The growing DeFi activity on the Cardano network has resulted in the Total Value Locked (TVL) in its smart contracts reaching a new annual high.
According to data from the analytical platform DeFiLlama, on July 14th, Cardano’s TVL reached $209 million. For comparison, in January 2023, it was around $50 million. At the time of writing, the TVL has decreased to $187.2 million.
The number of ADA tokens locked on DeFi platforms has reached an annual high of 587 million. Meanwhile, the number of transactions has surged to peak levels, surpassing $274 million in June.
This significant milestone highlights the growing user activity on Cardano as an increasing number of market participants engage with decentralized applications (dApps) built on the network.
The market capitalization of ADA has increased by $2 billion
The market capitalization of the native token of Cardano, ADA, has also experienced significant growth. On July 14th, it reached $12.89 billion. However, at the time of writing, it has decreased to $11.7 billion.
The increase in market capitalization correlates with a sharp rise in the price of ADA during the same period. Last week, it surged by 16%, reaching a local high of $0.37.
The founder of Cardano celebrates Ripple’s victory over the SEC
The founder of Cardano, Charles Hoskinson, welcomed the recent court decision in the case of the U.S. Securities and Exchange Commission (SEC) against Ripple. He applauded Ripple’s CEO, Brad Garlinghouse, and CTO, David Schwartz, on Twitter.
Hoskinson also commended the victory of the XRP community, considering it a significant step for the entire crypto industry.
“Well done, XRP. One small step for the community, one giant leap for the cryptocurrency industry,” he wrote.
Despite previous criticism towards Ripple, Hoskinson seems to be willing to build bridges and focus on the fight against the SEC.