Cardano TVL up 565,000%, Snoop Dogg praises ADA blockchain

by · September 21, 2022

  • Cardano’s Vasil upgrade is fast approaching.
  • Cardano inspires Snoop Dogg’s son to release a new music album.

Aada finance, a non-custodial lending protocol on Cardano’s mainnet, has seen a remarkable increase in total value locked, according to the latest DefiLlama data. At the time of writing, Aada finance’s growth over the past seven days has reached an astounding +565,873 percent. Aada finance is the first platform where it is possible to lend or borrow native Cardano assets. It became operational a week ago (September 13) after several months of public use of test networks.

The Aada team stated that they chose to launch the platform before the highly anticipated upgrade because Aada’s V1 protocol aligns with pre-Vasil hardfork sentiment. Cardano’s TVL fell slightly by 1.19 percent in the last 24 hours to 79.58 million (without stakes). But with the inclusion of strikes, TVL would reach 97.9 million.

Total Value Locked (TVL) is the total value of crypto assets available across decentralized finance (DeFi) protocols. According to DefiLlama data, Minswap is the largest Cardano decentralized exchange. Minswap has TVL worth nearly $41.47 million and a market dominance of 42.36 percent.

Cardano has announced that the hard fork combinator event for the Vasil upgrade will take place on September 22nd. However, the Vasil functionality will go live on September 27, an era after the hard fork. The Vasil upgrade aims to improve the blockchain’s performance, interoperability, functionality and scalability by adding new improvements and features.

Vasil would also facilitate access to information stored on the blockchain without having to use and recreate UTXOs (Unspent Transaction Outputs), as was the case previously. Recent updates from IOG say that developers are already creating 99 percent of the main blockchains with the Vasil node (1.35.3). 8 of the 12 leading exchanges and top Cardano DApps have confirmed that they are ready for the Vasil upgrade.

Snoop Dogg’s son releases a music album inspired by Cardano

Champ Medici, son of the legendary hip-hop artist (Snoop Dogg) and foremost crypto advocate has released an extended playlist (EP) titled Clay Nation tapes, Vol. 1. He dedicated the album to Cardano’s flagship NFT project, Clay Mates and the Cardano blockchain as a whole. It’s the first official release by Champ Medici since joining the clay national team last month.

Champ Medici expressed his bravado and enthusiasm about his crypto experience in all three tracks on his new album. The artist sang about his dreams of prosperity as a Cardano investor in ADA dreams (the album’s first track). His father, the legendary Snoop Dogg, also made a cameo in the track, rhyming about the change that cryptocurrencies and blockchain will bring to the world.

In another track titled manifesto, the artist stated that he would hold on to his Cardano investment and not listen to the news to avoid confusion. Expressing his ambitious persona in the album’s final track, Champ Medici sang about NFT collections and buying his woman the most expensive ones. Based on the title of this album (Clay Nation Tapes Vol. 1), it is likely that Champ Medici will continue to release complementary albums under this label.

The album’s release coincided with the September 9th birthday of the Clay Mates project. The studio claimed that over 4,200 people became owners of the digital art collection during the year, and the project’s revenue in the secondary market was more than 25 million ADA.

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