Cardano’s Total Value Locked (TVL) witnessed a significant surge, jumping from $188.65 million on Oct. 17 to a current $431.44 million, marking a remarkable growth rate of 180.636%. This surge, despite competition from giants like Ethereum (ETH) and Solana (SOL), has propelled Cardano to the 12th position in the DeFi landscape.
The rise in TVL is notably attributed to Indigo, a decentralized synthetic assets protocol designed for Cardano. Indigo leads with a TVL of $102.72 million, followed closely by decentralized exchanges like Minswap and Liqwid, boasting TVLs of $94.67 million and $47.86 million, respectively. Notably, the Cardano DJED stablecoin from COTI also maintains significant liquidity with a TVL of $26.13 million.
These strides in DeFi reflect Cardano’s consistent protocol upgrades, especially since the introduction of smart contracts. The total ADA locked in all smart contracts on the network has surged from 272.27 million in January to the current 824.06 million, attributed to Input Output Global’s (IOG) developmental efforts.
Analyst Tyler Strejilevich has made a bold forecast about ADA’s future price, suggesting a potential staggering 6,000% increase. Strejilevich’s analysis centers on a bullish weekly cross, reminiscent of a pattern observed in June 2020 when ADA surged by 6,000%. This pattern hints at a potential similar surge in the future.
Strejilevich’s forecast projects ADA’s potential to rise from its current price of $0.64 to around $33.55, exceeding its previous all-time high of $3.09. Currently trading at $0.62, Cardano holds a market capitalization of over $21 billion.
Separately, Cardano’s founder, Charles Hoskinson, raised concerns about generative AI scams in the crypto sector. Hoskinson, known for his recent statements about Bitcoin’s necessity in the industry, highlighted potential threats faced by the cryptocurrency space.
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