Main navigation

Cardano (ADA) DeFi Outlook More Bullish Than Ever, Here's Why

Wed, 07/05/2023 - 10:06
article image
Godfrey Benjamin
Cardano's ADA DeFi TVL soars to its all-time high (ATH)
Cardano (ADA) DeFi Outlook More Bullish Than Ever, Here's Why
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Cardano (ADA) is pressing higher above its peers in the Decentralized Finance (DeFi) ecosystem. Per data from DeFiLlama, Cardano has recorded a massive jump in its Total Value Locked (TVL). Specifically, the data shows the ADA now locked is pegged at an all-time high (ATH) of 566.34 million units.

Cardano ADA Deposits on DeFi contracts. Source: DeFiLlama

Per the chart above, this massive surge has been on a steady rise since the start of the year, echoing the traction picked up by Cardano investors as more functional smart contracts make their way to the protocol. The TVL, which topped its ATH, is also a testament to the functionality of the different decentralized applications (DApps) on Cardano, which are notably attractive to investors.

The growth in Cardano's DeFi TVL shows that that aspect of the protocol is now more bullish than ever. However, the impact is currently not being felt in its price action thus far. At the time of writing, Cardano has jumped by merely 6.24% in the past 24 hours, with the price pegged at $0.2933.

Cardano Is 'Growing' Under Harshest Conditions: Charles Hoskinson

Cardano maintains relatively better growth

Though Cardano, to many observers, lags behind its peers in the most crucial aspect that defines a protocol's growth momentum, it is indeed a major trailblazer compared to other smart contract hubs today. While it boasts of exponential growth in its ADA deposits over the past few months, Ethereum has seen a sharp slump in Ethereum deposits on smart contracts overall.

The comparison on the basis of native token deposits shows Cardano is a relatively better performer, despite the monetary proof of this dominance not being reflective.

The measures to grow its ecosystem have notably been deepened by Charles Hoskinson, the protocol's founder, and other core developers working on the blockchain network. With diversity in innovation as one of its watchwords, Cardano is notably eying a top spot as one of the biggest DeFi hubs today.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.