All-in-one rise
Firstly is the unpredictable spike of Aada, a lending protocol on the Cardano mainnet. According to DeFiLlama, in the last 7 days, Aada had contributed a whopping $219 increase to ADA’s Total Value Locked (TVL). Since its launch, this increase was a cumulative 58,186,603%, with its own TVL addition at $360,801.
ADAXPro, the non-custodial decentralized exchange operating within the Cardano ecosystem also involved in the hike.
DeFiLlama, a TVL aggregator, showed that ADAX had surged 2564% in the last thirty days, which led Cardano’s TVL to reach $79.48 million. On the other hand, the non-performance of many others was not sufficient to raise ADA’s TVL above $100 million as it was in August.
Developments and Supports
In an official release on 20 September, Input Output, the firm behind the Vasil upgrade, noted that over 98% of Cardano’s mainnet block was in the development stage. The company also stated that Decentralized Applications (DApps) on the ADA chain have been tested and are ready to launch.
On-chain metrics showed that Cardano seemed to speed up for the Vasil hard fork. Based on Santiment data, the firm’s development activity increased massively between 19 and 20 September.
Despite falling slightly at press time, the interest for ADA is still at its pitch. The social volume which stood at 9,910 on 20 September had soared to 17,200.
Besides, ADA’s 24-hour active addresses seem to be stable. At press time, it was 57,700— nearly the same as it was between 19 September and 20 September. However, ADA circulation has dropped from 341.26 million to 307.42 million, according to Santiment.
Moreover, Cardano has got some extra support from exchanges, one of which is the United States branch of of the world’s largest exchange, Binance US.
Following the partnership, Cardano’s liquidity readiness increased to 73%. Per its price, ADA recorded a 0.23% decline from the previous day. CoinMarketCap showed that ADA’s price was $0.4466 at the time of this writing while there was a 32.67% increase in volume.
(Reference: ambcrypto)