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- Cardano grabs the 16th position as its DeFi market boom.
- It currently has a Total Value Locked (TVL) of $183.16 million.
The latest report from DefiLlama discloses that Cardano (ADA) is fast approaching the top ten spots of all DeFi chains. According to the report, Cardano is currently in the 16th position with a Total Value Locked (TVL) of $183.16 million with the staking option inclusive. Interestingly, the current position puts it above other chains including Bitcoin and EOS.
Ultron and Fantom are currently ranked above Cardano. This was tweeted by an account identified as ADA Whale. The tweet mentions the growth of the Cardano network despite the biggest Decentralized Applications (DApps) not yet launched. Another interesting observation is that the TVL is denominated in ADA. It recently set a new all-time high of $504 million on May 14.
Cardano DeFi TVL up to 16th. $10m from the top 15 and less than a 2x to the top 10. Some of the biggest dapps still preparing for launch and most TVLs are denominated or paired against ADA. My body is ready.
Based on the ranking, Ethereum currently remains the biggest DeFi chain with a TVL of $30.92 billion. Tron also sits at the second position with $5.46 billion in TVL.
On April 7, the team behind asset tracking platform TapTools announced that Cardano could be set for exponential growth. According to them, Cardano’s unique Proof of Stake model put it above other competitors in the DeFi space. Also, the introduction of smart contracts has enabled developers to build more DApps on the platform. This may cause TVL to grow exponentially.
TapTools also pointed out that Cardano’s interesting financial inclusivity and real-world applications could make it possible for more users to be drawn into the ecosystem and later reflect in its TVL.
Cardano looks bullish after groundbreaking upgrades
Its PoS consensus protocol called Ouroboros was also lauded and tipped to be a significant step forward for the industry. Ouroboros is said to enhance the security of the Proof of Work System and also reduce energy consumption. Also, it is meant for limitless scalability and sustainability while facilitating distributed, permissionless networks with the ability to support new markets while conserving energy.
Ouroboros:
Uniquely merges cryptography, combinatorics, mathematical game theory, behavioral psychology, and economic philosophy to ensure the integrity, longevity, and performance of the distributed networks that rely on it, with Cardano being the first.
Cardano has come up with some interesting projects this year including the collateralized stablecoin DJED. It is pegged to the US dollar and backed by ADA, using Shen (SHEN) as its reserve coin. Prior to this, 50 percent of Cardano’s nodes disconnected and had to restart. This caused a serious network outage.
Cardano is currently the seventh-largest ranked coin based on market cap. Data shows that market participants are very bullish on the asset. In the last seven days, ADA has surged by 3.3 percent and also recorded a 1.9 percent price surge in the last 24 hours to trade at $0.375966. However, ADA is still 88 percent down from its all-time high of $3. The asset currently has a support level of $0.349169 and a resistance level of $0.397221.
