Investors who are looking to invest in a cryptocurrency with strong fundamentals and long-term potential should consider Cardano
Cardano (ADA), the seventh-largest cryptocurrency by market capitalization, has been on a tear in recent weeks, surging over 50% since mid-October. The bulls are now in control, and the price of ADA is poised for a further surge. Cardano’s price has surged in recent weeks, with TVL (Total Value Locked) on the network exceeding the $250 million mark. It is a significant milestone for Cardano, as it shows that the network is gaining traction and adoption.
TVL is a measure of the total value of assets that are locked in a DeFi (Decentralized Finance) protocol. It is a crucial indicator of the adoption and popularity of a DeFi protocol.
The surge in Cardano’s TVL is due to a number of factors, including:
- The launch of new DeFi protocols on Cardano- A number of new DeFi protocols have been launched on Cardano in recent months, including DEXes (Decentralized Exchanges), lending protocols, and asset management protocols. These new protocols are attracting users and liquidity to the Cardano network, which is driving up the price of the ADA.
- The increasing popularity of Cardano-based NFTs- Cardano-based NFTs have become increasingly popular in recent months. This is due to the fact that Cardano is a more energy-efficient and sustainable blockchain platform than Ethereum. Cardano also has a number of advantages over Ethereum in terms of transaction fees and scalability.
- Vasil Hard Fork- The Vasil hard fork is scheduled to launch on Cardano in November 2023. This hard fork is expected to bring a number of performance and scalability improvements to the Cardano network. These improvements will make it easier and more efficient to use Cardano-based DeFi protocols and NFTs.