Wednesday, June 12, 2024

Biggest loser: Cardano declines, investor interest falls in dApps.

Cardano (ADA) has been on a downhill roll, losing 12.05% in the last seven days and nearly 8% in the last 24-hours. Its total value locked (TVL) continues to decline due to decreased investor interest in dApps and a correction in the broad crypto market.

However, Cardano is a headstrong fighter. It continues to fight for a fair share of the decentralized finance (DeFi) market following the successful upgrade of the Alonzo Hard Fork in September 2021. Cardano, as per research, lost $205 million in TVL since reaching an all-time high total value locked of $326 million on March 24, 2022. But on May 26, it fell to $120.86 million.

Cardano is a proof-of-stake blockchain network. It provides unique security and sustainability to systems, societies, and decentralized applications. The Cardano Foundation, Input-Output Hong Kong (IOHK), and Emurgo help the project stay in line with its purpose.

Analysts attribute Cardano’s TVL plunge to a drop in liquidity of protocols housed in its ecosystem. Other decentralized exchanges are facing declines too. MiniSwap fell more than 38% in the last month, while WingRiders – a decentralized trading platform – dipped by more than 50% in TVL in the same period. SundaeSwap and MeowSwapFi lost more than 41% and 56% respectively of their TVLs.

But Cardano has lost its place in line to Oasis, Harmony and Moonriver, Celo, Bitcoin, Osmosis, Elrondo, and Heco – after losing more than 65% of its value locked. However, Cardano still retains the lion’s share in TVL over Gnosis, Fusion, Eos, Terra, Astar, and Algorand.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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