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- The Cardano community was already euphoric after it declared the launch of the Vasil hard fork.
- DeFi data on DeFi Llama has become a reason for concern in the community as TVL across the protocols plunged.
- As of this writing, Cardano (ADA) was exchanging hands at $0.4586 during the past 24 hours.
There are already celebration vibes for the Cardano community due to the launch of Vasil Hard Fork. Now, they have another reason for celebration as it achieves another interoperability milestone. The news was followed by the event “lagon Ethereum-Cardano” bridge went live in a beta version.
The purpose-made token bridge was developed to allow the conversion of ERC-20 IAG tokens to CNT IAG tokens, facilitating the interaction of tokens between different blockchains (Ethereum and Cardano), as per the IAGON team.
DefiLlama Data Strikes Concerns Among Cardano Community
However, the community still has concerns because of the data present on DefiLlama regarding Cardano DeFi. On 27th May, the total value locked on across all Cardano protocols fell by 9.24%.
At the time of writing, it was recorded to be approximately at $116.44 million, a 60% decrease from Cardano’s all-time high TVL of $326 million on 24 March.
The decreasing values of protocols across the Cardano network is being considered one of the major reasons for the crash.
Minswap, the largest protocol on Cardano by TVL, has declined by $37.87 in the past month.WIngRiders, another decentralized trading platform, has fallen by over 50% in the past month.
While the only trading solution operating on Cardano, MeowSwapFI has dropped by nearly 60% in the same period.
Analysts also believe that the Terra collapse is the root cause of the DeFi damage today. After the stable coin crash, a sudden rise in FUD sentiment was experienced across the crypto industry.
As a result of the mess, heavy losses were seen across the crypto assets, NFT marketplace, and DeFi TVs.
Despite this, Charles Hoskinson, the founder of Cardano, continues to remain hopeful regarding the future of his blockchain.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
