TVL Cardano has updated the annual maximum
Date: 2023-07-17 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
The growing DeFi activity in the Cardano network has led to the fact that the total value of assets locked in its smart contracts (TVL) has updated the annual maximum.
According to data from analytics platform DeFillama, Cardano's TVL reached $209 million on July 14, up from about $50 million in January 2023, down to $187.2 million at the time of writing.
The number of ADA tokens listed on DeFi platforms reached an annual high of 587 million, while the number of transactions soared to peak values, exceeding $274 million in June.
This important milestone highlights the rise in Cardano user activity as more market participants work with decentralized applications (dApps) built on top of the network.
ADA's market capitalization grew by $2 billion
The market capitalization of the native token Cardano has also grown significantly: on July 14, it reached $12.89 billion, at the time of writing, the figure fell to $11.7 billion.
The growth of market capitalization correlates with a sharp increase in the price of ADA over the same period. Last week, it soared by 16%, updating the local maximum at $0.37.
Cardano Founder Celebrates Ripple's Victory Over SEC
Cardano founder Charles Hoskinson welcomed the recent court decision in the case of the US Securities and Exchange Commission (SEC) against Ripple, applauding the project's CEO Brad Garlinghouse and CTO David Schwartz on Twitter.
Hoskinson also praised the victory of the XRP community, calling it a significant step for the entire crypto industry.
"Well done XRP. One small step for the community, one giant leap for the cryptocurrency industry," he wrote.
Despite previous criticism of Ripple, Hoskinson seems set to build bridges and focus on fighting the SEC.
