- With strong DeFi activity, the total value locked (TVL) on the Cardano blockchain has surged past 600 million ADA.
- Cardano is teaming up with Spectrum Finance with both of them working on offering more ways to use cryptocurrencies across different blockchains.
The world’s seventh-largest cryptocurrency Cardano (ADA) has been in traders’ limelight recently and has delivered a healthy 50 percent gain on the weekly chart. As of press time, Cardano’s ADA is trading 3.07 percent up at a price of $0.3297 and a market cap of $11.5 billion. It’s now eyeing a jump to $0.35.
Also the decentralized finance (DeFi) activity on the Cardano blockchain has seen a strong uptick. As per the latest data on Wednesday, July 19, the total value locked on the Cardano blockchain has reached a record of 600 million ADA. As we see, the TVL on the Cardano blockchain has jumped by 300 percent since the beginning of the year.
Cardano TVL (Total Value Locked) reaches a record of 600mil ADA.
TVL is up 300% since beginning of the year! 📈 pic.twitter.com/cNA24fDdzb— Sssebi🦁 (@Av_Sebastian) July 19, 2023
The rising TVL on the Cardano blockchain shows that new players have been willing to set up a base on the Cardano blockchain network. In the latest development, Spectrum Finance, a cross-chain decentralized exchange (DEX), is set to go live on the innovative smart contract platform Cardano, on July 24.
More About Spectrum Finance
Spectrum Finance is a popular DEX for its ability to push trustless, cross-chain programmable messaging. Now, it plans to extend its reach to the Cardano ecosystem while unlocking new opportunities for cross-chain interoperability.
In the world of cryptocurrency, Spectrum Finance is a well-known brand that provides different services for different user needs. They have Spectrum Finance Ergo AMM and Spectrum Finance Cardano AMM, which are sets of smart contracts that work on the Ergo Layer 1 blockchain and Cardano Layer 1 blockchain, similar to Uniswap v2.
The main feature of these services is the Spectrum Network or Spectrum Protocol. It acts as a platform for smart contracts that work across different blockchains, allowing the creation of dApps that can operate smoothly in a cross-chain environment.
Spectrum Finance and Cardano
The Spectrum Network has a special advantage such that it can smoothly interact with different cryptocurrencies on various blockchains at the same time. This means users can easily swap one cryptocurrency from one blockchain to another without any complicated processes.
Cardano is teaming up with Spectrum Finance, and it’s a big deal. Cardano is known for its advanced features, and by working with Spectrum Finance, it can offer even more ways for users to use cryptocurrencies across different blockchains.
With this partnership, developers can build decentralized apps that combine Cardano’s smart contract capabilities with Spectrum’s cross-chain abilities. This opens up exciting possibilities for new and innovative apps that can work across different blockchains and offer unique features to users.
Thus, it is likely to boost more DeFi activity on the Cardano blockchain going ahead. An increase in the DeFi activity would also mean greater use of the ADA cryptocurrency. This will ultimately provide a further push to the ADA price.
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