Cardano outperforms the market with a stunning 40% jump as TVL approaches half a billion dollars ⋆ ZyCrypto

Cardano Large Holders Double ADA Holdings Within Days As Prospects Of Rapid Price Increase Mounts

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Cardano’s ADA has been doing well over the past few weeks. ADA has even outperformed other major cryptocurrencies as it continues a solid uptrend. Momentum was boosted Thursday after news that Coinbase added staking for the crypto assets.

ADA Missiles 40%

ADA rose about 18.09% to hit $1.13 — a level not seen in seven weeks. It is currently the best performing asset in the top ten with a 40% increase in the last 7 days.

ADAUSD Chart by TradingView

While a general recovery sentiment in the crypto market has helped push the ADA price up, the coin’s gains appear against the backdrop of more capital flowing into the Cardano ecosystem.

Total locked-down value (TVL) within the Cardano protocol rose from nearly $130 million at the beginning of this month to over $421 million (including governance tokens deployed) at press time, its highest level to date.

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Despite Cardano’s exponential growth this year, the network’s TVL still pales in comparison to its direct rivals in DeFi, including Ethereum and Solana. According to data from the on-chain statistics platform DeFi Llama, the two have a staggering $120.71 billion and $7.3 billion respectively.

Coinbase, the leading cryptocurrency exchange in the US, is paving the way for users to earn rewards on their Cardano (ADA) funds.

Coinbase Adds ADA Strike

In a blog post published on March 24, Rupmalini Sahu, the trading platform’s senior product manager, announced the expansion of its strike offering with ADA. The new staking service provides retail users with an easy and seamless way to join the Cardano network by staking their crypto assets in exchange for revenue.

Sahu explained that ADA was selected because it is currently in the top ten largest cryptocurrencies on the market and because of its “more flexible, sustainable and scalable” proof-of-stake blockchain design. Like Ethereum, Cardano supports smart contract functionality that allows developers to create their own decentralized applications or create non-fungible tokens (NFTs).

Coinbase currently offers ADA staking rewards of approximately 3.75%, requiring participants to keep their tokens for 20 to 25 days. Once the period is over, users will be able to receive rewards as often as every five days. Return rates are largely dependent on the number of participants in the program.

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