- Cardano has witnessed a surge in DeFi following the integration of VyFinance DEX protocol into the MuesliSwap DEX Aggregator.
- ADA whales’ participation is on the rise with on-chain metrics showing a rise in buying activity.
Cardano continues to make strides in the market with the latest report showing a surge in DeFi activity as well as increased buying activity from ADA whales. During the weekend, Cardano underwent a major integration as VyFinance DEX protocol integrated into the MuesliSwap DEX Aggregator.
A decentralized hybrid AMM/OB exchange on Cardano and Milkomeda with DEX Aggregator, MuesliSwap DEX offers limitless trading on Cardano at great prices and low prices.
🚀 Exciting news! VyFinance DEX protocol is now integrated into the MuesliSwap DEX Aggregator! 🥣
Explore limitless trading on Cardano, at unbeatable prices! 🌟🚀#VyFinance #MuesliSwap #DeFi #DEX pic.twitter.com/TjUZoeCW3n— MuesliSwap 🥛 | Hybrid DEX on Cardano (@MuesliSwapTeam) June 4, 2023
Coincidentally, the integration comes just as Cardano Total Value Locked (TVL) overtakes Bitcoin. Cardano is 15th in TVL ranking with $182 million locked on the blockchain. Bitcoin on the other hand is 16th with $176 million according to data from DefiLlama. However, Cardano remains a long way from taking first place currently occupied by Ethereum with an impressive $26.93 billion.
An increase in TVL is an indication of Cardano’s popularity and increased users and protocols within the ecosystem. As more users and projects get involved, ADA’s utility will continue rising, pushing the token’s price higher.
ADA Whales increased interest
In addition to DeFi expansion, ADA whales are now making big moves with increased buying activity. Over the weekend, the number of large transactions surged to 14,780, which is 4,790 more than the previous week. This signals a bullish outlook for the short and long term as the token seems to be in an accumulation phase.
Despite the positive developments, ADA has continued to struggle for the better part of the year. According to our data, ADA has lost nearly 10 percent in the last 7 days, much of this taking place in the last 24 hours. Exchanging for $0.34, the token has lost nearly 80 percent of its value since reaching its all-time high. As such, around 70 percent of addresses are at a loss.
In part, the drop in the last 24 hours comes off the back of an SEC complaint to Binance for offering securities in the form of cryptocurrencies. Among those named in the complaint is ADA, which indicates that the SEC views ADA as a security and could go after its founders just as it did with Ripple and XRP.
The SEC named 10 tokens in addition to $BNB as securities in the Binance lawsuit
Some big name tokens are on this list such as $ADA, $MATIC, $ALGO, $SOL, $ATOM
Once again they are not litigating each of these tokens, just indirectly litigating them which is a scumbag move.
We… pic.twitter.com/avBqdSxBOQ
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) June 5, 2023
One major catalyst for a reversal of the downward trajectory is the recently confirmed proposal dubbed CIP-1694. This proposal will see the blockchain transition into a fully decentralized autonomous organization (DAO), giving power back to ADA holders.
Read More: Shaping Cardano’s Future: CIP-1694 Puts Power in the Hands of ADA Holders
In addition, the recent launch of Marlowe on the Mainnet a domain-specific language (DSL) built for Cardano’s scalable Proof-of-Stake (PoS) blockchain network, provides easy access to financial contracts and agreements which promotes Cardano’s adoption. Since its launch on the testnet, the project has achieved numerous milestones as highlighted by this tweet.
#Cardano Community, that time of week again. Marlowe went live on testnet, allowing experts from finance without Plutus expertise to build. Massive! Hydra & Mithril continue to hit milestones.
I say again in 28 DAYS @Cardano did 2 MILLION transactions!! Also new projects… pic.twitter.com/dQAt0z912a
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