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Along with the whale holdings, the total value locked of the cryptocurrency on the network has also reached its all-time high
Despite the current economic slowdown and ongoing war between Russia and Ukraine, the crypto market was showing better signs than the traditional markets. Activities on crypto platforms have also grown at their usual pace, and some are showing significant performance in terms of TVL and holdings.
One such cryptocurrency turned out to be Cardano blockchain’s native cryptocurrency ADA. Some reports revealed that the whale holders of ADA, high amount holders, had increased their holdings earlier since the year started.
Reports claim that the reason behind the rapid growth of decentralized finance (DeFi) of programmable blockchain’s ADA token is the bargain hunting of these whale investors. As per reports, the address holding 1 million to 10 million ADA tokens has increased their holding up to 12 billion ADA, approximately $9.72 billion, last week. This is almost a giant of 41% since the end of January.
Moreover, there was an increase of almost $50 million in total value locked on the Cardano network in one week. After the addition, the TVL for the network has hit an all-time high of $160.7, as DefiLiama reported. More than 70% of these funds are locked in SundaSwap, a decentralized exchange on the Cardano blockchain.
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Head of research at IntoTheBlock, Lucas Outmuro, said about Cardano that it appears to show signs of promises that there is more to come after years from the network without smart contracts. This could be interpreted simply from the accumulation of big ADA holders’.
Lucas further said that Cardano has started to show some movement in its application layer after years without smart contract capabilities. Cardano-based decentralized exchanges are getting funds from entities like Three Arrows Capital. He was talking about getting the funds of approx $2.6 million by Cardano based DEX named as AdaSwap. The fundraising event was led by iAngels, a venture capital firm, and also joined by other investors.
Cardano network remains without smart contracts till September 2021, which counts to be four years since its launch. After the Alonzo network upgrade, the Cardano network became capable of deploying smart contracts; later on, the adoption and popularity of the network went up.
Till January, there were almost 930 smart contracts deployed on the Cardano blockchain, and since then, the price of ADA token went high and attained an all-time high of $3.1 in September 2021. However, the trading price for ADA is about $0.81, which is almost 71% down from its ATH.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
