- Partnerships, developers, and real-world use cases could help increase Cardano adoption.
- Almost 70% of ADA holders were at a loss.
According to TapTool, Cardano’s [ADA] Total Value Locked (TVL) has no option but to pursue an upward trajectory. The TVL simply represents the number of assets locked or staked in a protocol. And the metric helps to indicate the liquidity impact on DeFi applications based on the assets deposited in respective smart contracts.
Cardano’s Total Value Locked (TVL) is set for exponential growth, driven by innovation, community, and strategic alliances. Here’s why you should keep a close eye on #Cardano
— TapTools (@TapTools) April 7, 2023
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Is the race to revival feasible?
Giving reasons for the projection, the wallet profiler and portfolio tracker mentioned that the scalable and eco-friendly solution offered by the project could play a big part. And with a steady increase over the past few months, Cardano could become the fastest-growing ecosystem in the blockchain space.
Furthermore, the seven-tweet-long thread pointed to the thriving developer community, collaborations, and Cardano’s openness to expanding to other markets as other grounds poised to make the prediction a reality. The thread noted,
“With a focus on financial inclusivity and real-world use cases, Cardano is targeting emerging markets. This opens up a massive growth potential as more users join the ecosystem.”
However, the year-long drop in TVL has raised concerns about whether Cardano can reclaim its ATH, which was once above $300 million. But at press time, DeFi Llama showed that the TVL has been able to gain 26.28% in the last 30 days. This suggests that there had been more unique deposits in the chains under the Cardano protocol.
Source: DeFi Llama
Checking out the contributors
But it is also important to note that the TVL growth also puts activities with dApps into consideration. Hence, the motive for evaluating the state of the Cardano-linked NFTs. According to JPG.store, a Cardano NFT marketplace, a great number of collections registered hikes in volume.
Then, on assessing Santiment’s data, the NFT trades volume reached several highs since 16 March. At the time of writing, the volume was 7.92 million, surpassing the records of 5 to 7 April. This indicates a resurgence in buying and selling collectibles listed under the blockchain.
Realistic or not, here’s ADA’s market cap in BTC’s terms
As for the development activity, on-chain data revealed that the once-lively momentum had slowed down. At 74.14, it meant that developers had slightly held back on acting as a driving force to propel the ecosystem’s growth.
Source: Santiment
Meanwhile, Cardano had still other challenges like the way active addresses had slid in the last 30 days. Although the metric has stabilized over the past few days, the month-long decline indicated that investors’ interaction was low.
Source: Santiment
As it stands, ADA’s price has gained 3.01% in the last 24 hours. But according to IntoTheBlock data, only 25% of the token holders were in profit. 68% of those who hold ADA bought it at a higher price than the press time value.
