The Cardano (ADA) network has witnessed remarkable growth recently, with its total value of assets locked (TVL) reaching a one-year high of over $200 million on July 14. This surge coincided with significant capital inflows as the asset’s market cap approached $2 billion. The increasing TVL on Cardano showcases the rising decentralized finance (DeFi) activity and the growing interest of traders in decentralized applications (dApps) built on the network. Additionally, ADA’s market cap has experienced substantial growth, reaching nearly $13 billion. Let’s explore these developments in more detail.
Cardano TVL Hits New Yearly High:
The TVL on the Cardano network spiked to an impressive $209 million, marking the highest point recorded this year. Although there has been a slight retracement, with the TVL currently standing at $192 million, this milestone highlights the expanding DeFi activity on Cardano. At the time of writing, nearly 600 million ADA tokens are locked in DeFi platforms, a significant increase from previous figures.
The Rise of DEX Trading Volume:
The growth in TVL on Cardano is closely tied to the surge in decentralized exchange (DEX) trading volume. Throughout this year, Cardano has witnessed a steady increase in its transaction volume, peaking at $274.81 million in June. Early data from July indicates that this upward trend is continuing, with a trading volume of $92.85 million recorded as of July 15. These numbers demonstrate the growing adoption and usage of Cardano’s decentralized exchange platform.
ADA Market Cap Soars:
Cardano’s ADA has experienced substantial growth in its market cap, reaching nearly $13 billion on July 14. In just a span of 24 hours between July 13 and 14, ADA saw an inflow of $2.10 billion, causing its market cap to surge from $10.11 billion to $12.89 billion. However, there was a subsequent correction, bringing the market cap down to $11.70 billion. The increase in market cap aligns with ADA’s surge in value, peaking at $0.37, representing a gain of over 16% in the past week.
Hoskinson’s Celebration of the XRP Case Verdict:
In a show of support and unity within the crypto community, Cardano’s founder, Charles Hoskinson, celebrated the recent verdict in the SEC vs. Ripple case. Hoskinson took to Twitter to applaud Ripple’s CEO, Brad Garlinghouse, and CTO, David Schwartz, as well as commending the XRP community on their victory. This gesture signifies Hoskinson’s desire to bridge any divides within the crypto industry and acknowledges the positive impact the case’s outcome has on cryptocurrencies as a whole.
Read More: XRP Drops in Market Cap Following Legal Victory, Crypto Market Faces Correction
Conclusion:
The recent developments on the Cardano network have showcased its growing prominence in the world of decentralized finance. With the TVL reaching a one-year high and ADA’s market cap surpassing $2 billion, Cardano continues to attract traders and developers to its ecosystem. The increase in DEX trading volume further emphasizes the network’s expanding utility and adoption. Additionally, Hoskinson’s celebration of the XRP case verdict signifies a spirit of unity and progress within the crypto community. As Cardano pushes forward, it will be fascinating to see how these developments shape the future of the network and its native asset, ADA.
