Cardano (ADA) was at the peak of its performance in 2022, boasting an all-time high Total Value Locked of over $400. However, since then, the cryptocurrency’s value has fluctuated.
But recent data from Artemis shows that Cardano’s TVL has been consistently increasing over the last six months.
The seven-day moving average of $154 million is a level not seen since May 2022. With this growth rate, many are wondering if Cardano will have what it takes to reach its previous all-time high TVL.
Over the last six months, $ADA TVL has consistently increased.
Currently, the seven-day moving average sits at $154m, a number that has not been seen since May 2022. pic.twitter.com/wkbYoAddQb
— Artemis 🏹 (@Artemis__xyz) May 3, 2023
Cardano Growing TVL, Development Efforts Hint At Bright Future
Cardano’s TVL has been on a consistent upward trajectory, with a recent surge of over 9% in just 24 hours, according to DeFiLlama’s.
Source: DeFiLlama
Meanwhile, a tweet from Input Output Global highlighted the blockchain’s impressive performance in April, with the Hydra team gearing up for the upcoming 0.10.0 mainnet release.
As Cardano continues to prioritize scalability, this new release could have a significant impact on the entire ecosystem.
1/ The weekly development update is released every Friday on #EssentialCardano. This thread recaps the main highlights from the previous month.
Discover how many projects launched on #Cardano in April, the growth of native tokens, token policies, transactions, & scripts. pic.twitter.com/dW6xXXUw3r
— Input Output (@InputOutputHK) May 2, 2023
Additionally, the Plutus team has been developing new built-ins to support BLS12-381 curves, which are expected to be available in Plutus v3.
These developments suggest that Cardano’s growth on the development front is likely to continue, which could lead to further TVL growth in the future.
ADA’s Usage And Popularity Among Whales
Cardano’s current price on Coingecko is recorded as $0.391593. Although it experienced a 1.1% slump in the past 24 hours and a 4.4% decrease in the past seven days, recent data indicates increased network usage.
The number of daily active addresses spiked recently, and the staking market cap of Cardano was recorded as $9,037,199,931. The number of ADA stakers remained relatively stable despite the slump in price.
However, the number of token holders has declined, reflecting a dent in investor confidence. On the other hand, the popularity of ADA among whales is high, which is evident from the consistent number of whale transaction counts.
Despite the recent decline in price, Cardano’s growing network usage and popularity among whales could be indicative of a bullish outlook for the cryptocurrency in the future.
ADA total market cap at $13 billion. Chart: TradingView.com
Cardano Outlook
Despite the recent price slump and decline in the number of token holders, Cardano has shown positive signs with its increased daily active addresses and staking market cap.
The network’s efforts towards scalability and development, such as the upcoming Hydra 0.10.0 mainnet release and Plutus built-ins to support BLS12-381 curves, suggest further growth potential.
While investors’ confidence may have been shaken, ADA’s popularity among whales indicates a promising future.
(The information provided in this crypto news is for educational and informational purposes only. It does not constitute financial advice or an endorsement of any specific cryptocurrency, exchange, or investment strategy.)
-Featured image from iStock