Cardano (ADA), Ethereum competitors have increased by 29% in the last 24 hours.ADA is currently trading at $ 0.67, according to data from CoinMarketCap..
ADA is a native token of Cardano, a proof of stakelayer 1 blockchain that offers fierce competition with Ethereum.
Tokens are currently overtaking, with a market capitalization of $ 22.6 billion, the sixth largest cryptocurrency. RippleXRP.
Despite today’s bullish behavior, ADA is down 78% from the record high of $ 3.10 in September 2021.
The volume of coins traded is also skyrocketing at major cryptocurrency exchanges. Its trading volume has been around $ 2.4 billion over the last 24 hours, an increase of 272% from the previous trading day.
What drives Cardano?
The main reasons behind today’s bullish behavior have increased DeFi Activities on the Layer 1 blockchain and launch of the Dragon’s crosschain bridge.
In August 2021, Cardano launched the Alonzo fork, bringing the ability to develop DeFi applications on top of Cardano. Following Alonzo Fork, the coin jumped more than 116% within a month. CoinMarketCap..
Since the launch of the Alonzo Fork, a total of 92 decentralized apps have been built on Cardano, according to Cardano. Showcase..
Many of these applications are active today.
according to Defirama, Cardano’s Total Value Locked (TVL) has increased by 30.56% over the last 24 hours, indicating an increase in DeFi activity. Cardano’s TVL is now $ 194.87 million, up from the $ 149.25 million recorded yesterday.
Decentralized Exchange, Min Swap (DEXThe platform and Cardano’s largest DeFi protocol have also shown increased user activity. TVL on the platform has increased by 21.7% from $ 56.13 million to $ 74.01 million in the last 24 hours, according to data from. DeFi llama..
Protocols other than Minswap include WingRiders (DEX platform), Sundaeswap (also DEX), and Meld (rental protocol), and it has also been reported that TVL has increased by at least 15% over the last 24 hours.
Apart from TVL, Cardano’s total trading volume has also surged from $ 9.57 billion to $ 14.24 billion in the last 24 hours, according to M’s data.Essari..
Elsewhere, Ragon on May 25th Tweet About the launch of a cross-chain bridge to facilitate token transfer between Ethereum and Cardano.The bridge currently only supports USDC, but will soon be available to all users ERC-20 token.
“”We believe that we will leverage the solution to contribute Cardano development and growth,Tweeted Ragon, the organization responsible for the development of the Ethereum and Cardano cross-chain bridges.
On the other hand, the largest cryptocurrency on the market is Bitcoin (BTC) has risen 2.95% in the last 24 hours and is currently trading at around $ 31,559.
Ethereum (ETH) has risen 3.26% in the last 24 hours and is currently changing trading at $ 1,970.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Want to be a crypto expert? Make the most of Decrypt and send it directly to your inbox.
Get the biggest crypto news articles + weekly summaries and more!
