Cardano TVL surpassed the 700 million mark - Will this help ADA break the ¥3 billion mark?
Cardano TVL surpassed the ¥7 billion mark and the next target is ¥11 billion.
Will the network's strong growth lead to an increase in #ADA value?
Cardano's [ADA] impressive 11-month growth was fueled by strong fundamentals and confidence as TVL (total blocked value) soared to a record high of 771,300 million.
This was a significant increase after dropping nearly 55 billion last cycle.
For those not in the know, TVL tracks the amount of funds blocked on the blockchain, especially through the #DeFi protocol on the #Cardano network. Thus, the growth of TVL is indicative of growing investor confidence.
According to DeFiLlama, the main protocols influencing Cardano's TVL were 2 lending platforms, Liqwid, Indigo and #decentralized exchange (DEX) Minswap. At the time of publication, they controlled over 50% (about 430 million euros) of TVL.
The growth of the network was also evident as the volume of the DEX decentralized exchange jumped to a 1-year high.
Cardano trading volume on the 11 DEX exchange (orange exchange) was only 1190 million at the beginning of May, but at the time of writing it has grown to 3150 million yen. This is a whopping 1-fold increase in 17 months.
the increase in trading volume on DEX means an increase in user activity and positively correlates with the strong ADA price fluctuations last month.
Notably, the number of users has increased from 11 at the beginning of May to almost 30000 at present, which is almost 90000, a 100% increase. In terms of prices, ADA has increased by 272% during the same period, reaching a high of 1.13% per year.
Thus, with the increase in the number of DEX and the overall growth of the network, ADA may aim to peak in 2021 during Cycle 3 if the trend continues in the coming weeks or months.
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