Cardano, positioned as the eighth-largest cryptocurrency, is making waves in the blockchain realm with its impressive performance in Total Value Locked (TVL). TVL measures the total value secured in smart contracts or protocols within a blockchain. Coin98 Analytics, in a recent tweet, highlighted Cardano’s presence among the top 10 blockchains with the highest TVL, standing out alongside the dominating Ethereum.
According to DefiLlama rankings, Cardano currently claims the 12 spot among DeFi chains, boasting a substantial market TVL of $481.9 million. While Ethereum reigns supreme at number one, Cardano’s TVL in ADA terms stands at an impressive 812.36 million ADA. This surge in value is attributed to the growing interest of crypto investors and users diversifying their portfolios beyond Ethereum, seeking promising returns and strategic capital allocation.
The growth spurt for Cardano’s ecosystem seems to have occurred predominantly in mid-Dec. On Dec 15, the total value locked in all Cardano-based projects hit an all-time high of $531.26 million. Simultaneously, ADA’s total value locked reached a record peak on Dec 9, hitting a remarkable 947.78 million ADA.
At the time of writing, Cardano’s price today is $0.605063 USD, with a 24-hour trading volume of $399,677,776 USD. Cardano is up 0.27% in the last 24 hours. Cardano remains a strong contender in the cryptocurrency market.
Source Coinmarketcap
Cardano Major Leap With v3 Contracts
In a recent tweet, SundaeSwap, a decentralized exchange (DEX) built on the Cardano blockchain, has outlined ambitious plans for 2024. Noteworthy among these goals is the imminent launch of its new v3 contracts. These contracts are anticipated to introduce substantial scalability improvements, capable of processing nearly ten times the number of orders compared to the v1 contracts.
Remarkably, these advancements have the added benefit of occupying less than a tenth of the block space, signaling a significant leap forward for the Cardano ecosystem and its decentralized finance capabilities.
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