Cardano’s Market Cap Rises 127% to $30.3 Billion, Now Ranked 9th
Cardano's decentralized finance (DeFi) environment has seen a 13% increase in total value locked (TVL), driven by protocol enhancements and growing adoption of decentralized applications (dApps).
Key Upgrades and Protocol Improvements
- Ouroboros Peras protocol improved governance and scalability
- Enhanced transaction speeds and reduced congestion
- Chang Hard Fork increased ecosystem functionality, attracting more DeFi projects
In Q4 2024, ADA's price rose to $0.84, resulting in a 127% increase in market capitalization to $30.3 billion, despite a 2.2% drop in circulating supply. ADA's ranking improved from 11th to 9th, indicating heightened investor confidence.
Liqwid Finance: A Key Factor for Growth
- Liqwid Finance emerged as a leading DeFi protocol on Cardano
- Offers competitive rates for lending and borrowing
- Contributes significantly to the increasing TVL
Stablecoins Popularity Up
The stablecoin market on Cardano expanded, with a 66% growth in market cap quarter-over-quarter. This indicates rising user trust and reliability in the Cardano network.
Mixed Results in NFT Activity
- Average daily trading volume of NFTs increased by 86% to $78,900
- Number of NFT sales and transactions declined slightly
Overall, Cardano's 13% rise in DeFi TVL and increasing market cap highlight its growing influence in the DeFi space, supported by ongoing updates and successful protocols like Liqwid Finance.