Cardano’s DeFi ADA tokens TVL touches new all-time high of 341M Oluwapelumi Adejumo · 1 hour ago · 2 min read The positive growths in Cardano’s DeFi and NFTs ecosystems have not translated into a positive price performance for the ADA token.2 min read Updated: March 8, 2023 at 4:26 pm Cover art/illustration via CryptoSlate Ad The total value of assets locked (TVL) on Cardano in terms of the ADA token reached a new all-time high of 341.42 million on March 7, according to DeFillama data.The ADA token TVL has fallen to 333.16 million as of press time.In US Dollar terms, Cardano’s DeFi TVL sits at $110.39 million, a far cry from its all-time high of over $300 million.Cardano DeFi activities grow Decentralized finance (DeFi) activities on the Cardano network have grown in the current year with the launch of several new protocols.In January, Cardano’s overcollateralized stablecoin Djed saw its TVL cross $10 million during the first 24 hours of its launch.Since then, the project has grown in leaps and bounds and currently accounts for more than 10% — over 31 million ADA — of the tokens locked in the network.Besides Djed, the top three Cardano DeFi protocols, Minswap, WingRiders, and Indigo, have grown their TVL in the past 30 days.
According to DeFillama data, Minswap’s TVL rose 13% to $40.27 million, while WingRiders and Indigo increased by 0.86% and 1.50% to $16.83 million and $16.76 million, respectively.Other DeFi protocols like Aada and Liqwid also recorded significant growth during the reporting period.NFTs flourishes Besides DeFi activities, the Cardano network has also seen an increased interest in non-fungible tokens (NFTs).According to data from Dapps on Cardano, NFT marketplace JPG.store saw more transactions in the last six epochs than decentralized exchanges like Minswap, SundaeSwap, and MuesliSwap.
Besides that, the amounts of unique accounts interacting with the marketplace are more than that of Minswap and SundaeSwap combined.Cardano founder Charles Hoskinson highlighted the growth of NFTs in the ecosystem in a March 6 podcast where he said: “The thing about NFTs in Cardano is it is the most vibrant part of Cardano at the moment.It’s the fastest moving – 8 million assets have been issued.I think more than half the projects are in some way NFT-related, and it’s just exciting to see that level of durability, resilience, passion, and excitement.” ADA price still struggling Meanwhile, the positive growths in Cardano’s DeFi and NFTs ecosystems have not translated into a positive price performance for the ADA token.
According to CryptoSlate’s data, ADA is down 1.93% to trade at $0.31994 as of press time.The digital asset has decreased over the last 30 days, falling by around 20%.IntoTheBlock data showed that 87% of Cardano investors are currently holding the token at a loss.- Cardano gets criticized for its governance proposal.- Charles Hoskinson responds, ADA gets impacted by FUD.
Vanessa Hariss, a Senator at Team Kujira (a decentralized ecosystem for protocols), on 5 March claimed that the Cardano governance was not centralized.In a Twitter thread, she stated that IOG (Input Output Global), the company behind Cardano’s formation, could dominate a large part of Cardano’s governance.Read Cardano’s [ADA] Price Prediction 2023-24 Questions arise According to her, this dominance and subsequent lack of centralization in governance would be occurring due to the CIP-1694 proposal.As per Vanessa, the CIP-1694 proposal will be giving away a lot of power to Cardano’s Constitutional Committee.The Constitutional Committee, which comprises of insiders from IOG, would be able to veto any governance action, except motions of no confidence and calls for a new committee.Vanessa stated that replacing the committee would be a difficult task and that a no-confidence vote would require a large majority of representatives.Due to these factors, she asserted that under the CIP-1694 proposal, IOG would always retain control of Cardano, except in rare situations.
She also mentioned that ADA stakers will not be afforded a platform to participate in the governance affairs of Cardano.The stakers would have to pay a fee to a Delegated Representative or become a Delegated Representative themselves to participate in Cardano’s governance.Well, much to the surprise, Charles Hoskinson responded quickly to these claims.He dismissed these statements saying, “This is categorically false and a great example of how FUD spreads.” In a response to Charles’ tweet, many users have requested for a Twitter space to be held where all these doubts about the Cardano governance can be clarified.
Fear, Uncertainty, and Clout Meanwhile, all the talk about the Cardano governance affected the sentiment around ADA.According to Santiment’s data, the weighted sentiment metric declined over the past few days.Furthermore, the volume of ADA also fell.Over the last month, it decreased from 258.69 million to 185.69 million, at press time.During this period, ADA’s price showed a strong correlation with its volume, falling 16.61%.This led to ADA’s price volatility gradually increasing.Realistic or not, here’s ADA’s market cap in BTC’s terms Now, if the price volatility continues to rise, ADA could become an increasingly risky asset to buy.Xrp rebounded from a two-month low to start the weekend, as prices moved back above a key support point.
