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- Cardano’s DeFi ecosystem has exponentially grown in the past year with over 605 million ADA already locked.
- ADA price has retracted about 13 percent in the past month to trade around 27 cents on Wednesday.
The Cardano (ADA) network has grown to a commanding smart contract blockchain with a vibrant online community. Despite the devastating impact of the 2022 crypto bear market, the Cardano (ADA) network has managed to pull through the first half of 2023 among the top digital assets. The active Cardano developers’ community has significantly helped the network match up to its original hype. Moreover, more than 22.7 billion ADA coins have already been staked out of the total circulating supply of about 35 billion.
The high level of Cardano (ADA) staking is an indication more investors are bullish on the network’s future growth prospects.
Closer Look at Cardano Market Outlook
The high competition in the smart contract industry has seen the Cardano network grow to a total market capitalization of about $9.7 billion and a fully diluted valuation of approximately $12.54 billion. According to market aggregate data provided by defillama, the Cardano network has registered a total value locked (TVL) growth of about 250 percent YTD to about $170 million as of reporting time.
In terms of digital assets, the Cardano network has more than 605 million ADA in TVL as of August 16. Notably, the Cardano staking program offers more than 4 percent in APR on most DeFi projects, hence encouraging more holders to stake their ADA holdings.
Similarly, other major DeFi metrics have been on the rise on the Cardano network including a sharp uptick in ADA traded volume. In the past 24 hours, the Cardano (ADA) DeFi volume totaled about $2.17 million with over 36.6k active users. Worth noting that the Cardano network supported a total of $15.63 million in stablecoins market cap.
Some of the leading decentralized applications on the Cardano network include MinSwap, a DEX with about $45 million in TVL, and Indigo with a TVL of approximately $37 million. Other notable projects running on the Cardano network include Liqwid, VyFinance, Djed Stablecoins, and Optim Finance. Currently, the Cardano developers are working on connecting the existing DeFi protocols with other chains like Ethereum to ensure future growth prospects.
Price Action
The Cardano (ADA) price has found a solid support level after registering heavy losses last year. Notably, ADA price rebounded on the support level of around 24 cents and formed a possible double bottom. Additionally, the ADAUSD derivative on the weekly time frame shows a rising divergence in the RSI, thus indicating an imminent rally ahead.
#Cardano | Between 2018 and 2020, $ADA oscillated between $0.10 and $0.028 for 665 days. Then? A whopping 2,985% bull run took off after this long accumulation phase.
Fast forward to now, $ADA seems trapped in the $0.46 to $0.24 range, already for 329 days. If history and price… pic.twitter.com/tvzf7VMIsk
— Ali (@ali_charts) August 14, 2023
As a mid-cap altcoin with strong fundamental aspects, ADA price is well poised to rally beyond its ATH during the next major crypto bull market, which is expected to be triggered by Bitcoin halving next year.
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