Cardano’s TVL Set For Exponential Growth, TapTools Reports
08 Abril 2023 - 10:32AM
NEWSBTC
Prominent blockchain Cardano is set to experience “exponential
growth” in its Total Value Locked (TVL), according to a report by
Cardano portfolio tracker TapTools. In a thread on April 7,
TapTools urged its 15,000 followers to keep a close eye on Cardano
while stating the possible factors that can drive the expected
explosive growth on the blockchain platform. Innovation,
Partnerships And Community To Drive Cardano’s TVL: TapTools
Based on the TapTools report, one factor that should boost
Cardano’s TVL is its innovative Proof of Stake (PoS) consensus
algorithm, which TapTools believes makes the blockchain a top
contender in the next phase of DeFi adoption. According to
the team behind the asset tracker, Cardano’s unique PoS mechanism
offers users a secure, scalable and eco-friendly solution that
could benefit the platform, especially with the projected massive
growth of the DeFi space. TapTools also highlighted Cardano’s focus
on financial inclusivity and real-world use cases as another
possible key driver in the platform’s development. The team
stated that this strategy enables Cardano to penetrate emerging
markets allowing more users to join the network and boosting its
TVL value. Related Reading: Chiliz Hot Streak Sees CHZ
Notching 13% Rally Ahead Of Chain 2.0 Launch Another noteworthy
point stated in the TapTools report is the role of strategic
partnerships and collaborations in Cardano’s network growth.
TapTools noted that Cardano’s partnerships with various industry
giants would facilitate increased network adoption, thereby
boosting its TVL growth in the coming years. That said, other
factors stated in the TapTools report that could drive Cardano’s
growth include its smart contract operations and its thriving
community of developers, enthusiasts and investors. Related
Reading: Bitcoin Mining Difficulty Hits All-Time High For The 4th
Time In 2023: Here’s Why Cardano’s TVL Growth Has Been Impressive
So Far For many of the Cardano user community, the report by
TapTools only produces more excitement as the platform’s TVL has
been on a steady rise following the turn of the new year.
According to data from Defillama, Cardano’s TVL has boosted by
about 200% from its initial value of $48.95 million on January 1.
On March 22, Cardano’s TVL crossed $140 million for the first time
since June 2022. That said, the current TVL of Cardano stands at
$143.16 million, with an increase of 31.98% in 30 days. The
decentralized exchange Minswap is the biggest protocol on the
blockchain, with a market dominance of 37.37%. Source: Defillama
Meanwhile, ADA, Cardano’s native cryptocurrency, has also recorded
a price growth synonymous with the platform TVL’s movement. Based
on data from Coingecko, ADA is up by 22.6% in the last 30 days ,
however, its total gain since the beginning of the year is
estimated to be around 62.5%. At the time of writing, ADA is
trading at $0.39, gaining by 2.8% on the last day. Its daily
trading volume is around $228.68 million. With a total market cap
of $13.66 billion, ADA remains the seventh-biggest cryptocurrency
in the market. ADA trading at $0.38 | Source: ADAUSD chart on
Tradingview.com Featured Image: Binance Academy, chart from
Tradingview, Defillama
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