• Cardano whales have recently moved over $2.5 billion in a single day, suggesting interest in the cryptocurrency is growing.
• DeFi on Cardano has also seen an increase in activity, with the network’s Total Value Locked (TVL) reaching an all-time high of $180 million.
• With new solutions and rising adoption, Cardano is slowly gaining relevance as a Proof-of-Stake chain in the industry.
Cardano Whales Move $2.5B
Cardano whales have recently moved over $2.5 billion in a single day, indicating increased confidence and interest in the network from large holders. IntotheBlock data reported that net inflows on the network had spiked by 1500% this year due to whale activity and development progress on Cardano.
DeFi TVL Records All Time High
The popularity of DeFi on Cardano has been rising rapidly since May 2021, resulting in its Total Value Locked (TVL) reaching an all-time high of 568 million ADA or $180 million on June 4th. This surge was largely due to native tokens and memecoins like SNEK pumping up activity on the network, leading to exchanges seeing higher trading volumes than ever before. At press time, DeFi TVL stood at around $168 million with MinSwap being its largest protocol with a TVL of $60.71 million, ranking it 15th based on DeFi TVL across all networks.
Proof-of-Stake Chain Gains Relevance
Cardano is slowly gaining relevance as a proof-of-stake chain within the crypto industry due to its recent development progress and expansion of its network to handle increasing levels of adoption for DeFi applications. The price action for ADA token has been range bound between $0.31 – 045 for most of this year but daily trading volumes remain healthy at around $286 million at press time according to CoinMarketCap data..
New Solutions Deployed
In order to facilitate more activities on its network and keep up with increasing demand for its services, Cardano has been deploying new solutions such as staking rewards which are expected to further boost user engagement and incentivize more users onto their platform during “Cardano Summer” season this year.
Conclusion
With whales showing renewed interest in Cardano and DeFi metrics continuing their record breaking streak, there is much anticipation surrounding what will come next for this POS chain as it looks set to become even more relevant within the crypto industry going forward.