Cardano Hits TVL Of $100m And A $30m Volume

Unfortunately, the project’s cryptocurrency, ADA, does not reflect this growth, as the majority of its holders have seen losses.

Cardano (ADA) recently reached a number of new milestones, as developers and users continue to push the rapid growth of the network.

The appearance of numerous new use cases on Cardano’s network resulted in a surge in total active addresses, which recently climbed to 162,000. Cardano also experienced growth in total transaction volume, which exceeded $30 million. Additionally, Cardano Network’s Total Value Locked (TVL) has reached nearly $100 million.

Cardano revealed that a major portion of TVL amount originated from SundaeSwap, Cardano’s first DEX. Another decentralized exchange, MuesliSwap, holds down second place in providing TVL, with approximately $3 million, an amount significantly lower than SundaeSwap’s $96 million.

ADA Resists Joining the Rally, Leaves Holders with Losses

With new use cases and functionality, Cardano’s fundamental value continues to grow daily. However, its native cryptocurrency, ADA, does not reflect that growth and is still significantly undervalued.

The first half of February 2022 has seen a strong recovery for the majority of crypto prices, but ADA continues to resist the rally. After previously losing nearly 30%, ADA barely recovered 15% in the most recent period after failing to participate in the broader market rally.

The coin suffered great losses after reaching its ATH on September 3rd, 2021. It declined 60% in the months that followed, bringing it to the price of $1.10 at the time of writing (February 11th, 2022). Analytics sites show that less than 20% of ADA holders are making money off their initial investments, while 66% of those who bought ADA previously have experienced losses.

Though Cardano has experienced notable growth–despite ADA’s inability to “catch up”–would-be investors are wise to exercise caution before engaging with this project.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

Dogecoin Amongst the Top-Performing Cryptos in Q1 2021

A significant amount of capital flooded the cryptocurrency industry, pushing the total market capitalization to new record highs. Surprisingly, one of the cryptocurrencies that benefited the most was Dogecoin. The meme token skyrocketed by a whopping 1,800% within the first 29 days of the year,...
Read More

Most Underrated Altcoins That Need More Attention

Altcoins represent cryptocurrencies other than Bitcoin. They are built in a similar structure to Bitcoin except for a few alterations. Also, they distinguish themselves from Bitcoin by adding essential functionalities. According to current listings, there are over 12,000 altcoins as of October 2021. Alternatives to...
Read More

Five Biggest Token Gains Of 2021

Although the year 2021 has had its roller coaster of bearish runs, it still has proven to be an exquisite year by possessing a streak of bullish runs in which so many investors who had carried out their researches on several promising cryptocurrency projects rather...
Read More

The Amazon Token Scam That Is Hooking New Victims

These details could be their credit card information, physical addresses, and more revealing data. Once in their hands, the data can facilitate the execution of other nefarious actions by selling it on the dark web, wire fraud, and other illegal activities. After being duped, victims...