Cardano Achieves a Massive Milestone as ADA’s Price Maintains Bullish Momentum

Cardano’s ADA has seen a remarkable surge in the last few months, more specifically, over 120% in appreciation since October 20. As the coin rises to new all-time highs by what’s left of December, Cardano’s DeFi ecosystem is flourishing as well.

Cardano’s total value locked (TVL) surpassed $370 million this Friday, reflecting 520% growth since the beginning of the year. This growth is mainly driven by a notable increase in decentralized exchange (DEX) activities, more network developments, and overall growing investor confidence in Cardano’s DeFi scene.

This is the first time in 21 months that Cardano’s TVL exceeds $300 million, placing it in the top 10 TVL records.

Cardano’s DEX Volume on the Rise

Cardano has seen a significant uptick in decentralized exchange (DEX) activities. Its TVL surge, which resulted in a more than 30% rise in TVL in 24 hours, came with a greater DEX volume, exceeding $12 million, and it occurred shortly after ADA reached the 50-cent mark.

DefiLlama shows that the trading volume on Cardano DEXs surpassed $12 million, witnessing a notable 140% weekly increase to reach $50 million over 24 hours.

The revitalized trading volume paints quite a contrasting picture from September when most protocols combined barely processed $50 million. Should this positive trend persist, Cardano could achieve a monthly trading volume exceeding $100 million —the first occurrence since August.

Besides its flourishing TVL, Cardano-based meme coins like Snek have also seen significant growth in the past 24 hours. Snek, which had been quiet for months, experienced a bullish trend, lifting its market cap beyond $70 million.

Read More: Cardano Achieves a Massive Milestone as ADA’s Price Maintains Bullish Momentum

2023-12-10 16:15:46

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