Cardano’s decentralized finance (DeFi) ecosystem has achieved a new milestone, experiencing a 50% surge in total value locked (TVL) in the past month. This growth has propelled Cardano to the ninth position in terms of DeFi TVL among blockchain networks.
The native cryptocurrency of Cardano, ADA, has also witnessed significant gains, increasing by 47% in the last month and reaching $0.57. This surge can be attributed to the increased demand and profitable transactions, as indicated by the MVRV ratio of 1.76%.
According to DefiLlama data, the TVL in Cardano’s DeFi protocols has reached an all-time high, surpassing $376.54 million. This surge in adoption is accompanied by a rapid growth in user activity and transactions on the Cardano network.
On December 9th, the network recorded an all-time high of 77,000 active addresses, highlighting the substantial utilization of the Cardano ecosystem. Furthermore, the daily transactions on Cardano reached a record high of 113,000 on the same day, demonstrating the strong and growing demand for the network’s capabilities. The decentralized exchanges (DEXs) on Cardano have also experienced a remarkable increase in trade volumes, reaching $18 million on December 9th, the highest since June.
The surge in ADA’s value is a result of the profitability of transactions using the coin. ADA’s Market Value to Realized Value ratio (MVRV) indicates an overvaluation of the cryptocurrency, with a positive ratio of 1.76%. This suggests that most investors hold ADA at a profit, with a guaranteed profit of 2% if they sell at the fair market value. With an 18% rise, ADA has outperformed the top ten cryptocurrencies, showcasing its remarkable performance.
Cardano has also seen a significant increase in whale activity, with transactions worth at least $100,000. In the past day alone, significant transactions for ADA have surpassed $1.5 billion, demonstrating the trust and investment in the Cardano network.
Looking ahead, Cardano’s ADA is expected to continue its upward trajectory. With a market valuation of $23.1 billion, ADA has already reached $0.66 after breaking over the resistance trendline. The post-breakout rally is expected to target important levels, particularly $0.737 and $0.87, indicating a potential 35% increase. Currently, Cardano is trading at $0.6553, reflecting a 24-hour increase of 17.15%.
For more information about Cardano, including buying guides, wallet tutorials, and the latest news, visit our recommended links.