Cardano Beats Top 10 Cryptos in Gains, Hoskinson Predicts Growth as Total Value Locked (TVL) Nears Half a Billion

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Tomiwabold Olajide

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Cardano has also reclaimed 7th spot in cryptocurrencies by market valuation

According to CoinMarketCap, Cardano’s (ADA) price is up more than 12.36% in the last 24 hours, outperforming the rest of the top 10 largest cryptocurrencies by market capitalization.

Cardano continued its four-day positive run, reaching highs of $1.17 at the time of publication. Cardano has also reclaimed seventh place in cryptocurrencies by market valuation at $39.05 billion, flipping Terra’s LUNA. ADA’s inclusion in a new Grayscale fund and Coinbase enabling Cardano staking may have contributed to its upward momentum.

At press time, ADA was changing hands at $1.16, up 9.08% in the last 24 hours and 36.68% over the past week. On-chain analytics firm Santiment reports the accumulation of ADA among large holder addresses, leading to the recent price increase.

Total Value Locked on Cardano, Image Credit: Defillama

Data from blockchain data tracker DefiLlama indicates that the total value locked in the Cardano ecosystem has nearly reached half a billion, with the inclusion of staked governance assets. With the inclusion, Cardano’s TVL stands at about $419 million. However, without the inclusion, Cardano’s TVL was about $318.18 million.

The majority of funds on the network is concentrated on the Minswap decentralized platform, with $195.22 million currently locked. Minswap has announced the resolution of issues on its network after reporting being in maintenance mode due to unspecified issues the prior day.

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Growth just getting started

As previously covered by U.Today, IOHK CEO and Cardano founder Charles Hoskinson say of the growth in TVL just getting started: ”What most also don’t understand is that many Cardano DApps are waiting for the Vasil hard fork in June to launch to benefit from pipelining. So it seems we ain’t seen anything yet on TVL.”

In addition to the financial growth of the network, development activity on Cardano is also spiking, with over 3,008 Github commits reported by IOHK for the week.

Cardano’s founder Charles Hoskinson, commenting on the progress of Cardano (ADA) adoption, stated: ”Remember when I predicted thousands of assets and DApps on Cardano? Well, I was wrong, there are now millions of native assets issued and DApps are now in the hundreds. #SlowAndSteady.”

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