Latest data shows that Cardano's total value locked (TVL) in the decentralized finance (DeFi) ecosystem experienced a partial recovery in July. Compared to a peak of almost $500 million in mid-March 2024, TVL had fallen to $222 million. However, the 15% increase seen in July indicates that this recovery has begun.$ADA
The increase in TVL is mainly driven by three main protocols such as Minswap, Indigo and Liqwid, and these protocols account for 50% of Cardano's total TVL. The activities of these platforms highlight the growing interest and utility in the Cardano ecosystem despite the general volatility in the crypto market.
Market Dynamics and Future Prospects
Cardano's native asset, ADA, has suffered a significant 50% decline since mid-March and is currently trading at around $0.38. This trend reflects the decline of the broader market, which is influenced by macroeconomic factors and investor sentiment. However, the platform's technological infrastructure and continuous development efforts make the community hopeful for a sustainable recovery.
Analysts state that although current market conditions are challenging, Cardano's long-term potential is promising. The platform's focus on scalability, interoperability, and advanced smart contract capabilities puts it at an advantage in the competition for blockchain technologies. As DeFi activities expand and more projects integrate with Cardano, growth potential may revive and gain upward momentum.
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So who will benefit?
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I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
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Enter the Futures Section from your application,
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WHEN WILL THE AWARD COME?
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