Why Cardano TVL And Price Are Soaring?

• Cardano remains on a higher road to surprise several in the space. Not just the price of the virtual asset, but the TVL is soaring too.
• This comes off the back of a poor downtrend which witnessed ADA dropping to $0.5.
• As of now, Cardano was trading at a market value of $0.4835, bearish by 5.57% during past 24 hours.

Reason For Uptrend In Cardano

The release of the Vasil hard fork is coming close and with it, comes increased optimism for the network. More DeFi users are being lured towards this circle, which has caused a considerable uptick inactivity.

This coupled with a number of projects which are at currently being developed on the Cardano ecosystem, has remained a success recipe, as there are at present, about 1,000 projects being developed on the network and over 2,780 smart contracts have been stationed.

The pace at which projects are being developed on the network have gave a shock even to Charles Hoskinson, the founder of Cardano, who showed his surprise regarding the latest project which got released under the title Genius X.

DeFi project has witnessed over $105 million locked in its ISPO which is being utilized to assist in boosting projects persisting on the blockchain.

Charles Hoskinson had posted a tweet that the network is becoming too big and he may be right. The ecosystem has witnessed fresh wallets being added to the network alone this month.

Cardano On Charts

The aforementioned Vasil vasil hard fork has been a driving force for more projects to onboard on ADA ecosystem. It was declared that hard fork might be arriving sooner than anticipated by a dev on MAYC project that is domiciled on ADA blockchain.

In comparison to other networks, Cardano is not yet a prominent player in the DeFi arena. The network’s growth, on the other hand, has prompted many developers to migrate their applications to the blockchain.

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