \u2013 How About Its Impact On Price?"},"content":{"rendered":"

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<\/a> in the network\u2019s TVL.<\/p>\n

In this prediction, TapTools, a Cardano portfolio tracker, also reported different factors that could be pivotal to Cardano\u2019s explosive growth in the coming months.<\/p>\n

Cardano DeFi Ecosystem Hits 500 Million ADA In TVL<\/h2>\n

Data from DeFi TVL aggregator DefiLlama<\/a> 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.<\/p>\n\n

Source: DefiLlama<\/p>\n

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\u2019s TVL has jumped by nearly 8%, indicating a steady adoption of its DeFi ecosystem.<\/p>\n

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%.<\/p>\n

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.<\/p>\n

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.<\/p>\n

ADA Price Shows No Significant Action<\/h2>\n

A skyrocketing total value locked is often an indicator of increased activity in a DeFi ecosystem. However, Cardano\u2019s impressive TVL growth hasn\u2019t particularly impacted the price of ADA, the blockchain\u2019s native token.<\/p>\n

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.<\/p>\n\n

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.\u00a0<\/p>\n

According to data from CoinGecko<\/a>, ADA ranks as the seventh-largest cryptocurrency, with a total market cap of $12.79 billion.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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<\/a> in the network\u2019s TVL.<\/p>\n

In this prediction, TapTools, a Cardano portfolio tracker, also reported different factors that could be pivotal to Cardano\u2019s explosive growth in the coming months.<\/p>\n

Cardano DeFi Ecosystem Hits 500 Million ADA In TVL<\/h2>\n

Data from DeFi TVL aggregator DefiLlama<\/a> 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.<\/p>\n

Source: DefiLlama<\/p>\n

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\u2019s TVL has jumped by nearly 8%, indicating a steady adoption of its DeFi ecosystem.<\/p>\n

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%.<\/p>\n

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.<\/p>\n

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.<\/p>\n

ADA Price Shows No Significant Action<\/h2>\n

A skyrocketing total value locked is often an indicator of increased activity in a DeFi ecosystem. However, Cardano\u2019s impressive TVL growth hasn\u2019t particularly impacted the price of ADA, the blockchain\u2019s native token.<\/p>\n

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.<\/p>\n

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.\u00a0<\/p>\n

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

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-24380","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=24380"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24380\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24380"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}