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Breaking News: Bitcoin May Be In A Price Slump—But Adoption Is In A Bull Market
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Breaking News: Bitcoin May Be In A Price Slump—But Adoption Is In A Bull Market

Why This Cardano Based Lending Platform Records A 20% Up In TVL

Reynaldo Marquez
Reynaldo Marquez
Last Updated: July 14, 2022 10:00 pm
2 mins read
Cardano

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Data from DeFi Llama records a massive increase in the total value locked (TVL) of FluidTokens, a Cardano-based lending protocol. This blockchain deployed its smart contract capabilities in late 2021 and has been experiencing a spike in ecosystem growth as more projects are launched on mainnet.

Related Reading | When Will The Extended Stretch Of Extreme Fear In Crypto End?

According to DeFi Llama, the Cardano-based lending and borrowing platform has seen a 20% increase in its TVL for the past week and a 56,600% increase in its TVL during the past hour. FluidTokens managed to take the 7th position in terms of TVL with $24,200.

This is far below the number one protocol in terms of TVL, WingRiders, which records $50 million, and the second protocol in the ranking, Minswap, which records $37 million. However, FluidTokens has been live for over a month and has been consolidating important partnerships which suggests the trend could extend.

Via Twitter, the team behind the project announced a partnership with Eternl, a Cardano light wallet provider. The collaboration will allow users to access FluidTokens products “from any device”.

In addition, the platform has been enabling liquidity for other Cardano projects. The platform will allow users to trade with Yummi Universe non-fungible tokens (NFTs), a popular project on this blockchain, and allow users to access a new use case: using their digital assets to obtain liquidity.

Further data provided by DeFi Llama record a spike in token inflows and USD Inflows for FluidTokens over the past week. This spike in protocol activity could be related to the partnerships and collaboration announced during June and July.

Cardano ADA ADAUSDT
Source: DeFi Llama

In the coming months, the protocol will enable a staking functionality for its native token FLUID and will consolidate sponsorships of DAO investment funds. By the end of the year, the platform will deploy additional functionalities to incentivize user activity further.

Cardano Follows General Market Trend

The Cardano ecosystem has been expanding at a fast pace and has generated a lot of attention due to its “Vasil” Hard Fork Combinator (HFC) event. At the time of writing, ADA’s price trades at $0.44 with a 4% profit in the last 24 hours and a 4% loss over the past week.

Cardano ADA ADAUSDT
ADA’s price trends to the downside on the 4-hour chart. Source: ADAUSDT Tradingview

The upcoming HFC “Vasil” will implement network updates and improvements to the Cardano blockchain. This should contribute to ADA’s price and bring bullish momentum to the cryptocurrency.

Cardano has been trending to the downside more aggressively than other cryptocurrencies in the top 10 by market cap. This is probably motivated by the general risk-off sentiment across the crypto market.

Related Reading | Bitcoin Price Spends Four Weeks At 2017 Peak Prices, What Comes Next?

Data from Material Indicators records significant resistance for ADA’s price as it climbs from its current levels. There are over $2 million in asks orders poised to operate as major resistance. If the cryptocurrency can surpass this level, it will find resistance at around $0.50.

Cardano ADA ADAUSDT MI1
ADA’s price (blue on the chart) meets important resistance (asks orders in yellow above price). Source: Material Indicators
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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