Cardano’s TVL Set For Exponential Growth, TapTools Reports

0 8

Prominent blockchain Cardano is set to experience “exponential growth” in its Total Value Locked (TVL), according to a report by Cardano portfolio tracker TapTools.

In a thread on April 7, TapTools urged its 15,000 followers to keep a close eye on Cardano while stating the possible factors that can drive the expected explosive growth on the blockchain platform.

Innovation, Partnerships And Community To Drive Cardano’s TVL: TapTools 

Based on the TapTools report, one factor that should boost Cardano’s TVL is its innovative Proof of Stake (PoS) consensus algorithm, which TapTools believes makes the blockchain a top contender in the next phase of DeFi adoption. 

According to the team behind the asset tracker, Cardano’s unique PoS mechanism offers users a secure, scalable and eco-friendly solution that could benefit the platform, especially with the projected massive growth of the DeFi space.

TapTools also highlighted Cardano’s focus on financial inclusivity and real-world use cases as another possible key driver in the platform’s development. 

The team stated that this strategy enables Cardano to penetrate emerging markets allowing more users to join the network and boosting its TVL value. 

Another noteworthy point stated in the TapTools report is the role of strategic partnerships and collaborations in Cardano’s network growth. 

TapTools noted that Cardano’s partnerships with various industry giants would facilitate increased network adoption, thereby boosting its TVL growth in the coming years. 

That said, other factors stated in the TapTools report that could drive Cardano’s growth include its smart contract operations and its thriving community of developers, enthusiasts and investors. 

Cardano’s TVL Growth Has Been Impressive So Far 

For many of the Cardano user community, the report by TapTools only produces more excitement as the platform’s TVL has been on a steady rise following the turn of the new year. 

According to data from Defillama, Cardano’s TVL has boosted by about 200% from its initial value of $48.95 million on January 1. On March 22, Cardano’s TVL crossed $140 million for the first time since June 2022.

That said, the current TVL of Cardano stands at $143.16 million, with an increase of 31.98% in 30 days. The decentralized exchange Minswap is the biggest protocol on the blockchain, with a market dominance of 37.37%.

cardano

knife

Meanwhile, ADA, Cardano’s native cryptocurrency, has also recorded a price growth synonymous with the platform TVL’s movement. Based on data from Coingecko, ADA is up by 22.6% in the last 30 days , however, its total gain since the beginning of the year is estimated to be around 62.5%. 

At the time of writing, ADA is trading at $0.39, gaining by 2.8% on the last day. Its daily trading volume is around $228.68 million. With a total market cap of $13.66 billion, ADA remains the seventh-biggest cryptocurrency in the market. 

Cardano

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 67,213.01
ethereum
Ethereum (ETH) $ 3,523.31
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 594.02
solana
Solana (SOL) $ 174.17
staked-ether
Lido Staked Ether (STETH) $ 3,522.27
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.594835
dogecoin
Dogecoin (DOGE) $ 0.134526
the-open-network
Toncoin (TON) $ 7.27
cardano
Cardano (ADA) $ 0.437642
tron
TRON (TRX) $ 0.134721
avalanche-2
Avalanche (AVAX) $ 29.15
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,279.03
polkadot
Polkadot (DOT) $ 6.33
chainlink
Chainlink (LINK) $ 14.26
bitcoin-cash
Bitcoin Cash (BCH) $ 395.42
near
NEAR Protocol (NEAR) $ 6.29
uniswap
Uniswap (UNI) $ 8.02
litecoin
Litecoin (LTC) $ 73.11
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 5.68
wrapped-eeth
Wrapped eETH (WEETH) $ 3,676.13
pepe
Pepe (PEPE) $ 0.000012
matic-network
Polygon (MATIC) $ 0.541997
internet-computer
Internet Computer (ICP) $ 10.29
kaspa
Kaspa (KAS) $ 0.181314
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.46
ethereum-classic
Ethereum Classic (ETC) $ 23.94
aptos
Aptos (APT) $ 7.38
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.105388
monero
Monero (XMR) $ 163.30
mantle
Mantle (MNT) $ 0.899507
blockstack
Stacks (STX) $ 1.91
render-token
Render (RNDR) $ 6.90
filecoin
Filecoin (FIL) $ 4.71
injective-protocol
Injective (INJ) $ 27.59
hedera-hashgraph
Hedera (HBAR) $ 0.074576
dogwifcoin
dogwifhat (WIF) $ 2.64
maker
Maker (MKR) $ 2,808.56
arbitrum
Arbitrum (ARB) $ 0.779803
okb
OKB (OKB) $ 43.00
cosmos
Cosmos Hub (ATOM) $ 6.53
immutable-x
Immutable (IMX) $ 1.65
crypto-com-chain
Cronos (CRO) $ 0.093988
vechain
VeChain (VET) $ 0.030587
bittensor
Bittensor (TAO) $ 337.52
arweave
Arweave (AR) $ 33.62
optimism
Optimism (OP) $ 1.93
bonk
Bonk (BONK) $ 0.000031
sui
Sui (SUI) $ 0.849815
the-graph
The Graph (GRT) $ 0.213433
first-digital-usd
First Digital USD (FDUSD) $ 1.00
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,570.93
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,938.09
floki
FLOKI (FLOKI) $ 0.000201
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,671.27
lido-dao
Lido DAO (LDO) $ 1.93
notcoin
Notcoin (NOT) $ 0.016268
thorchain
THORChain (RUNE) $ 4.88
theta-token
Theta Network (THETA) $ 1.63
bitget-token
Bitget Token (BGB) $ 1.14
ondo-finance
Ondo (ONDO) $ 1.09
aave
Aave (AAVE) $ 98.93
based-brett
Brett (BRETT) $ 0.148163
fantom
Fantom (FTM) $ 0.521982
whitebit
WhiteBIT Coin (WBT) $ 10.15
jasmycoin
JasmyCoin (JASMY) $ 0.029942
jupiter-exchange-solana
Jupiter (JUP) $ 1.04
pyth-network
Pyth Network (PYTH) $ 0.368909
algorand
Algorand (ALGO) $ 0.158222
celestia
Celestia (TIA) $ 6.55
coredaoorg
Core (CORE) $ 1.42
sei-network
Sei (SEI) $ 0.398258
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,507.15
mantra-dao
MANTRA (OM) $ 1.34
quant-network
Quant (QNT) $ 75.59
gatechain-token
Gate (GT) $ 7.84
elrond-erd-2
MultiversX (EGLD) $ 36.30
flow
Flow (FLOW) $ 0.64804
beam-2
Beam (BEAM) $ 0.019247
gala
GALA (GALA) $ 0.026049
popcat
Popcat (POPCAT) $ 0.97679
axie-infinity
Axie Infinity (AXS) $ 6.40
kucoin-shares
KuCoin (KCS) $ 9.88
bitcoin-sv
Bitcoin SV (BSV) $ 47.48
msol
Marinade Staked SOL (MSOL) $ 209.36
eos
EOS (EOS) $ 0.609613
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,585.18
tokenize-xchange
Tokenize Xchange (TKX) $ 11.18
flare-networks
Flare (FLR) $ 0.020154
akash-network
Akash Network (AKT) $ 3.64
bittorrent
BitTorrent (BTT) $ 0.00000090454235
dydx-chain
dYdX (DYDX) $ 1.44
ordinals
ORDI (ORDI) $ 41.44
ethereum-name-service
Ethereum Name Service (ENS) $ 26.49
ethena
Ethena (ENA) $ 0.502226
neo
NEO (NEO) $ 11.83