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Despite the ‘crypto winter,’ Cardano is on the rise

The generally optimistic measures have been mirrored in ADA’s price performance during the last two weeks. In the last 14 days, the token has gained 10.8%, and in the last seven days, it has gained 9.3%.

The Cardano Foundation has issued its monthly on-chain data wrap-up, revealing that on-chain transactions have climbed by 7.74 % to 42.5 million.
Cardano project catalytic funds have also supported 947 proposals, according to the detailed infographics. The number of unique wallets holding Cardano has increased by 1.84 % to 3.36 million.

In addition, Cardano’s native tokens have increased by 8.64 % to 5.03 million, and the network currently has 2,761 pouring scripts, a 5.47 % increase.

However, not every number indicates up for the network. The total number of stake pools has decreased by 0.75 %, while the percentage of staked ADA has decreased by 1.35 %.

Meanwhile, ADA’s price performance over the last two weeks has reflected the mainly positive data. In the past 14 days, the token gained 10.8%, and in the last seven days, it gained 9.3%

The network’s enthusiasm is also at an all-time high, as supporters anticipate the Vasil hard fork, which is set to take place at the end of this month. This improvement, according to IOHK, will assist the network’s smart contract capabilities.

Cardano TVL has dropped by more than 60% in the previous 60 days

According to DeFiLlama data, Cardano has lost over 60% of its total value locked (TVL) on its network during the last two months and around 10% in the last 24 hours.

Cardano’s TVL fell to R1.8B on May 27 from an all-time high of over R4.9B in March. However, as of June 2, that figure had risen to R2.1B.

Several Cardano-based decentralized exchanges have lost a substantial part of their TVL.  In the previous 30 days, MinSwap, Cardano’s main decentralized exchange (DEX), has lost 35.43% of its TVL.

Others, such as WingRiders, SundaeSwap, and MeowSwapFi, have lost between 33% and 55% of their TVL in the same time period. The sole exception, according to the data, is MuesliSwap, which has increased by 306% in the last 30 days.

Due to its overall fall in TVL, Cardano is presently the 30th largest smart contract-enabled blockchain, below famous rivals like Solana, Avalanche, and Ethereum.

Despite the ‘crypto winter,’ Cardano is on the rise

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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