Cardano (ADA) TVL hits all-time highs, signals healthy DeFi markets

Cardano’s network has seen total value locked (TVL) hitting all-time highs, signaling soaring adoption of decentralized finance (DeFi) protocols within the ADA ecosystem.

Cardano’s ecosystem hits a new high with a $400M TVL, fueled by DJED stablecoin’s robust 390% collateral

A testament to the growing confidence and innovation in #DeFi pic.twitter.com/gkKE55tVP3

— VANTA CREATIVE (@VantaCreative) December 12, 2023

Meanwhile, DJED’s massive 390% collateral and significant crowd interest likely propelled the TVL past $400 million.

The blockchain’s TVL increased by approximately 50% in the past 30 days, allowing the network to rank 9th in DeFi total value locked.

Cardano’s healthy ecosystem

The total value locked surge within the past month matched the remarkable figures ADA’s platform has witnessed lately. Apps housed within the Cardano ecosystem have displayed impressive performance, with volume increasing by 186% in the past seven days.

#Cardano’s TVL is holding above 400M USD. Apps are doing well in terms of volume and transactions. Volume has increased by 186% in the last week. 50K addresses were active in the last 24 hours. Blocks are relatively full. pic.twitter.com/iyNaA1ukec

— Cardano YODA (@JaromirTesar) December 12, 2023

While 50K wallets remained active over the last 24 hours, the previous 30 days saw an increase in daily engaged addresses that have transacted more than once on the ADA blockchain. Further, Cardano blocks are somewhat full.

Also, Cardano decentralized exchanges have seen massive increments in trading volumes, suggesting heightened demand for the altcoin. The metric stood at $18 million on December 9. The chain has never seen such figures since June 2023.

ADA price outlook

Cardano’s price capitalized on broad markets bullishness and enhanced network activity to record notable surges. The altcoin jumped over 50% in the past month.

ADA 30D Chart on Coinmarketcap

ADA traded above $0.58 at press time, following a 10% daily uptick to explore heights not seen since August 2022.

The surged demand and flourishing DeFi markets will likely keep ADA prices afloat in the upcoming sessions.

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