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 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.