DeFi
Cardano DeFi TVL Increases 20% as Hydra Enters the Scene
A new Hydra update has triggered an upward trend in Cardano’s decentralized finance (DeFi) total value locked (TVL).
Cardano DeFi TVL Shows Visible Bounce
Data from DeFiLlama shows that Cardano’s DeFi TVL has surged to $243.17 million. Compared to July 6, when this metric was $242.13 million, the network has seen an increase of over 20% in about two weeks.
The stablecoins in the Cardano ecosystem have a market cap of $15.88 million while the 24-hour trading volume is $267.3 million. This is a clear indication of Cardano’s strong and active presence in the market. It also reflects the network’s growing influence in the DeFi ecosystem.
TVL is a key metric that reflects the total amount of assets locked in the Cardano ecosystem, indicating the level of activity and investment within its DeFi space.
Meanwhile, the increase comes after major pool operator Stake With Pride announced on X that Cardano Hydra would be enabling “God Mode” on the network. The move will particularly benefit ephemeral private Layer 2 networks that use Cardano’s native token ADA.
According to Hydra’s outlook, this class of L2 protocols will benefit from a high transaction per second (TPS) rate at near-zero cost. Hydra’s development has been described as “ultra” and the update was validated by a repost from founder Charles Hoskinson.
This announcement about Hydra further debunks rumors that the project has been abandoned. In Q1, videos surfaced online claiming that Cardano was no longer working on Hydra. At the time, Charles Hoskinson
X explained that this was not true. He made it clear that this was simply a matter of FUD, as Cardano was at a point where his team was more “productive and motivated.”
Other Cardano Developments
Beyond DeFi TVL, another highlight of the Cardano ecosystem is the Catalyst Project Fund 12 Campaign Earlier this week, the Cardano Foundation announced that Project Catalyst’s Fund 12 would soon be coming to an end. As such, it provided a public preview of its first-ever participation in Project Catalyst voting.
It is worth noting that Project Catalyst underscores Cardano’s commitment to fostering innovation and community development.
Amidst all these improvements, additions and upward trends, ADA Awards
is trading at $0.4375, which is down 0.2% in the last 24 hours. There is an optimistic forecast that the ADA price would eventually see an uptick that could take it to the $0.6 target and eventually to the $1 mark.
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