Main navigation

Cardano (ADA) Price Growth Can Lean on Its DeFi Strength, Here's Reason

Fri, 03/24/2023 - 12:21
article image
Godfrey Benjamin
Cardano's next bull phase has high tendency of being fueled by its DeFi hub
Cardano (ADA) Price Growth Can Lean on Its DeFi Strength, Here's Reason
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Cardano (ADA) is sending off a bullish indicator amid a move by major digital currencies printing a resurgence in their price growth. With many high-performant blockchain protocols hinging their current price actions on certain fundamentals within their ecosystems, Cardano is leaning on the strength of the uptick in its Decentralized Finance (DeFi) hub to maintain a positive outlook at this time.

While the Cardano Total Value Locked (TVL) recorded more than 150% growth earlier this week amid a resurgence in its DeFi activities, recent data from DeFiLlama shows that the ADA locked in smart contracts resident on the protocol surpassed 378 million.

With the broader volatility in the digital currency ecosystem today, Cardano is set to benefit from the continuous growth in yield-bearing products brandished by decentralized applications resident on it. With the demand in DeFi products, there is bound to be a ready demand for ADA, which will form a more natural avenue for the price of the token to be driven higher based on the laws of supply and demand.

Cardano is trading at a price of $0.3632, with a discount of 2.20%, a current trend that is complemented by the 5.25% growth in the week-to-date (WTD) period.

Cardano TVL Saw 20% Growth per Month, $3 Billion If ADA Hits ATH

Cardano and inherent protocol development

Cardano has been a major driver and proponent of decentralization in blockchain protocols, and it is diligently developing the protocol to adhere to Web 3.0-backed governance tenets.

Branded as one of the most decentralized protocols around, the liquid staking offering by Cardano, born out of its advanced distributed design, has been tipped as a way for the industry to bypass the regulatory sanctions of the SEC, which has been targeting firms providing staking services.

Cardano is still undergoing significant developments, which will ultimately aid its DeFi growth and, eventually, its native token growth in the long term.

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.