With Cardano’s (ADA) Vasil Hard Fork slated to complete on September 22, 2022, the blockchain is already getting much-deserved recognition. Aada Finance – the first lending protocol on Cardano went on mainnet early this month. The token has skyrocketed in just a few weeks.
According to statistics from DefiLlama, Aada Finance has zoomed from $ 128.47k to $ 391.46k in TVL.
Not just Aada Finance but AdaxPro (ADAX) , a noncustodial lending protocol on Cardano has immensely contributed to Cardano’s growth. According to DefiLlama, the TVL of ADAX has shot off the roof in the last thirty days. On August 27, 2022 the TVL of ADAX was standing at $22.78k and on September 22, 2022 the TVL stood at $ 704.11k.
Additional Read: Aada Finance TVL surges
A glance at Cardano’s (ADA) projects TVL
Other projects on Cardano are rounding off to an average of $ 50,000 in TVL. At the time of writing the TVL of Cardano stood at $ 82.85 million with Minswap’s (Decentralized exchange on Cardano) dominance of 51.63%
The TVL of Cardano crossed $ 100 million in August, 2022.
Read more on Cardano Vasil Upgrade
dApps ready for Cardano’s upgrade
Input Output Group (IOG) recently updated that some of the top dApps on Cardano are tested and ready for the Hard fork while 98% of Cardano’s mainnet blocks were ready for the upgrade.
According to Santimnet – a blockchain behavior metrics service provider revealed that the development activity on Cardano had spiked on September 19 and 20. The social volume (mentions) also saw a huge spike from 9,910 to 17,200.
Cardano’s wallet watch
According to Messario.io, Cardano’s active wallets have shown stability (24 hour analysis). The total number of active addresses stood at 61.58k at the time of writing.
In addition, IOG’s atelier communique revealed that only 55% of exchanges were ready for the upgrade. However, one of the biggest exchanges in the world, Binance US tweeted that they were ready and are supporting the Vasil Hard Fork upgrade.
— Binance.US 🇺🇸 (@BinanceUS) September 20, 2022
Because of Binance’s readiness the liquidity readiness was increased by 73%. However, ADA saw a price decline of 0.23% and was trading at $0.4466 but the project saw an increase in volume. This could be an indicator that Cardano may see a bull run amidst a flat market.
The Cardano Vasil upgrade happened just days after Ethereum Merge with Beacon chain. Ethereum is the second largest crypto asset by market cap of $164,679,590,444 and Cardano stands at the 8th position with a market cap of $16,084,237,814. Both ADA and ETH could be strong contenders in the near future. A major metric that has affected Cardano is its liquidity. Currently a major supply of its tokens are staked which leaves the token with lesser tokens to spare.
A glance at Cardano’s value
ADA Price was trading at $0.4466 yesterday and is trading at $0.4692 at the time of writing. The token entered September with an uptrend in price and saw a steep decline days before the hard fork schedule. Currently, ADA has shown an uptick with positive sentiments and support coming in from all stakeholders.
Source: Amb Crypto
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