Is the ADA a sleeping giant? Cardano blockchain TVL increases, leads in weekly development activity and major upgrades paint a bullish scenario
- ADA may be sleeping, says a popular Cardano supporter, but Cardano is on fire, as its total value (TVL) recently rose to new yearly highs.
- Cardano’s Total Value Locked (TVL) has risen to $122 million, after eight leading chains recorded a value increase of around 50% in the last 7 days.
While the cryptocurrency market is still debating whether or not Bitcoin will rise to $1 million, some other proponents have their eyes set on Cardano (ADA). Taking to Twitter, popular crypto personality Dan Gambardello brought attention to the ADA and Cardano’s current state.
Although Gambardello is one of the many crypto personalities who do not believe that Bitcoin will rise to $1 million, he seems to suggest that ADA may be preparing for a possible ascent in the near future, while the Cardano network is currently on fire.
On March 20, Dan Gambardello told his 239,000 Twitter followers that ADA, the 7th most valued cryptocurrency by market cap, is sleeping. Dan Gambardello can suggest that ADA bulls have yet to take off in the market at this point. However, the Cardano network seemed to register a notable increase, as the TVL calculation rose.
$ADA asleep, but Cardano is wide awake. Total Value Locked goes parabolic. 🚀 pic.twitter.com/TmZFcBOwNq
— Dan Gambardello (@cryptorecruitr) March 20, 2023
As Total Value Locked (TVL) rises, Cardano (ADA) has entered the green zone as bulls regain power
Total Value Locked (TVL) measures and displays the total value of all sssts locked to a DeFi protocol. TVL shows the assets that are invested in all the functions offered by DeFi protocols, such as lending, staking and liquidity pools.
Back in 2022, the overall crypto market recorded a massive decline in TVL, as its value went from $160 billion in April, down to $58.4 billion by the end of the year. Generally, TVL indicates that investor sentiment in the market is positive.
It is worth noting that as some of the top comments on Dan Gambardello’s post explained, Total Value Locked (TVL) does not in any way mean that the price of Cardano (ADA) is going to go higher in the short term.
At the time of this report, data from DeFiLama shows that Cardano’s TVL has a total value of $122.81 million, with a value increase of 0.37% recently recorded.
MinSwap, Indigo, WingRiders and five other chains have collectively gained more than 50% in value over the past 7 days. The current TVL value is nowhere near last year’s level of $350 million. However, it still shows that there has been a remarkable recovery in the Cardano DeFi space.
Meanwhile, Cardano has taken the second position, as the network with the second highest GitHub development activity this week. This is the fifth time Cardano has claimed that position in the last 7 days. Before this, Cardano was in first position, on March 12.
GitHub Weekly Development Activity:
#1: 644 Polka Dot / Kusama
#2: 510 Cardano
#3: 390 Hedera
#4: 370 Cosmos
#5: 359 Internet Computer
#6: 357 Aptos
#7: 350 Status
#8: 336 Decentralized
#9: 326 Ethereum
#10: 322 ChainLink pic.twitter.com/pJ4tz8HsxV— ProofofGitHub (@ProofofGitHub) March 19, 2023
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On the other hand, ADA, like a handful of other altcoins, entered the green zone and has continued to build bullish momentum ever since. ADA is currently trading at a price of $0.34, after having a seemingly decent week. Daily gains are up 0.81%, while hourly gains are at 0.13%.
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