What Caused Major Eyes Witness Surge?

  • According to data sources, Cardano has 3.5 million active wallet users.
  • How did the TVL increase by 6.5 percent in one day?

According to data from DefiLLama, the total locked value (TVL) in Cardano increased by 6.5% or 5 million ADA over the day.

The data also states that the total number of ADA locked-in protocols on Cardano, without staking, is around 171 million, currently worth $53.56 million.

Similar data sources say that the main reason for the increase in total value could be the inflow of funds into major decentralized financial blockchains such as Miniswap, WingRiders and SundaeSwap.

Some Crypto market analysts believe that volatile prices of ADA tokens are responsible for depressing the total value locked on Cardano.

On November 23, 2022, TheCoinRepublic reported that the long wait is finally over. Cardano lists Japan-based ADA holders. Japan is one of the first countries to hold crypto assets and one of the world’s largest markets by crypto trading volume. In 2021, Coinbase officially registered in the Japanese crypto market after registering with the Financial Services Agency (FSA).

Cardano founder Charlies Hokinson came up with another creative idea that supports the growth of the DeFi blockchain system and the cryptocurrency challenges ahead. Hoskinson shared his take on the new version of the certified Cardano wallet.

EMURGO has launched a USD-backed stablecoin for the Cardano community, which will always be 1:1 (1 USD: 1 USDA). EMURGO is a blockchain technology company providing solutions for developers, businesses and government. It is one of the founding companies of Cardano.

According to the EMURGO official site, the USDA leverages the stability of the US dollar combined with Cardano’s security, low fees, and green blockchain.

The new stablecoin provides value protection for investors’ crypto assets by being pegged 1:1 to the US dollar, reducing volatility and enabling fast global transactions without the delays caused by legacy banking and payment infrastructure.

Cardano(ADA) price analysis

Cardano price continues to fall with bulls momentum fading. The coin continues to trade in the falling channel, which drives the price down. The price is now trading at a yearly low of $0.3130. The rising wedge pattern forming on the chart in August leads to the decline that is still in action, led by the bears. The momentum is completely in the hands of the bears, causing the price to sink.

Nancy J Allen
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