Cardano TVL Jumps 30% In 24 Hours As It Recovers To $155 Million

Cardano has been making waves in decentralized finance (DeFi) ever since it debuted smart contract capabilities on the network. Development has ramped up, making it the network with the most developments going on. This activity has translated to a rise in the total value locked (TVL) on the network. And although this value has been declining for a whole, it recently recorded a recovery that saw it jump 30% in a single day. Cardano TVL On The Rise Shortly after multiple decentralized exchanges (DEXes) had been launched on the Cardano network, the TVL had quickly climbed. This was a result of the accelerated adoption that came with notable personalities such as Snoop Dogg taking to the platform and bringing their enormous fanbases with them. At its peak, Cardano’s TVL had grown as large as $326 locked back in March. Related Reading | Billionaire Tim Draper On What Will Trigger The Next Bitcoin Bull Market However, just as the market had declined, the DeFi space had taken a big hit too. The result of this was that TVL had fallen more than 50% from its all-time high and the Cardano network, just like other networks, had watched its TVL decline. On Monday, the network’s TVL had dropped to $118 million, its lowest in a two-month period. However, this would prove to be short-lived given that a surge bumped it back above $150 million in TVL. In a 24-hour period, Cardano’s TVL had added more than 30.96% to its value bringing it to...