The token, which fell to its lowest point since January on Friday, rose by as much as 2% on Saturday.Cardano also recovered yesterday’s losses.XRP XRP rose higher to start the weekend, as the token formerly known as ripple rebounded from a two-month low.XRP/USD jumped to an intraday high of $0.3795 earlier in the day, which comes after bottoming out at $0.3664 on Friday.Yesterday’s drop saw XRP fall to its weakest point since January 11, when prices were at a low of $0.3477.Looking at the chart, Saturday’s recovery has sent the token back above a long-term floor at $0.3720, which was broken yesterday.Overall, the rebound appears to have taken place as the relative strength index (RSI) bounced from a floor at 43.00 At the time of writing, the index is tracking at 43.48, with the next visible ceiling at the 45.00 mark.Cardano (ADA) In addition to XRP, cardano (ADA) was another token to rebound from a multi-month low on Saturday.
Following a low of $0.3367 on Friday, ADA/USD moved to a peak of $0.3443 to start the weekend.
Similar to xrp above, yesterday’s move saw cardano fall to its lowest level since January 11.Overall, ADA is now trading over 1.3% higher than this bottom, climbing back above a recent support point in the process.Cardano is now trading at $0.3418, which is higher than the aforementioned floor at $0.3400.The rebound in price comes despite the 14-day RSI continuing to track near an eight-week low of its own at 38.76.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Do you expect cardano to move higher in the coming days? Let us know your thoughts in the comments.
Eliman Dambell Eliman was previously a director of a London-based brokerage, whilst also an online trading educator.Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
– Djed became Cardano’s fourth-biggest project.- The development team was working towards an increase in adoption with the option to borrow and use the stablecoin as collateral.Cardano’s [ADA] stablecoin Djed which launched on 31 January, has surpassed many projects in the ecosystem to become the fourth largest.Created by the blockchain’s development group Input Output in collaboration with the COTI network, Djed serves as the algorithmic stablecoin for Decentralized Applications (dApps) in the Cardano ecosystem.How much are 1,10,100 ADAs worth today? Djed: The young kid on the block COTI, the blockchain enterprise provider revealed details of the development via a 2 March Medium post.It is significant to acknowledge that the Layer one (L1)- focused firm accrues fees into its treasury through the usage of the stablecoin.
According to the blog post, COTI admitted that it was glad about the milestone.And its next focus was to expand Djed’s adoption and establish more use cases for it and Shen, Djed’s reserve coin.
The publication read, “Now, our main focus is to establish DJED’s adoption and create more utility for it.In the coming weeks, we will present to you various use cases for DJED and SHEN” In February, Djed boasted of a 600% reserves ratio with 27 million ADA backing the stablecoin.
With the over-collateralization mechanism, Djed would be able to remain stable irrespective of the market condition.However, the stablecoin’s journey to the top would have been impossible if not for its input into the Cardano Total Value Locked (TVL).
The TVL tells the number of unique deposits by protocols into an ecosystem.As of this writing, DeFiLlam showed that Djed’s addition to the TVL was around $10.49 million despite its decline in the last 30 days.Adverse, the Cardano and Ergo ecosystems tracker confirmed that the rise helped Djed gain 9% of the total Cardano TVL.JUST IN: Cardano $ADA stablecoin $DJED has 9% of the ecosystem’s total value locked.— Adaverse News | Cardano and Ergo News (@AdaverseNews) March 2, 2023 Lending season, bubbling activities on the chain Further details from the COTI release disclosed that the firm was preparing a Djed integration on Aada Finance.
Aada Finance is a lending protocol under the Cardano.The full implementation would also allow DJED and SHEN to become borrowable assets on Aada, as confirmed on 16 February.🗳 Governance voting No.
4 has passed – new assets for borrowing and new collateral assets has been added to the Aada Finance Happy trading at https://t.co/ [[email protected]]@COTInetwork @Indigo_protocol @claymates @SingularityNET pic.twitter.com/po33aQfRSn — Aada (@AadaFinance) February 16, 2023 Realistic or not, here’s ADA’s market cap in ETH’s terms Though the ADA value slid just like other cryptocurrencies, there were major improvements per on-chain activity.According to Santiment, daily active addresses hit the highest on 3 March since the 135,000 year-to-date record on 10 February.The metric describes the number of distinct wallets that participated in ADA transfers on a daily basis.Therefore, the hike supported an increase in transactions.
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