Cardano is going through a rough patch right now. Around 71% of all the Cardano (ADA) addresses have obtained value that exceeds the market prices. This has opened a pandora’s box of speculations for the protocol.
As per the report released by IntoTheBlock, only 26.4% of Cardano addresses are in green. Also, this means that 1.16 million addresses purchased are running below the market prices at the rate of $.0379 per token. The data also divulges that only 2.46% of all ADA addresses are giving returns equal to the costs incurred. This is happening despite the network seeing a purple patch in its adaption.
Based on the data provided by CryptoGlobe, the total value acquired by Cardano’s DeFi ecosystem has reached over 446 million ADA. According to DeFi Llama, it is experiencing an all-time high currently.
The data also indicates that the growth happened due to the induction of DeFi protocols on Cardano. With these protocols, the users of the blockchain were able to indulge in a range of financial activities. They could do yield farming, borrowing, and lending without surrendering their funds.
Due to a secure and scalable structure, Cardano has attracted many DeFi projects. It has resulted in a surge in the network’s total value locked (TVL) as welltoo. For instance, Minswap has maintained a high TVL with 36% dominance on this blockchain.
Apparently, the search for alternatives to conventional banking and centralized exchanges has been the key factor behind Cardano’s surging TVL. The number of people switching to a decentralized system is steadily growing. Cardano’s blockchain is giving these people all the valid reasons to rely upon it.
Besides that, Memecoins has also played an instrumental role in Cardano’s growth. The price rise of SNEK by 200% is a true testimony in this context.