Cardano ADA sees increased whale transactions, DeFi TVL doubles
Cardano ADA Sees Whale Transactions Increase, DeFi TVL Doubles
The Cardano DeFi ecosystem has doubled this year to $108.63M from $48.95M on January 1st.
Cardano transactions with ADA whales have increased significantly this year, according to data from Santiment.
February 3, Santiment data showed that there were 105 transactions worth more than $100,000 on the Cardano network, the highest since the FTX crash in November 2022.
Saint dedicated that the increase in whale activity was usually a harbinger of “upcoming price shifts.” Firm added What The last time the network saw these transactions was in May 2022, the value of ADA jumped 36% — a historical repeat of this year. with a 59% increase in ADA.
Cardano ADA is up 3.1% in the last 24 hours to $0.39 at press time. The asset is up 35% over the previous 30 days.
Cardano DeFi TVL Doubles Down
According to DeFillama, the total value of locked assets (TVL) in the Cardano ecosystem has doubled this year to $108.63 million from $48.95 million on Jan. 1. data.
The rise of TVL coincided with the launch of the Cardano Djed stablecoin with overcollateralization. The TVL of the stablecoin rose to over $10 million within the first 24 hours of launch.
According to DeFillama, 70 million ADA tokens have been added to the network in the last seven days, of which about 30 million are from Djed.
Decentralized Exchange (DEX) Minswap is the dominant DeFI protocol in the ecosystem with a $35.93 million TVL.
Credit : cryptoslate.com