Bitrabo Editorial
Within just 24 hours, Cardano’s native token ADA experienced a remarkable surge of $2.5 billion in large transactions, reflecting a growing interest and confidence in the capabilities of the cryptocurrency’s ecosystem. This surge also coincides with the decentralized finance (DeFi) sector’s total value locked (TVL) soaring past $180 million. The trading volume of ADA tokens on decentralized exchanges (DEX) within Cardano ecosystem has also been steadily increasing, demonstrating a rising interest in decentralized trading and enhancing the asset’s liquidity.
Surge in Large Transactions and ADA Price Movement
In the period of relative market calm, significant activity from major investors has emerged. Currently, ADA’s price, as reported by Coingecko, stands at $0.374995, foregoing nearly 2% over the last 24 hours with a 1.1% decline over the past seven days.
Source: Coingecko
In addition to the $2.5 billion surge in large transactions, the total number of ADA coins exchanged surged by almost 6 billion and large transaction numbers increased to 14,780, up by 4,790 from the previous day.
Cardano DeFi Ecosystem Sets New Records
Cardano’s DeFi ecosystem reached an all-time high of 463 million ADA tokens on May 31, marking a significant increase from the $50 million TVL at the beginning of the year. This indicates a thriving DeFi ecosystem on the Cardano blockchain.
The rising TVL is also matched by a parallel surge in DEX volume, as indicated by data from DeFillama. Cardano’s transaction volume witnessed its highest weekly growth in the last three weeks of May, surging from $41 million to nearly $98.26 million. At the time of writing, Cardano has $183.16 million in TVL.
Source: DefiLlama
Continued Growth in June
Cardano’s decentralized exchange activity in June remained positive, with the seven-day transaction volume standing at $127.1 million. Data from DeFillama reveals transactions amounting to $35.28 million in the first two days of June alone, highlighting the sustained growth and momentum in ADA’s decentralized exchange activity.
Though ADA’s short-term price movement demonstrated some volatility, the continuing influx of large transactions validates the long-term potential of the Cardano blockchain ecosystem and its associated assets.
-Featured image from iStock