- Hoskinson claims that the ADA ecosystem is expanding even if the market is volatile.
- Cardano is gaining traction and maturing as an ecosystem, as seen by the data.
Cardano (ADA) is one of several leading cryptocurrencies whose value has recently plummeted due to the U.S. Securities and Exchange Commission’s (SEC) onslaught on Binance and Coinbase. Cardano’s creator, however, claims that the ADA ecosystem is expanding even if the market is volatile.
Cardano’s creator Charles Hoskinson presented data that backed up the cryptocurrency’s ascent. He warned that while the crypto sector is chaotic, savvy investors should keep an eye out for indications. Cardano is gaining traction and maturing as an ecosystem, as seen by data, despite the sector facing its most challenging environment yet.
Lots of noise in crypto. Look for the signal. Cardano is getting real adoption and growing as an ecosystem under the harshest conditions our industry knows. Like Bitcoin, this is being done in a completely decentralized way. https://t.co/t5T0QgDjdW— Charles Hoskinson (@IOHK_Charles) June 28, 2023
Hoskinson made an analogy between ADA and Bitcoin, implying that the development is occurring in a decentralized fashion.
After the SEC classified Cardano and other cryptocurrencies as securities, however, prominent cryptocurrency exchanges like Huobi introduced Cardano trading pairs on their platforms. The value of ADA has decreased by around 26% in the last 30 days.
According to the data, Cardano DeFi has the highest total value locked (TVL) growth rate of any ecosystem. In January of 2023, Cardano’s statistics showed a TVL of $265 million. In June of 2023, it reached $657 million, an increase of around 148%. While the TVL of Ethereum (ETH) has dropped from $20.9 million in January 2023 to $15.6 million in March 2023, a decrease of 25%.
Cardano (ADA), Solano (SOL), and Polygon (MATIC) all saw a modest sell-off on Tuesday when the popular trading app Robinhood removed them from its list of tradable assets. On June 9th, the platform declared that the three cryptocurrencies will no longer be supported after June 27th.
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