Cardano DeFi Ecosystem Boom: Ethereum Rival’s TVL Went Up 172%

There’s new data from the crypto insights company Messari that shows Cardano (ADA)’s ecosystem’s massive rise. Check out the following reports about the issue.

ADA ecosystem sees massive boom

It’s been just revealed in a new report, the fact that Messari says that Cardano’s total value locked (TVL), or the amount of assets sitting within its protocols, has gone up 172% quarter over quarter (QoQ).

The report that we mentioned above notes the fact that the recent launch of Cardano-stablecoins was the main drivers behind the growth.

“Total value locked (TVL) denominated in USD on Cardano grew 172% QoQ from $50.8 million to $138.3 million. The recent adoption of new stablecoins was a catalyst for this growth, as they are a cornerstone of DeFi but were missing from the ecosystem.”

Cardano in the news

Not too long ago, we revealed the fact that Santiment crypto firm has been tracking Cardano accumulation. Check out the latest reports coming from the firm below.

First of all, it’s important to note the fact that the smart contract platform Ethereum (ETH) is flashing a handful of bearish indicators, according to the crypto analytics firm Santiment.

Santiment notes in a new analysis that Ethereum’s active addresses, active deposits, and transaction volume are all showing bearish divergences compared to ETH’s price.

Santiment also stated the fact that traders of the payments platform Ripple’s utility token XRP are taking profits at the highest levels since August 2021.

“XRP Network continues its impressive March recovery, with its price now +44% in the past 2 weeks and another +11% today. As a result, we’re seeing a very high level of trader profit taking, which is at its highest ratio vs. loss taking since Aug 2021.”

It’s been also revealed the fact that larger wallets have been accumulating Ethereum competitor Cardano (ADA).

“Cardano has been showing some mild decoupling signs this week, and the #7 market cap asset is +8.2% in the past 24 hours. Addresses holding 10,000 or more ADA have collectively accumulated 1.03 billion (3.3% more coins) in the past 5 months.”