Cardano (ADA) recently reached a more than $40 billion market cap. The public blockchain platform now occupies the seventh position on the list of biggest blockchains in the world. In addition, Cardano is not above other popular protocols such as Solana (SOL), Aave (AAVE), and Terra (LUNA).
Cardano’s surge was followed by the market and fundamental growth, which saw the project recently celebrate $300 million in TVL. Furthermore, the primary reason why Cardano experienced such a substantial increase in overall market value is attributable to the network’s growth. Seen from both a market and fundamental perspective, the project’s capitalization is in direct correlation with the price of the native token ADA. ADA recently reached $1.2 and is still changing hands at that mark.
Also, ADA’s price increase came about as a result of various decentralized solutions using Cardano as a host base. This year, two of such solutions that users would be privy to include an interoperable decentralized peer-to-peer lending and borrowing and an interoperable Layer 2.
Furthermore, Cardano’s TVL surged 350% in March as a result of two influencing factors. The first was the release of Minswap, a new decentralized finance (DeFi) platform, and the second was the general recovery of the DeFi industry. The DeFi industry slipped off a bit in popularity in December 2021, and into January 2022.
The total value of funds locked on blockchain-powered platforms and apps on Cardano currently sits at $326 million. This represents an increase of $192 million across the last 28 days.
Image Credits: Pixabay
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