Cardano, an Ethereum rival, has increased by 29% in the last 24 hours. According to CoinMarketCap, ADA is now trading at $0.67. Cardano native coin, ADA, is a proof-of-stake layer-1 blockchain that competes directly with Ethereum.
With a market valuation of $22.6 billion, the token has surpassed Ripple’s XRP to become the sixth-largest cryptocurrency. ADA is still down 78 percent from its all-time high of $3.10 set in September 2021, despite today’s positive move. The coin’s trading volume has also increased dramatically on major cryptocurrency platforms. Over the last 24 hours, its trade volume has hovered above $2.4 billion, up 272 percent from the prior trading day.
Increased DeFi activity on the layer-1 blockchain, as well as the debut of Lagon’s cross-chain bridge, are the key drivers of today’s positive movement. Cardano Alonzo fork was released in August 2021, allowing developers to build DeFi apps on top of. According to CoinMarketCap data, the currency has increased by more than 116 percent in less than a month since the Alonzo fork.According to showcase, 92 decentralized apps have been created since the debut of the Alonzo fork. Many of these programs are witnessing an increase in usage these days.
The Total Value Locked (TVL) on Cardano climbed by 30.56 percent in the last 24 hours, according to Defi Llama, indicating greater DeFi activity. TVL is presently at $194.87 million, up from $149.25 million the day before.Minswap, a decentralized exchange (DEX) platform, and Cardano largest DeFi protocol saw a rise in user activity as well. According to DeFi Llama statistics, the platform’s TVL grew 21.7 percent in the last 24 hours, from $56.13 million to $74.01 million.