The Cardano blockchain token is up almost 30% in the face of a recovering crypto market.
Cardano, the Ethereum competitor, is up 29% in the last 24 hours. According to CoinMarketCap, ADA trades at $0.67.
ADA is Cardano’s native token. It is a proof-of-stake layer-1 crypto that offers strong competition to Ethereum.
The token is now sixth in cryptocurrency market capitalization at $22.6 billion. It has overtaken Ripple and XRP.
ADA has fallen 78% since its September 2021 high of $3.10, which was reached in September 2021. There has also been a sharp increase in trading volume on major cryptocurrency exchanges. The coin’s trading volume has risen to $2.4 billion in the last 24 hours, which is 272% more than the previous trading day.
What drives Cardano?
Today’s bullish activity is primarily due to increased deFi activity in the layer-1 blockchain, and the launch Lagon’s crosschain bridge.
Cardano’s Alonzo fork was launched in August 2021. This allows you to create DeFi applications over Cardano. According to data from CoinMarketCap, the Alonzo fork saw the coin jump more than 116% within a month.
According to Cardano’s showcase, there have been 92 decentralized apps built since the Alonzo fork was launched.
Many of these applications are experiencing an increase in activity today.
Defi Llama reports that the Total Value Locked on Cardano increased by 30.56% in the last 24 hours. This indicates an increase in DeFi activity. Today’s TVL for Cardano is $194.87 Million, an increase of $149.25 millions yesterday.
Minswap ( DEX) is a decentralized exchange platform. It also has the largest DeFi protocol in Cardano. There was increased user activity. According to data from , the TVL for the platform went up 21.7%, from $56.13million to $74.01million in 24 hours. This is according to DeFi Loma .
Minswap is not the only protocol that reported an increase in TVL over the last 24 hours. Sundaeswap (also DEX platform) and WingRiders, (a lending protocol), also reported increases of at least 15%.
According to data from , the Cardano’s total transaction volume saw an increase of nearly $4.24 billion from $9.57 billion up to $14.24 trillion over the last 24 hours. This is in addition to TVL.
Lagon also tweeted on May 25th, about the launch a cross-chain bridge that will allow token transfers between Ethereum (and Cardano) and Cardano. The bridge supports USDC at the moment, but it will soon be open to all tokens.
“We believe our solution powered contributes Cardano growth & development,” tweeted Lagon (the organization responsible for developing Ethereum and Cardano crosschain bridges).
The largest cryptocurrency on the exchange, Bitcoin, is currently trading at $31,559.
Ethereum (ETH), is up 3.26% in the last 24 hours, and currently trading at $1.970