Is ADA a sleeping giant? Cardano blockchain TVL surges, leads in weekly development activity, and major upgrades paint a bullish scenario
- ADA might be asleep, says a popular Cardano proponent, but Cardano is on fire, as total value (TVL) recently soared to new yearly highs.
- Cardano’s Total Value Locked (TVL) has soared to $122 million, after eight leading chains recorded around 50% upsurge in value, in the last 7 days.
While the cryptocurrency market is still debating on whether or not Bitcoin is going to soar to $1 million, some other proponents have their gaze fixed on Cardano (ADA). Taking to Twitter, a popular crypto personality Dan Gambardello, brought attention to ADA and Cardano’s current state.
Although Gambardello is one of the many crypto personalities who does not believe that Bitcoin is soaring to $1 million, he seems to suggest that ADA might be preparing for a possible upclimb in the near future, while the Cardano network is currently on fire.
On the 20th of March, Dan Gambardello told his 239,000 Twitter followers that ADA, the 7th most valued cryptocurrency by market cap, is asleep. Dan Gambardello might be implying that ADA bulls are yet to take off in the market at this time. However, the Cardano network seemed to be recording a notable upsurge, as the TVL metric soared.
$ADA is sleeping, but Cardano is very much awake. Total Value Locked going parabolic. 🚀 pic.twitter.com/TmZFcBOwNq
— Dan Gambardello (@cryptorecruitr) March 20, 2023
While Total Value Locked (TVL) is rising, Cardano (ADA) has entered the green zone as bulls reclaim power
Total Value Locked (TVL) measures and shows the total value of all the sssts locked into a DeFi protocol. TVL shows the assets that have been deposited 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 the value went from $160 billion in April, down to $58.4 billion, towards the end of the year. Typically, TVL indicates that investors’ sentiments in the market are positive.
It is worth keeping noting, that as some of the top comments on Dan Gambardello’s post explained, the Total Value Locked (TVL) does not in any way imply that the price of Cardano (ADA) is going to go higher in the near term.
During the time of this report, data from DeFiLama shows that Cardano’s TVL has a total value of $122.81 million, with a 0.37% spike in value recorded recently.
MinSwap, Indigo, WingRiders and five other chains have collectively gained more than 50% in value within the last 7-days. The current TVL value is nowhere near last year’s $350 million level. However, it still goes to show that there has been a noteworthy recovery on the Cardano DeFi space.
Meanwhile, Cardano has claimed the second position, as the network with the second highest GitHub development activity this week. This is the 5th time that Cardano has claimed that position in the last 7-days. Prior to this, Cardano was on the first position, on the 12th of March.
GitHub Weekly Development Activity:
#1: 644 Polkadot / Kusama
#2: 510 Cardano
#3: 390 Hedera
#4: 370 Cosmos
#5: 359 Internet Computer
#6: 357 Aptos
#7: 350 Status
#8: 336 Decentraland
#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 have entered the green zone and have continued to build a 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 sit at 0.13%.
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