Cardano Beats Top 10 Cryptos in Profits, Hoskinson Predicts Growth as Total Value Locked (TVL) Approaches Half a Billion

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Tomiwabold Olajide

Cardano also regained 7th place in cryptocurrencies by market valuation

According to CoinMarketCap, the price of Cardano (ADA) is up more than 12.36% in the past 24 hours, outperforming the rest of the top 10 largest cryptocurrencies by market capitalization.

Cardano continued its four-day positive run, reaching a high of $1.17 at the time of publication. Cardano has also reclaimed seventh place in cryptocurrencies by market valuation of $39.05 billion, flipping Terra’s LUNA. The inclusion of ADA in a new Grayscale fund and Coinbase enabling Cardano strike may have contributed to the upward momentum.

At the time of going to press, ADA changed hands for $1.16, up 9.08% in the past 24 hours and 36.68% in the past week. On-chain analytics company Holiness reports the accumulation of ADA among major holder addresses, which has led to its recent price surge.

Total Value Locked On Cardano, Image Credit: Defillama

Data from blockchain data tracker DefiLlama indicates that the total value locked in the Cardano ecosystem has reached nearly half a billion, including deployed governance assets. With the incorporation, Cardano’s TVL stands at approximately $419 million. Without the inclusion, however, Cardano’s TVL was about $318.18 million.

Most of the funds on the network are concentrated on the Minswap decentralized platform, with $195.22 million currently locked. Minswap has announced the resolution of issues on its network after reporting that it was in maintenance mode due to unspecified issues the previous day.

Growth has just begun

As previously reported by U.Today, IOHK CEO and Cardano Founder Charles Hoskinson says of the growth in TVL that has just begun: “What most also don’t understand is that many Cardano DApps are waiting for the Vasil hard fork in June to to launch take advantage of pipelining. So it looks like we haven’t seen anything on TVL yet.”

In addition to the financial growth of the network, development activity on Cardano is also increasing, with more than 3,008 Github commitments reported by IOHK for the week.

The founder of Cardano Charles HoskinsonCommenting on the progress of Cardano (ADA) adoption, said: “Remember when I predicted thousands of assets and DApps on Cardano? Well, I was wrong, millions of native assets have now been issued and DApps are now in the hundreds. #Slowly and steadily.”

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