Cardano’s ADA has experienced an impressive surge in recent months, with a growth of over 120% since October 20. As the coin continues to reach new all-time highs, Cardano’s DeFi ecosystem is also thriving. Notably, Cardano’s total value locked (TVL) has exceeded $370 million, representing a remarkable 520% increase since the start of the year.
One of the main driving forces behind Cardano’s TVL growth is the increase in decentralized exchange (DEX) activities. In just 24 hours, Cardano’s TVL surged by over 30%, accompanied by a significant rise in DEX volume, surpassing $12 million. This surge in trading volume has led to a staggering 140% increase over the course of a week, reaching $50 million within 24 hours.
This surge in TVL and DEX activities reflects the growing investor confidence in Cardano’s DeFi scene. The positive trend indicates that Cardano could potentially achieve a monthly trading volume exceeding $100 million, a level not seen since August.
The revitalized trading volume on Cardano’s DEXs paints a contrasting picture from September, when most protocols combined barely processed $50 million. This surge demonstrates the increasing engagement and participation of traders within the Cardano ecosystem.
In addition to the flourishing TVL, meme coins based on Cardano, such as Snek, have experienced significant growth as well. After a period of relative quietness, Snek has recently witnessed a bullish trend, pushing its market cap beyond $70 million.
Cardano’s ADA surge over the past few months highlights its growing popularity and investor confidence. With its DeFi ecosystem flourishing, the coin has achieved remarkable growth in TVL, DEX activities, and trading volume. The impressive performance of Cardano’s DeFi scene positions it as a notable player in the market. As the cryptocurrency landscape evolves, Cardano could continue to make significant strides in the coming months.