Cardano ADA sees increased whale transactions, DeFi TVL doubles Cardano ADA sees increased whale transactions, DeFi TVL doubles
Cardano DeFi ecosystem has doubled in the current year, rising to $108.63 million from $48.95 million on Jan. 1.
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Updated: Feb. 8, 2023 at 10:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cardano’s ADA whale transactions have seen a significant increase this year, according to Santiment data.
On Feb. 3, Santiment data showed that the Cardano network had 105 transactions of over $100,000 โ the highest number since FTX collapsed in November 2022.
Santiment highlighted that increased whale action was usually a precursor to “upcoming price shifts.” The firm added that the last time the network saw these transactions in May 2022, ADA’s value jumped by 36% โ historically repeating this yearย with ADA rising by 59%.
Cardano’s ADA is up 3.1% in the last 24 hours to $0.39 as of press time. The asset has risen by 35% in the previous 30 days.
Cardano DeFi TVL doubles
The total value of assets locked (TVL) in the Cardano ecosystem has doubled so far this year โ rising to $108.63 million from $48.95 million on Jan. 1, according to DeFillama data.
The TVL’s rise coincided with the launch of Cardano’s overcollateralized stablecoin Djed. The stablecoin’s TVL surged to over $10 million within the first 24 hours of its launch.
70 million ADA tokens were added to the network in the last seven days, with Djed accounting for around 30 million of them, according to DeFillama data.
Decentralized exchange (DEX) Minswap is the dominant DeFI protocol in the ecosystem with a TVL of $35.93 million.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Djed
$1.03492
Djed is the first over-collateralized ADA-backed stablecoin contract on the Cardano network.