Cardano (ADA) saw its total value locked (TVL) in the decentralized finance (DeFi) space increase by over 180% from $188.65 million on October 17 to $431.44 million on December 15, 2023.
Cardano’s TVL Growth
According to data from DeFiLlama, Cardano’s TVL has increased significantly from $188.65 million on October 17 to $431.44 million currently. This increase reflects a significant growth rate of 180.636% during this period.
In the presence of financial giants like Ethereum (ETH) and Solana (SOL), Cardano is having difficulty attracting liquidity to the network. With this recent surge, Cardano has increased its presence in the Defi landscape, securing the 12th spot.
Indigo, a decentralized, non-custodial synthetic asset protocol tailored to the Cardano network, is emerging as a key driver of Cardano’s growth.
Indigo boasts a TVL of $102.72 million, followed by decentralized exchange Minswap and decentralized lending protocol Liqwid, with TVLs of $94.67 million and $47.86 million, respectively.
These developments highlight the impact of Cardano’s extensive development efforts, especially since the introduction of smart contracts on the network. Among protocols launched in the same period, COTI’s Cardano DJED stablecoin also boasts significant liquidity, recording a TVL of $26.13 million.
Cardano’s advancements in the DeFi space can be attributed to the continuous protocol upgrades of its parent company, Input Output Global (IOG). As a result, ADA locked across all smart contracts on the network has surged from 272.27 million in January to 824.06 million today.
Cardano analysts predict massive surge.
Analyst Tyler Strejilevich made a bold prediction about the future price of ADA. Cryptocurrency enthusiasts are eagerly anticipating his prediction that the value of ADA is likely to increase by as much as 6,000%.
Strejilevich’s analysis focuses on the resurgence of a bullish weekly crossover, reminiscent of a pattern observed in June 2020, when ADA experienced a massive 6,000% surge.
This pattern was preceded by a prolonged upward momentum that lasted for over a year. A similar pattern is poised to emerge again, sparking speculation about the possibility of ADA repeating its previous significant rally.
According to Strejilevich’s forecast, the price of ADA was down 2.44% in 24 hours to $0.64, with an incredible 6,000% rise possible. This surge could push the value of ADA past its previous high of $3.09 to around $33.55.
As of this writing, Cardano is trading at $0.62 and has a total market capitalization of over $21 billion.
Charles Hoskinson of Cardano
Separately, Cardano blockchain founder Charles Hoskinson recently took to social media to point out generative AI fraud, which he perceives as a threat to the cryptocurrency sector.
Hoskinson also recently made headlines for claiming that the cryptocurrency industry does not need Bitcoin to survive. See the video below.