Cardano DeFi TVL Jumps 20% As Hydra Prospects Enters Spotlight
Highlights
- Cardano has recorded a visible uptick in its DeFi TVL
- This metric has jumped by 20% in 14 days, underscoring ecosystem rebirth
- Cardano Hydra scaling prospect is responsible for stirring more bullish sentiment
A new Hydra update has triggered an uptrend in the Cardano Decentralized Finance (DeFi) Total Value Locked (TVL).
Cardano DeFi TVL Prints Visible Rebound
Data from DeFiLlama shows that the Cardano DeFi TVL has climbed to $243.17 million. Compared to July 6 when this metric was $242.13 million, the network has seen more than a 20% increase in about two weeks.
Stablecoins on the Cardano ecosystem have a market cap of $15.88 million while the 24-hour trading volume is $267.3 million. Markedly, this is an indication of a strong and active market presence for Cardano. It also reflects the networks growing influence in the DeFi ecosystem.
The TVL is a key metric that reflects the total amount of assets locked in the Cardano ecosystem, indicating the level of activity and investment within its DeFi space.
Meanwhile, this surge comes after it was announced on X by major pool operator Stake With Pride that Cardano Hydra will enable “God mode” on the network. This move will specifically benefit those private ephemeral Layer-2 networks that utilizes Cardano native token ADA.
Based on the Hydra prospect, this category of L2 protocols will enjoy high Transaction Per Seconds (TPS) at almost zero cost. The Hydra development was further described as “ultra” and the update validated with a repost from founder Charles Hoskinson.
This announcement about Hydra further debunks rumors that the project has been abandoned. In Q1, some video showed up on the Internet, making claims that Cardano was no longer working on Hydra. At the time, Charles Hoskinson took to X to explain that this was not true. He made it clear that it was only a matter of FUD because Cardano was at a point where its team are more “productive and motivated.”
Other Cardano Developments
Beyond the DeFi TVL, another highlight in the Cardano ecosystem is the Project Catalyst Fund 12 campaign. At the beginning of this week, the Cardano Foundation said that the Project Catalyst Fund 12 will soon come to a close. As such, it gave a public hint into its first-ever participation in Project Catalyst voting.
It is worth noting that Project Catalyst underscores Cardano’s commitment to fostering innovation and community-driven development.
Amidst all of these improvements, additions and uptrend, ADA price is trading at $0.4375 corresponding with a 0.2% decrease within the last 24 hours. There is an optimistic prediction that ADA price would eventually hit a bullish run that might take it to $0.6 target and eventually, the $1 milestone.
Read More: Arkham Shifts $487M ARKM To Coinbase Prime, Here’s Why
- ASTER Token Rockets Over 10% in an Hour as Binance Announces Spot Listing
- Whale Dumps Massive $55 Million in XRP to Ripple as Coin Falls Below $3?
- Aster Token Crashes 10% On DEX Integrity Issues Ahead of Airdrop, What’s Happening?
- Spot Bitcoin ETFs Record 2nd Best Weekly Inflows Ever, Bloomberg Analysts Bullish
- Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
