Cardano’s [ADA] TVL slumps to an all-year low, but here’s the catch
Despite the success of the Vasil hard fork, Cardano [ADA] seemed to have lost its midas touch as its Total Value Locked [TVL] hit the lowest 2022 value.
According to DeFi Llama, the largest TVL aggregator, Cardano’s TVL was $76.26 million at press time. This value was the lowest the Proof-of-Stake (PoS) blockchain had reached since hitting $77.24 million in January.
Source: DeFi Llama
An assessment of the Decentralized Exchanges (DEXes) and lending protocol on the ADA showed double-digit decreases in the last thirty days.
Hence, it was inevitable to avoid the reduction. This meant that investors had pumped less liquidity into the Cardano protocol for a long while.
However, Cardano seemed to have gained some redress in other aspects. Based on reports from DappRadar, Cardano had a number of its applications soaring per users and volume. For example, Aada.finance gained 109.9% in the last 24 hours.
MELD increased 40% to reach a $23.35 million balance, while NFT jungle picked up a 50% increase. It, however, wasn’t in all ramifications that there was an uptick. But for most of its decentralized applications, the performance was impressive.
Here’s AMBCrypto’s Price Prediction for Cardano for 2022-2024
While the DApp increase may have been some relief, the same could not be said for the ADA price. CoinMarketCap revealed that ADA had decreased by 1.14% in the last 24 hours.
While trading at $0.427, its 24-hour trading volume had also dropped to $379.11 million, meaning fewer investors have accumulated during the period. Besides these, there have been some notable changes on-chain which could interest ADA investors.
As per on-chain metrics, Cardano seemed to have reignited its development activity after falling short a few days back.
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